UAE establishes $817 mln fund to support space sector

Additionally funding has been announced to develop the UAE’s space program as it hopes to be the first inhabitable human settlement on Mars by 2117.

Image Credit: NASA

By Reuters, Team MEB

The United Arab Emirates on Sunday launched a 3 billion UAE dirham ($816.84 million) fund to support its space programme and a new initiative to develop radar satellites, the Gulf country’s president Sheikh Mohammed bin Zayed al-Nahyan said on Twitter.

Dubai ruler Sheikh Mohammed bin Rashed, meanwhile, said the fund aims to supporting the establishment of national companies in the space sector and boost national strategic and research projects.