Emirati astronaut Dr Sultan Al Neyadi, Minister of State for Youth Affairs, with Suhail – his trusty space-travelling mascot – in the International Space Station. Photo: Dr Sultan Al Neyadi
Emirati astronaut Dr Sultan Al Neyadi, Minister of State for Youth Affairs, with Suhail – his trusty space-travelling mascot – in the International Space Station. Photo: Dr Sultan Al Neyadi
Emirati astronaut Dr Sultan Al Neyadi, Minister of State for Youth Affairs, with Suhail – his trusty space-travelling mascot – in the International Space Station. Photo: Dr Sultan Al Neyadi
Emirati astronaut Dr Sultan Al Neyadi, Minister of State for Youth Affairs, with Suhail – his trusty space-travelling mascot – in the International Space Station. Photo: Dr Sultan Al Neyadi

UAE investment in thriving space sector nearly doubles to Dh40bn since 2015


Sarwat Nasir
  • English
  • Arabic

The UAE has nearly doubled investment in its space sector in the past nine years, from Dh22 billion ($6 billion) in 2015 to more than Dh40 billion.

A board meeting was held by the UAE Space Agency on Monday, in which members discussed projects, regulations, legislation and investment in the sector.

The rise in investment was made possible due largely to commercial spending in the industry, which surged by 29.51 per cent year-on-year, as well as a 7.73 per cent increase in the sector's overall value.

The first board meeting of the year was chaired by Dr Ahmad Al Falasi, Minister of Education, who was reappointed chairman of the UAE Space Agency this year, having previously replaced Sarah Al Amiri, Minister of State for Public Education and Advanced Technology.

It was also attended by Dr Sultan Al Neyadi, Minister of State for Youth Affairs and seasoned UAE astronaut.

Investing in the future

“Space investment is an investment in the nation and its children’s future, as this vital sector represents a key driver of innovation and creates new and diverse opportunities for sustainable economic growth," Dr Al Falasi said.

A growing number of related companies are setting up operations in the UAE, which helps to boost investment in the space scene and increase commercial spending.

A dedicated economic zone has been set up to encourage further growth in the industry and 14 companies have started operating there since it was launched in 2022.

The number of government-led projects is also increasing, with a mission to the main asteroid belt between Mars and Jupiter also in the pipeline.

The cost of the Emirates Mission to the Asteroid Belt has not yet been revealed but is expected to be backed by significant input from private companies.

It will be carried out over a 13-year period, with a launch date expected in 2028.

  • The MBR Explorer by the UAE Space Agency will study seven rocks in the main asteroid belt. This is a rendering of the craft. Photo: UAE Space Agency
    The MBR Explorer by the UAE Space Agency will study seven rocks in the main asteroid belt. This is a rendering of the craft. Photo: UAE Space Agency
  • The MBR Explorer has enormous solar panels to help power its electrical solar propulsion system. Photo: UAE Space Agency
    The MBR Explorer has enormous solar panels to help power its electrical solar propulsion system. Photo: UAE Space Agency
  • A rendering of the MBR Explorer, which is set to launch in 2028. Photo: UAE Space Agency
    A rendering of the MBR Explorer, which is set to launch in 2028. Photo: UAE Space Agency
  • Space rocks in the main asteroid belt. Photo: Image via Lynette Cook/ W. M. Keck Observatory/ ROOM
    Space rocks in the main asteroid belt. Photo: Image via Lynette Cook/ W. M. Keck Observatory/ ROOM

The MBR Explorer, named after Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, will study seven asteroids and attempt to land on one.

It will swing by Venus and Mars, in an attempt to capture images and record data of those planets on the way.

International collaboration

The Mohammed bin Rashid Space Centre is also helping to supply Nasa with a science airlock – an airtight room that is used to enter and exit a space station – for its Lunar Gateway programme.

The cost of the project was not disclosed, but an airlock would typically cost about $100 million (Dh367.2 million).

In exchange, an Emirati will fly to the station, although a separate agreement would need to be signed for a UAE citizen to land on the Moon's surface.

Salem Butti Al Qubaisi, director general of the agency, said it plans to continue developing new space exploration projects.

"We aspire to draw in a greater pool of skilled talents, providing them with robust training and fostering the development of their expertise across space sciences and other fields," he said.

"This concerted effort is geared towards ensuring the sustainability and continuous advancement of the national space sector, both in the immediate term and in the long-term.”

Details of the UAE's Emirates Mars Mission, which involved the Hope probe, were also discussed at the board meeting.

The spacecraft has gathered more than 4.1 terabytes of data on the Martian atmosphere since it reached orbit in 2021, with the information contributing to more than 270 scientific papers.

It was announced in February last year that the country's Mars mission would be extended by another year.

But the agency could decide to keep the mission going beyond then, depending on budgets and the health of the spacecraft.

Even if the mission ends, the Hope probe has played a major role in helping to shape the country's space programme.

The public-private partnership model used in the project has been adopted to help develop the mission to the asteroid belt.

How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

Tips to keep your car cool
  • Place a sun reflector in your windshield when not driving
  • Park in shaded or covered areas
  • Add tint to windows
  • Wrap your car to change the exterior colour
  • Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
  • Avoid leather interiors as these absorb more heat
Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

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Starring: Saja Kilani, Clara Khoury, Motaz Malhees

Director: Kaouther Ben Hania

Rating: 4/5

UAE currency: the story behind the money in your pockets
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  • Disruption Lab and Research Centre for developing entrepreneurial skills
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Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
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Why seagrass matters
  • Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
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Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
About Seez

Company name/date started: Seez, set up in September 2015 and the app was released in August 2017  

Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer

Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon 

Sector:  Search engine for car buying, selling and leasing

Size: (employees/revenue): 11; undisclosed

Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A 

Investors: Wamda Capital, B&Y and Phoenician Funds 

Updated: April 23, 2024, 1:44 PM