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USPACE Technology (OTCPK:ASTGY) Tuesday announced the signing of a term sheet with Abu Dhabi Ports Company for the development of Abu Dhabi Space Eco City in Abu Dhabi, United Arab Emirates.
Under the term sheet, AD Ports will allocate to USPACE a land plot in the size of 3M square meters in the Khalifa Economic Zones in Abu Dhabi for the development of the Abu Dhabi Space Eco City project.
The initial phase of the project will cover 1M 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, USPACE added.
Additionally, USPACE added Shaikh Mohammed Maktoum Juma Al-Maktoum, a member of Dubai’s royal family to its board of Directors and said it is establishing its global headquarters in Dubai.
