Space industry could become one of the UAE’s most promising sectors and a key pillar of economic growth over the next 50 years, according to a new whitepaper released by Dubai Chamber of Commerce and Industry.

The report, titled Space Economy Investment Opportunities for the UAE,identifies10areas of the space economy that offer the most investment potential for the UAE, namely space mining, space stations, space settlements, space law, sustainability in space and recycling, space tourism, space companies, and space academies that include preparing astronauts for commercial flights, space industries, and developing and manufacturing spacecraft components.

Advancing the UAE’s space economy

The UAE’s mission to the International Space Station in 2019 and the launch of the Hope Probe to Mars earlier this year were major steps positioning the country as a global player in space exploration and research.

These important developments are paving the way for new investment opportunities and public-private sector partnerships that could take theUAE’s space economy to new heights, enhance the country’s economic competitiveness and cement its status as a global innovation leader.

A space race for the private sector

The global space race is no longer dominated by countries and governments, as billionaires and businesses are now among the major investors in this area, the report explained, highlightingElon Musk’s SpaceX, Jeff Bezos’s Blue Origin and Richard Branson’s Virgin Galactic as prime examples. As the industry continues to shift towards privatisation, this trend is exptect to create newbusiness  opportunities for technology startupsto make their mark on the industry.

The study identified specific areas where the private sector could play a major role in advancing the global space economy, including satellite servicing, interplanetary small satellites, robotic mining, microgravity research for biomedical applications, liquid rocket engines for launch vehicles, wireless power, space communications, and earth observation data visualisation. In this regard, public-private sector partnerships could prove to be a key factor driving future development and progress.

Commenting on the whitepaper, Natalia Sycheva, Manager of Entrepreneurship at Dubai Chamber, noted that advancements in science and technology are creating a wealth of investment opportunities in the new space economy. With its eye on the future and forward-looking leadership and policies, the UAEis well-positioned to capitalise on untapped potential and collaborate with global partners that can lend valuable expertise that could help the country realise its space ambitions.