UAE establishes $817 mln fund to support space sector

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CAIRO — The United Arab Emirates on Sunday launched a 3 billion UAE dirham ($816.84 million) fund to support its space program and a new initiative to develop radar satellites, the Gulf country’s president Sheikh Mohammed bin Zayed al-Nahyan said on Twitter.

Dubai ruler Sheikh Mohammed bin Rashed, meanwhile, said the fund aims to supporting the establishment of national companies in the space sector and boost national strategic and research projects. ($1 = 3.6727 UAE dirham)

(Reporting by Moataz Mohammed Writing by Yasmin Hussein Editing by David Goodman)

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