UAE Establishes $820 Million Space Investment Fund

The United Arab Emirates has established an $820 million (AED3 billion) fund to boost the nation’s space sector, with initial plans to produce a constellation of synthetic aperture radar satellites named Sirb to image Earth. Arabian Business reports:

The new investment and development fund will support local and international companies who are playing a part in the country’s space engineering, sciences, and research applications – which already saw previous ambitious projects including the Mars mission.

“A long-term plan and programme for the development of the Emirates’ space sector is in place to create economic opportunities, new jobs and help to fund global partnerships and new leaders in technology, space sciences and engineering here in the UAE,” Sarah bint Yousef Al Amiri, the Emirati space agency’s chairwoman, said.

The fund will “actively encourage” collaboration between international and local companies, according to state news agency WAM.

The UAE Space Agency plans to launch the first satellite in three years with all satellites deployed within six years.