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

On January 9, 2024, USPACE Technology Group Limited (the “Company” or “USPACE”) 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 the Group’s strategic international expansion. 

Under the term sheet, AD Ports will allocate to the Company 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 the Company’s recent announcement of dual listing plan in the Middle East. The Company aims to develop our presence and fundraising ability in the Middle East market upon the completion of the dual listing.

As part of the globalisation strategy, the Company has added Mr. Shaikh Mohammed Maktoum Juma Al-Maktoum, a Dubai’s royal family member to its Board of Directors and is establishing our 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 — 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.”

On 9 January 2024, Mr. SUN Fengquan, Chairman and CEO of the Company and Mr. Mohamad Al Khadar Al Ahmed, President of Abu Dhabi Ports Company PJSC, signed the term sheet for Abu Dhabi Space Eco City project.

This signing marks the official commencement of the Company’s roadmap in creating the Global Hub for Space Tech-Innovation and Trade Collaboration. Upon completion, the Space Eco City will bring together thousands of global enterprises to form an ecosystem of international space industry, providing comprehensive services for commercial space technology innovation and space trade worldwide.