The move is part of SRTI Park’s strategy to position Sharjah as a global destination for aerospace innovation and research by tapping into the global aerospace market which grew from $261.12 billion in 2022 to $278.43 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%.
A Memorandum of Understanding (MOU) was signed at the Dubai Air Show by Mr. Hussain Al Mahmoudi, CEO of SRTI Park and Eng. Salem Al Qubaisi, Director General of the UAE Space Agency.
SRTI Park is already home to companies specialising in aerospace sectors, including those developing drones, VR applications, virtual training solutions and conductive concrete which has applications at airports.
Mr. Hussain Al Mahmoudi, CEO of SRTIP, said: “We are delighted to sign this MoU with such a dynamic organization as the UAE Space Agency. This agreement represents a significant step in our commitment to sustainable projects, particularly those aligned with the aerospace sector. This historic MOU is part of SRTI Park’s goal of making Sharjah a hub for aerospace innovation and research. We are uniquely placed to welcome and nurture companies dedicated to advancing space sciences and aerospace technologies.”
SRTI Park’s diverse projects -- such as Virtual Reality and Augmented Reality applications, the Virtual Training Center simulating aviation environments for cabin crew training, and innovative projects like Conductive Concrete -- have direct relevance to the aviation industry.
In extending an invitation to companies engaged in aerospace technologies, the SRTI Park provides an ideal ecosystem for research-intensive businesses. The Park offers cutting-edge research facilities, state-of-the-art laboratories, and a supportive environment conducive to groundbreaking innovations.
The gamut of facilities and benefits include -- Research Infrastructure (State-of-the-art laboratories, testing facilities, and collaborative spaces for research and development initiatives); Investment Support (Tailored support for investors, including streamlined licensing processes and access to funding opportunities) and Collaborative Ecosystem (Opportunities to collaborate with leading academic institutions, researchers, and industry experts within the SRTIP community).
Mr. Al Mahmoudi added: “The overarching goal is to position Sharjah as a global destination for aerospace innovation and research. We extend a warm welcome to companies engaged in aerospace-linked innovations to join the Park's dynamic ecosystem, leveraging its strategic location, cutting-edge facilities, and collaborative networks to drive advancements in space sciences and aviation technologies.”
According to the newly signed MoU, SRTI Park and the UAE Space Agency will work towards ‘contributing to the development plans and programs in the country,’ driven by shared objectives of enhancing bilateral relations and a belief that cooperation between the two parties contributes to local development.
The UAE Space Agency is participating in several initiatives at the Dubai Airshow. This includes dedicated areas for the Planet X Challenge and the Space Economic Zones Programme. The UAE Space Agency seeks to enhance the role of private sector startups in the field of space in the UAE to promote the country’s global position as a pioneer in the field of space investment and entrepreneurship.