Orbitworks eyes USD 1 bn investment for space economy

Orbitworks eyes USD 1 bn for satellite program: Satellite manufacturer Orbitworks, a JV between Abu Dhabi-based Marlan and US-based startup Loft Orbital, is investing USD 1 bn to expand its satellite network from now until 2031, the firm’s CEO Hamdullah Mohib told Semafor.

A 40-satellite plan: Orbitworks is planning on launching its first satellite this October and deploying nine more next year, with an additional 40 set to be launched by 2031. A USD 200 mn satellite manufacturing plant in Abu Dhabi will help it get there.

On the funding front, it recently inked an agreement with France’s space agency, and French firms could help Orbitworks raise an additional USD 1 bn, Mohib said. It’s also targeting US partnerships rather than Chinese so as not to close off any future agreements, he added.

IN CONTEXT- As of last autumn, the UAE had invested AED 44 bn in expanding its space industries, as authorities look to have the Emirates rank among the world’s top 10 space hubs by 2031. Orbitworks itself is linked via Marlan to the state’s International Holding Company. Space was also a focus of a recent cabinet strategy, with a new aim to double space economy revenues and expand export markets. So far, key Emirati space projects include its Eshara stack and the national Earth-observation hub.