Middle East’s space economy could surge to $75 billion by 2032 – The National

Middle East’s space economy could surge to $75 billion by 2032 – The National

The Middle East’s space sector could be worth $75 billion by 2032, helping to play a crucial role in the global space economy in the coming decade, research has found.Released on Monday at the Middle East Space Conference in Muscat, Oman, a 16-page document lists the rapid growth in the region, including investment in satellites, services and exploration missions.The white paper, titled Beyond the Stars: Middle East’s Space Ecosystem on the Move, said the region’s space economy tripled over the past decade to an estimated value of $25 billion last year and would take a share of 8.5 per cent in the global space economy by the start of the next decade.The UAE is currently leading the way in the region, having sent two astronauts to the International Space Station, developing the region’s most advanced satellites and recently announced it would provide an airlock module to Nasa’s planned Moon-orbiting station.The UAE to send its first astronaut to the Moon's orbitSteve Bochinger of Euroconsult, the organiser of the conference, said the rise was due to a “shifting power balance” in the global space arena.“If you look back 25 years ago, space was essentially reserved and concentrated in terms of investment and