The UAE Space Agency and Masdar have announced they have agreed to establish the country’s first Space Economic Zone in Masdar City to create an integrated business ecosystem to propel start-ups and SMEs.
It will be one of many space-tech hubs which the UAE Space Agency will launch to create a competitive private sector, build national capabilities and contribute to the UAE’s economic growth for the next 50 years.
The Zone will offer world-class infrastructure and an environment which encourages the development of the national space industry. Businesses will be offered an integrated package of benefits including incubation, office space, mentorship, networking, investment opportunities, priority access to Government contracts and closer cooperation with leading global research centres.
The cooperation agreement was signed on the sidelines of the Abu Dhabi Sustainability Week 2022.
It was signed for the Space Agency by its Director General, His Excellency Salem Butti Salem Al Qubaisi and for Masdar by its CEO, Mohamed Al Ramahi.
Under the agreement, the Masdar City Free Zone will offer tailor-made business licenses for space-related companies across the launch sector, satellite communication, logistics, data analysis, science, technology, engineering, among other things.
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