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Space Industry Offers Higher Returns
DUBAI - Space industry, currently worth over $150 billion per year globally, offers higher return on investment compared to other sectors, industry professionals said.
They said that its time to invest in this industry as governments all around the world are squeezing their space budgets and inviting private sector’s participation.
“At the moment investors tend to invest very much in property market as they know the market, but there is a lot of competition and less return. In comparison the satellite business offers higher return on investment,” Lemoaire told Khaleej Times on Monday at ‘The World Space Risk Forum.’
Lemoaire said that the selection of Dubai for the inaugural event shows its importance as entire market is moving to Dubai. “I think Dubai is a place for the future space,” Lemoaire said who is also organizing the three-day forum.
Over 200 delegates, 85 per cent of whom are from overseas, gathered at the forum to exchange ideas on space risk management and insurance. Four key areas are being discussed: Technical Developments in the Space Industry; Impact of the Global Economy on the Space Industry; Legal and Regulatory Environment within the Space Industry and Outlook over the next three decades for the Space Industry.
Jeff Cassidy of Global Aerospace and Chairman of the forum’s working committee said that the inaugural event in Dubai is a significant milestone in fulfilling the Dubai’s leadership’s long-term commitment of establishing aerospace, high technologies and telecommunication as key strategic industries for the emirate’s future economic success.
Already locally based companies such as Elseco, Thuraya, Yahsat and Dubaisat are making significant strides to accessing potential in satellite business. With this event both the UAE and the Middle East have an opportunity to enhance their role in the global space industry, Cassidy said.
Emirates Institution for Advanced Science and Technology (EIAST), which launched the UAE’s first remote sensing satellite last year, are key sponsor of the event.
“The support to a key event for information exchange on space technologies highlights the aspiration of EIAST to develop the space sector in the UAE and establish the global credentials of the emirate in the space industry,” Ahmed Al Mansoori, Director General of EIAST, said.
EIAST focuses on four main scientific programmes: Space, Astronomy, Energy, and Environment and water research. EIAST launched DubaiSat-1, the UAE’s first remote sensing satellite, to outer space and has begun work on the specifications for its third satellite, DubaiSat-3, even as work on DubaiSat-2 continues at full pace for its potential launch by end of 2012.
abdulbasit@khaleejtimes.com
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