The venture will be the first of several spaceports planned across the world. It will be developed jointly by RAK and Space Adventures. Total investment is anticipated to reach about $265 million, with the RAK government providing $30 million in equity. The remainder will be financed through a private placement. The project has been approved by the UAE authorities to operate flights within the federation’s airspace. However, Sheikh Salem declined to give a timeframe for when flights would begin. The project aims to tap into the federation’s growing number of tourists and is the latest in a string of projects aimed at diversifying the emirate’s economy. Space Adventures began operating space flights in 2001 and so far has sent three millionaires into space.