New Delhi, August 26: A holding company owned by the UAE’s royal family has reportedly invested over $100 million in a new partnership between Abu Dhabi-based Maaran Space and start-up Loft Orbital to expand satellite manufacturing capacity in the region. The joint venture, named Orbitworks, will leverage Maaran Space’s local expertise and Loft Orbital’s technology to enable satellite manufacturing in the Middle East.
According to a TechCrunch report, Loft Orbital has formed a joint venture with UAE-based Marlan Space to expand satellite production in the Middle East. The partnership, called Orbitworks, will be the first commercial company to produce satellites at scale in the UAE. Orbitworks is majority owned by Marlan Space, a new space company under International Holding Company (IHC). IHC, in turn, is majority controlled by the Royal Group and owned by the Abu Dhabi royal family. Captain Gopichand Totakura says he is honored to be the first Indian to travel to the edge of space on a Blue Origin crewed mission.
Orbitworks aims to produce around 50 satellites per year, each reportedly weighing 500 kilograms. The company has reportedly already procured the necessary equipment for its first 10 satellites. Manufacturing is expected to take place in a roughly 50,000-square-foot facility in Abu Dhabi, with plans to assemble, integrate, and test the first satellite platform there by early 2025. GalaxEye, an Indian space startup founded by graduates of the Indian Institute of Technology, Madras, plans to launch a commercial satellite in 2025.
Pierre Damien Vaugeur, CEO of Loft Orbital, is reportedly interested in the UAE’s space industry and its potential for growth. The United Arab Emirates (UAE) has big plans for space exploration and is investing heavily in developing its space capabilities and collaborating with other countries and companies. Although the UAE Space Agency (UAESA) is a relatively new organization, the government has already spent billions of dollars to support the agency’s efforts.
(The above story first appeared on LatestLY on Aug 26, 2024 1:01 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).