UAE establishes $817m fund to support space sector

Reuters

17 July, 2022, 02:25 pm

Last modified: 17 July, 2022, 02:36 pm

UAE establishes $817m fund to support space sector

Reuters

17 July, 2022, 02:25 pm

Last modified: 17 July, 2022, 02:36 pm

Mohammed bin Zayed Al Nahyan, president of the United Arab Emirates. Photo: Collected

Mohammed bin Zayed Al Nahyan, president of the United Arab Emirates. Photo: Collected

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.

($1 = 3.6727 UAE dirham)

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