WASHINGTON — The United Arab Emirates will seek to encourage both investment in space ventures in the country as well as investment by domestic funds into the broader space industry under a new plan.
The “National Plan for the Promotion of Space Investment,” announced last week by the UAE Space Agency, is part of a wider initiative to turn the country into a rising space power through projects ranging from a Mars mission to launching the country’s first astronaut.
The plan seeks to encourage foreign investment in the UAE’s emerging space sector, while also encouraging the country’s own investment vehicles to invest in the industry, either within or outside the country, according to a statement from the space agency. It added that details about the plan will be released in the coming months, but will include creation of business accelerators, funds and specially designated economic zones.
“The UAE Space Agency, as a federal government entity, will actively play the part of an enabler and facilitator to encourage local and foreign investment in the sector, and proactively design a conducive environment which ensures startups and investors feel welcome and have access to business in the UAE that can drive their growth ...