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UAE’s investment in the space sector exceed $6 billion

Across the ten sub-sectors of the UAE’s space sector, investments drive economic diversification.

UAE’s investment in the space sector exceed $6 billion
[Source photo: Anvita Gupta/Fast Company Middle East]

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Through continuous efforts to develop the local space sector and diversify its economy, the UAE’s space-related investments have surpassed nearly $6 billion. Such investments include satellite communications systems, earth and space exploration, data transmission services, satellite broadcasting, and mobile satellite communications.

Globally, the space sector is expected to expand beyond the trillion-dollar mark by 2040.

In the UAE, investment in advanced technology for the space economy has resulted in commercial spending worth $2.9 billion by the end of 2020. 

The UAE Space Agency also noted that the contractual agreements for space services and applications soared by 40% in 2020.

Investment opportunities are vast in the Gulf state’s space sector as it involves ten sub-sectors, including space mining, space stations, space companies, sustainability and recycling in space, settlements, space tourism, manufacturing, and space academies.

Currently, 57 companies and space entities are operating, while public and private sector support for the UAE space program has exceeded $5.4 billion.

Meanwhile, Emirati astronaut Sultan AlNeyadi has safely returned to Earth on Monday after a six-month-long space mission aboard the ISS. His success affirmed the UAE’s global leadership in the space sector, as the country ranked 10th globally in spacewalking missions outside the ISS.

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