International aerospace and space experts will discuss the rapidly changing shape of space policy and regulation at the third Global Aerospace Summit set to be held next March in Abu Dhabi, UAE.

“Today, there are approximately 700 companies dedicated to commercial space exploration worldwide - up from 100 in 2011 – who build rockets, offer mission planning services and monitor planetary risks,” said Oisin Commane, group director, Streamline Marketing Group (SMG), which organises the invitation-only, thought leadership forum.

“Investors have ploughed $10 billion into the private space industry over the past ten years, of which 75 per cent has come from venture capital funds and private equity firms. As the international space industry continues to grow, questions on space regulation and policy also increase; the Summit will be looking to unearth some of the answers.”

The international space law framework consists of five UN treaties and five main sets of principles.  The foundational instrument governing all space activities is the 1967 Outer Space Treaty (the Treaty signed by the United States, Russia, China, and more than 100 other countries – including the UAE that established the basic legal precepts and principles for the utilization of outer space.

Sara Langston, an aerospace lawyer and CEO of Senmurv Consulting said: “These structural concepts are not without their legal difficulties, and whether an inter-state alliance or private commercial consortium is established, any prospective entity must comply with the principles and obligations of the international space legal framework which holds space access and use open to all countries for peaceful purposes—under the principle that space is the ‘province of all mankind.”

“On the other hand, States Parties to the Moon Agreement (the Agreement), such as Australia and a dozen other states, face restrictions on space mining and resource utilisation as the Agreement prohibits unbridled exploitation activities holding space and celestial bodies to be the ‘cultural heritage’ of mankind. A fine legal and political distinction,” she added.

The UAE Space Agency recently announced it began developing the country’s space policy, regulation and legislation.

Naser Al Rashdi, director of Space Policy and Regulations, UAE Space Agency said: “The UAE recognises the importance of the space sector for social and economic development as well as in strengthening the nation’s security and crisis management. As part of the mandate, the UAE Space Agency has begun work on developing the UAE space policy, regulation and legislation.”

“The key objectives of the space policies and regulations are to support transparency, stability and sustainable development in the space sector; to leverage the contribution of the space industry and the role it can play towards diversification of economy as well as towards the growth of other critical sectors.

“Moreover the space policies and regulations aim to enhance robustness and competiveness of the commercial space sector in the UAE; strengthen security and international collaboration in space, and ensure conformity with international space related treaties, agreements and regulations,” he added.

The Global Aerospace Summit, an exclusive, invitation-only event for the international aerospace industry will identify and discuss the rapid changes in space policy and their impact on the industry and the world.

The premier thought leadership forum for the aerospace industry will be held at Abu Dhabi National Exhibition Centre on March 7 and 8, 2016. – TradeArabia News Service