USPACE Technology Group to Develop Abu Dhabi Space Eco City Spanning 3 Million Square Meters
Integrate over 1,000 Commercial Aerospace Enterprises Worldwide to Jointly Develop a Global Aerospace Ecological Chain
HONG KONG, Jan. 10, 2024 /PRNewswire/ -- USPACE Technology Group Limited ("USPACE " or "the Group"; Stock Code: 1725.HK) is pleased to announce that the Company has signed a term sheet with Abu Dhabi Ports Company PJSC (''AD Ports''), in relation to the development of Abu Dhabi Space Eco City in Abu Dhabi, United Arab Emirates to provide commercial aerospace services worldwide, marking a major milestone of USPACE's strategic international expansion.
Under the term sheet, AD Ports will allocate to USPACE a land plot in the size of 3 million square meters in the Khalifa Economic Zones (KEZAD) in Abu Dhabi for the development of Abu Dhabi Space Eco City project. The initial phase of the project will cover 1 million square meters and it is expected to commence construction in mid-2024.
The Abu Dhabi Space Eco City project will integrate over 1,000 commercial aerospace enterprises worldwide to jointly develop a global aerospace ecological chain of international aerospace technology innovation and space trade centers.
The agreement relating to the Abu Dhabi Space Eco City comes after USPACE's recent announcement of dual listing plan in the Middle East. USPACE aims to develop the Group's presence and fundraising ability in the Middle East market upon the completion of the dual listing.
As part of the globalisation strategy, USPACE has added Mr. Shaikh Mohammed Maktoum Juma Al-Maktoum, a member of the Dubai's royal family to its Board of Directors and is establishing its global headquarters in Dubai. The Group's subsidiary Aspace Satellite Technology Limited (ASPACE) has become the first and only foreign aerospace company to obtain the Space Investment License from The Ministry of Investment of Saudi Arabia, laying an essential foundation for the establishment of the Group's satellite business in Saudi Arabia.
AD Ports operates an integrated business across 5 clusters, namely digital, economic cities & free zones, logistics, maritime and shipping, and ports connecting global maritime routes and international trading partners.
Mr. Mr. Mohamad Al Khadar Al Ahmed, President of Abu Dhabi Ports Company PJSC said, "We give high level of importance to the Abu Dhabi Space Eco City project of USPACE. Our team would fully support the project in terms of land approvals, planning and construction, tax policies, and investment and financing."
Mr. Sun Fengquan, Chairman and CEO of USPACE Technology Group Limited, said, "The signing of term sheet for the Abu Dhabi Space Eco City project represents a significant step in expanding USPACE's global aerospace business. We believe the Abu Dhabi Space Eco City project will consolidate the Group's leading position in the aerospace market in Middle East and will have a profound impact on the development of the Group's aerospace business in the long run."
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About USPACE Technology Group Limited (USPACE)
USPACE Technology Group Limited (USPACE) is Hong Kong's first commercial aerospace enterprise focusing on satellite constellation engineering and precise satellite manufacturing. USPACE owns five technology centers and manufacturing bases, including a satellite manufacturing center, a space environmental monitoring center, a satellite telemetry, tracking and control center (TT&C), a center for satellite data application and a precise electronic manufacturing center. USPACE's core business consists of several operations, including satellite constellation engineering, satellite data application, satellite design and manufacturing, satellite assembly and testing, satellite payload selection and specification, satellite TT&C service, printed circuit board assembly (PCBA) and electronic manufacturing, and the launch of satellites.
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SOURCE USPACE Technology Group Limited
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