The UAE is finalising what is likely to become one of the world’s first space laws, the head of the national Space Agency said yesterday.
A space law covering both human space exploration and commercial activities such as mining is currently being drafted, said the UAE Space Agency director general Mohammed Al Ahbabi.
Speaking at the Global Aerospace Summit in Abu Dhabi yesterday, Mr Al Ahbabi said that the new law would be passed “soon”.
It would follow US legislation passed at the end of last year detailing how companies can profit from the commercial extraction of minerals and other materials as well as regulating how space missions from the UAE are organised.
The UAE Space Agency Working Group on Space Policy and Law was established last year to specify the procedures, mechanisms and organisational standards of the space sector.
“The year 2021 will be the 50th anniversary for the UAE, so it is an appropriate deadline that the first UAE space mission should happen by this time,” Mr Al Ahbabi said.
“It sends the message that it is possible to do something like this at this time and in this region. Eight hundred years ago our brothers and sisters were leading the world in technology, and so our mission will send a message of hope and shine a light to young people in the region.”
In November the US president Barack Obama signed legislation that allows the commercial extraction of minerals and other materials, including water, from asteroids and the Moon.
The US Commercial Space Launch Competitiveness Act of 2015 states that, rather than saying that materials in space should be shared by everyone on Earth for scientific research and exploration, any materials American individuals or companies find on an asteroid or the Moon is theirs to keep and do with as they please. Mr Al Ahbabi did not say whether the UAE would be taking a similar approach in its legislation.
Lawyers around the world are working to introduce new laws governing space exploration ahead of an anticipated space gold rush as mining companies consider the introduction of commercial flights and the exploitation of rich minerals.
Virgin Galactic, the space tourism company in which Abu Dhabi’s Aabar Investments has a 37.8 per cent stake, is already aiming to take customers to the edge of space, more than 100 kilometres above the planet with more than 600 potential customers including the Hollywood actors Leonardo DiCaprio and Ashton Kutcher signing up to pay a hefty $250,000 price tag to fly.
However, with costs exorbitant and risks still high, experts say that few space businesses are likely to be getting off the ground any time soon.
In October 2014 a Virgin Galactic spaceship disintegrated within seconds during a test flight in the Mojave Desert after a premature repositioning of the vehicle’s twin tail wings.
lbarnard@thenational.ae
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What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
MATCH INFO
Southampton 0
Manchester City 1 (Sterling 16')
Man of the match: Kevin de Bruyne (Manchester City)
Omar Yabroudi's factfile
Born: October 20, 1989, Sharjah
Education: Bachelor of Science and Football, Liverpool John Moores University
2010: Accrington Stanley FC, internship
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2012-2015: Barnet FC, first-team performance analyst/head of recruitment
2015-2017: Nottingham Forest, head of recruitment
2018-present: Crystal Palace, player recruitment manager
COMPANY PROFILE
Name: Yango Deli Tech
Based: UAE
Launch year: 2022
Sector: Retail SaaS
Funding: Self funded
Try out the test yourself
Q1 Suppose you had $100 in a savings account and the interest rate was 2 per cent per year. After five years, how much do you think you would have in the account if you left the money to grow?
a) More than $102
b) Exactly $102
c) Less than $102
d) Do not know
e) Refuse to answer
Q2 Imagine that the interest rate on your savings account was 1 per cent per year and inflation was 2 per cent per year. After one year, how much would you be able to buy with the money in this account?
a) More than today
b) Exactly the same as today
c) Less than today
d) Do not know
e) Refuse to answer
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The “Big Three” financial literacy questions were created by Professors Annamaria Lusardi of the George Washington School of Business and Olivia Mitchell, of the Wharton School of the University of Pennsylvania.
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UAE currency: the story behind the money in your pockets
Day 3, Abu Dhabi Test: At a glance
Moment of the day Just three balls remained in an exhausting day for Sri Lanka’s bowlers when they were afforded some belated cheer. Nuwan Pradeep, unrewarded in 15 overs to that point, let slip a seemingly innocuous delivery down the legside. Babar Azam feathered it behind, and Niroshan Dickwella dived to make a fine catch.
Stat of the day - 2.56 Shan Masood and Sami Aslam are the 16th opening partnership Pakistan have had in Tests in the past five years. That turnover at the top of the order – a new pair every 2.56 Test matches on average – is by far the fastest rate among the leading Test sides. Masood and Aslam put on 114 in their first alliance in Abu Dhabi.
The verdict Even by the normal standards of Test cricket in the UAE, this has been slow going. Pakistan’s run-rate of 2.38 per over is the lowest they have managed in a Test match in this country. With just 14 wickets having fallen in three days so far, it is difficult to see 26 dropping to bring about a result over the next two.
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Name: WallyGPT
Started: 2014
Founders: Saeid and Sami Hejazi
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Sector: FinTech
Investment raised: $7.1 million
Number of staff: 20
Investment stage: Pre-seed round
UAE currency: the story behind the money in your pockets
Black Panther
Dir: Ryan Coogler
Starring: Chadwick Boseman, Michael B Jordan, Lupita Nyong'o
Five stars
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COMPANY PROFILE
Name: Haltia.ai
Started: 2023
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Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)