A historic opportunity for the private sector to invest in the space industry

My sweetheart: Yamama Badwan

Economists and academics confirmed that the adoption of the law by the Council of Ministers and the opening of the private sector to invest in the UAE space industry is a historic opportunity in the light of the tremendous development that the state has achieved in this sector. especially as it is about to launch the first satellite produced in the country, In less than a month, and on its way to Mars, through the 2021 probe of hope, coinciding with the 50th anniversary of the establishment of the Union of the UAE.
They expect companies in the private sector to become more receptive in the coming period as the space industry grows locally and globally. The international space sector is expected to grow by 8% annually, the global industry is estimated at $ 300 billion.
Federal law regulates the space sector in a smooth and flexible way. In particular, development projects are subject to the regulatory process. The space sector will continue to hold its own as an integral part of the country's economy through its partnership with the private sector, with legal safeguards to protect the rights and obligations of the parties. Participation in this sector.

Keep on leading

"The adoption by the Council of Ministers of Space Law underlines the intention of the state to continue to lead the sector and space activities at regional level, in addition to competing globally," said Dr. Ahmed bin Abdullah Humaid Al-Falus, Secretary of State for Higher Education and Advanced Skills, Chairman of the Emirates Space Agency. He stressed that the adoption of the Space Law is a new achievement to be enshrined by the UAE in the vital and promising national space sector, which is the first of its kind in the region and is in line with the vision of good leadership and federal policy. and regulations, as well as the laws and international treaties signed by the UAE that are committed to the organization of space activities.
He said: «new law establishes legal frameworks and legislation for the space sector, which will be taken by the different entities and companies that operate and operate to start projects and future tasks of the state to work according to an integrated system».

Legal and legislative framework

Scary. Mohammed Nasser Al Ahbabi, Director General of Emirates Space Agency, said the approval of the law by the Council of Ministers is a historic achievement that reflects the interest of the wise leaders in the space sector and is aware of the importance of a legal and legislative framework.
He pointed out that through this new law the UAE is joining an exclusive club of countries with space legislation at this advanced level, developed in collaboration with various stakeholders at national level, in coordination with international experts specializing in space activities, to ensure compliance to safeguard the law The current and future trends of the sector, as well as the global efforts to explore space.

Local and international impact

Hamad Obaid Al Mansoori, chairman of the Mohammed bin Rashid Space Center, said that the approval of the law by the Council of Ministers will have a major impact on the local and international level.
"We are again demonstrating that our entry into the space industry was an urgent demand underlining the sharpness of our wise leadership, led by its Highness Sheikh Khalifa bin Zayed Al Nahyan, president of the UAE, and that the future of the country is not limited to investing in practice, by investing in space.

Advanced centers

"His Highness Sheikh Muhammad bin Rashid Al Maktoum, vice president and premier of the UAE and Ruler of Dubai, has continued his distinguished approach to flying all sectors of the country to new and promising heights," said Yousef Hamad Al Shaibani, Director General of the Mohammed Bin Rashid Space Center. Dubai, yesterday, a federal law on the regulation of the space sector, with the aim of opening up the space sector to investment, research and partnership development, a new phase that promises many successes and successes that we will all achieve according to his vision and guidance to is able to reach the world.

A historic opportunity

Khalaf bin Saif Al Otaiba, an economist, stressed that opening the door for private sector companies to help the space sector be an economic and knowledge sector for future generations is a great achievement and a historic opportunity for the private sector to Contribute to the building of national space programs in different areas, and the Federal Space Regulation Act, adopted by the Council of Ministers yesterday, will encourage companies to invest in and develop space such as NASA , which gave the private sector an investment space and signed a contract with SpaceX, Bedouin. Here missiles produces «NASA» for the execution of multiple tasks.

The fourth revolution

Dr. Mohammed Firas, professor of economic and international relations at Ajman University College, said that the UAE has become a pioneer in all areas and that it has made space an essential sector, along with artificial intelligence, in the context of the fourth revolution. For the wise leadership of the importance of the role of the private sector in the development process, and therefore pave the way for private companies to participate in investments in the space sector, will make a comprehensive contribution to support industry and development.
The opening of private companies to invest in space travel programs is similar to that of many developed countries, giving the private sector a broad range to participate in the promotion of vital projects, including the space industry, because the contribution of companies in the state are expected to be very large, with support And the government coverage of the industry, which will experience rapid growth.

A sustainable step

Dr. Issa Al Bastaki, president of the University of Dubai, said: "The UAE strives for every initiative or every law to serve mankind, science and material return. It is important that the private sector invests in space science to succeed the country, that it regards as an important strategic partner in all sectors.
The Council's confirmation of the state's status on the world map for space exploration during the adoption of the federal law on space sector regulation would make the participation of the private sector in space programs a sustainable step at the service of the community of the UAE.

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