Saturday, September 26, 2009

UAE already on board the space wagon

UAE investment fund Aabar said in July it will pay about $280 million (Dh1 billion) to buy nearly a third of commercial space travel startup Virgin Galactic.

The buy-in by Aabar Investments of Abu Dhabi gives British billionaire Sir Richard Branson's space tourism venture a big fin-ancial kickstart at a time when many funding sources have dried up because of the global recession. It also provides the UAE a chance to acquire space flight capability of its own.

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