UAE’s Marlan Space and Loft Orbital Partner in USD 100 Million Joint Venture Backed by Emirati Royal Family To Scale Satellite Production in the Middle East
The Emirati royal family, through their holding company, has reportedly invested over USD 100 million in a new partnership between Abu Dhabi-based Marlan Space and startup Loft Orbital to form Orbitworks, a joint venture to scale satellite production in the Middle East.
New Delhi, August 26: The Emirati royal family, holding company reportedly invests over USD 100 million into a new partnership between Marlan Space, based in Abu Dhabi, and startup Loft Orbital. The purpose of the investment is to expand the satellite manufacturing capabilities in the region. The joint initiative, named Orbitworks, will make use of Marlan Space's local expertise and Loft Orbital's technology to create satellite manufacturing in the Middle East.
As per a report of TechCrunch, Loft Orbital has formed a joint venture with UAE-based Marlan Space to scale satellite production in the Middle East. The partnership is called Orbitworks, which is set to become the first commercial company in the United Arab Emirates to produce satellites on a large scale. The majority ownership of Orbitworks is held by Marlan Space, a new space company that is affiliated with the International Holding Company (IHC). The IHC, in turn, is mostly controlled by the Royal Group and owned by the ruling royal family of Abu Dhabi. Captain Gopichand Thotakura Says Honored To Be 1st Indian To Travel Edge of Space on Blue Origin’s Crewed Mission.
Orbitworks has a goal to reportedly produce around 50 satellites each year, with each satellite weighing 500 kilograms. As per reports, they have already acquired the necessary equipment for the first 10 satellites. The manufacturing operations will likely take place in a facility of around 50,000 square feet located in Abu Dhabi with a plan to assemble, integrate and test the first satellite platform at the facility by early 2025. Indian Space Startup GalaxEye, Started by IIT Madras Alumni, To Launch Private Satellites in 2025.
Pierre-Damien Vaujour, the CEO of Loft Orbital has reportedly expressed his interest in the UAE's space industry and its potential for growth. The United Arab Emirates (UAE) has big plans for space exploration and has invested a significant amount of money in developing its own space capabilities and collaborating with other countries and companies. The UAE Space Agency (UAESA) is quite new, but 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 01:00 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).