Omar Fayed, the 35-year-old son of Egyptian billionaire Mohamed Al Fayed, plans to open a space research and manufacturing facility in the UAE as part of a strategic expansion of his space and eco-business.
Fayed stated in an interview with The National, an English-language newspaper published in Abu Dhabi, that there is “no limit” to the amount of investment he is willing to make in the country and that he will launch the project in the UAE with personal funds and grants from European governments.
The 35-year-old entrepreneur explained that his entry into the region through his Swiss-based company, Earth Space Technical Ecosystem Enterprises (Estee), will result in the establishment of a research and manufacturing facility to drive the adoption of cleantech, industrial, and ecological systems.
He went on to state that the systems will have immediate and effective applications in the built-up landscape, as well as advanced human space exploration and that his planned move to the Gulf, inspired by the Emirates’ work in space exploration and eco-tech, will allow him to “reconnect with his Arab roots.”
Billionaires.Africa reported nearly a week ago that his father, Mohamed Al Fayed, who has lived in the United Kingdom since the mid-1960s and owns both privately held and publicly traded companies, had seen his net worth fall by $200 million, from $2.1 billion to $1.9 billion.
Despite the recent drop in the value of his assets, which has impacted his wealth figures, Al Fayed is still $400 million wealthier than he was in 2020, when the COVID-19 pandemic caused a temporary shutdown of hotels and other hospitality assets, affecting earnings and asset valuation.
His net worth has grown significantly since 2020 thanks to a strong recovery in the hospitality sector from the pandemic’s rock-bottom levels, as well as a surge in hotel occupancy rates throughout 2021 and the first nine months of 2022.