UAE looks to regulate asteroid mining as it aims to lure private space sector
The National
For now, space mining remains under development. However, with as much as $700 quintillion – or $100 billion for each person on Earth - up for grabs, according to a 2018 estimate by Nasa, nations are taking steps now to prepare for a future when not all assets are found here on Earth.
The UAE is taking steps to regulate mining for resources in space so private companies can retain full ownership of their spoils, the head of the UAE Space Agency said. “Similar to the principle of the law of the sea in international waters where no state can claim sovereignty over the sea but commercial fishing operations can own and sell what they obtain,” Dr Mohammed Al Ahbabi said in an interview with The National. “If you don’t own the fish then why go to the sea?”
Resources on asteroids include precious metals like gold, platinum and rhodium as well as the building blocks to grow food, which would be helpful for sustaining life in space without assistance from Earth, like carbon, phosphorous and water.
The new law is still under process but will be issued “very soon”, Dr Alahbabi said.
With the law enacted, the UAE will follow the US and Luxembourg which have both passed laws granting full ownership of space resources recovered by citizens solely to those individuals.
He characterised the policy as a “law for tomorrow”, designed to anticipate advances in technology that will enable the UAE to be a business-friendly environment for the onset of commercial activity in space.
The Source
“We are setting regulations and laws with the future in mind. This will help inspire investor
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