Sharjah: The Sharjah Research Technology and Innovation Park (SRTI Park) and the UAE Space Agency have signed a Memorandum of Understanding (MoU).
This cooperation agreement to explore new areas of collaboration by leveraging each other’s capabilities, especially in the aerospace technology sector. 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 percent.
The 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 specializing 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 SRTI Park, stated that, “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.
Mr. Al Mahmoudi pointed out that, “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.”
In line with the recently signed MoU, SRTI Park and the UAE Space Agency will endeavor to “contribute 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.