Wed 21-09-2022 11:08 AM
ABU DHABI, 21st September, 2022 (WAM) -- Masdar City, in partnership with the UAE Space Agency, has announced the introduction of a new business incubation and acceleration package for space related start-ups and small and medium enterprises (SMEs), joining the Space Economic Zone Programme in Masdar City – Abu Dhabi.
Launched in January 2022 in collaboration with the UAE Space Agency, the Space Economic Zone Programme is the first space-tech hub in the UAE as part of the UAE Space Agency’s Space Economic Zones programme. The dedicated zone offers an integrated business ecosystem with world-class infrastructure, office space, and an enabling environment to support the SMEs and start-ups located there.
Ahmed Baghoum, Executive Director, Masdar City, said, "Masdar City has developed a unique ecosystem that enables business and innovation to thrive together. Our partnership with the UAE Space Agency to host the UAE’s first dedicated Space Economic Zone, is designed both to attract the most talented professionals from around the world, while also driving entrepreneurship and economic development within the fast-growing space sector. This new business package adds an additional benefit for space-related companies, and we look forward to hosting them in a business environment that fosters success."
Ibrahim Al Qasim Deputy Director General from the UAE Space Agency, said, "Space is a major strategic area of focus for the UAE, with its potential to advance innovation, economic development, and national achievement. The new stimulus package by the Space Economic Zone Programme in Masdar City, is designed to help attract and develop more businesses in the space sector. In collaboration with Masdar City, we look forward to supporting these companies succeed within the UAE’s growing space industry, whilst simultaneously building on the country’s established position as a global hub for talent, investment and innovation."
Moving forward, new businesses joining the Space Zone can avail of business registration and licensing services, with Masdar City Free Zone and UAE Space Agency providing tailor-made business licenses for space-related companies across the launch sector, satellite communication, logistics, data analysis, science, technology, engineering, and more.
Businesses will be offered an integrated package of benefits, including incubation, mentorship, networking, investment opportunities, and cooperation with leading global research centers as members of the Space Economic Zones programme. Additionally, start-ups and SMEs can acquire visa services for their employees, including employment visas, residency stamping, medical fitness, and Emirates ID.
The Space Economic Zone Programme in Masdar City is dedicated to enhancing the UAE private sector’s competitiveness, developing national capabilities, encouraging national space industry developments, contributing to UAE’s economic growth as a space-tech hub, and supporting the establishment of homegrown start-ups and accelerating their growth.