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Space Tourism Boosts Investments in Innovative Sectors, Advanced Technology in Saudi Arabia

HALO Space is set to launch its sixth space tourism test flight from Saudi Arabia in September. (HALO Space)
HALO Space is set to launch its sixth space tourism test flight from Saudi Arabia in September. (HALO Space)
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Space Tourism Boosts Investments in Innovative Sectors, Advanced Technology in Saudi Arabia

HALO Space is set to launch its sixth space tourism test flight from Saudi Arabia in September. (HALO Space)
HALO Space is set to launch its sixth space tourism test flight from Saudi Arabia in September. (HALO Space)

HALO Space, a Spanish startup in space tourism, is set to launch its sixth space tourism test flight from Saudi Arabia in September.

The announcement underscores the efforts the Saudi Arabia’s Communications, Space and Technology Commission (CST) and General Authority of Civil Aviation (GACA) have been making to demonstrate the Kingdom’s pioneering role in space tourism.

CEO of Halo Space Carlos Mira told Asharq Al-Awsat that the company is committed to supporting Saudi Arabia’s Vision 2030 by accelerating efforts to support space tourism through its strategic partnerships with Saudi agencies.

He noted that the company has also set up an operational base in the Kingdom where it offers direct and close support to the transformation of all economic sectors.

Mira predicted a 700 percent rise in global space tourism trips in the first five years, reflecting HALO Space’s commitment to making space within everyone’s reach. It will also propel Saudi Arabia towards playing a more pioneering role in space exploration and pushing forward its innovation and economic diversification.

He underlined the close cooperation between the public and private sectors in adopting safety standards and protection measures, which are the foundations of the success of the mission.

The cooperation between the CST and GACA embodies HALO Space’s commitment to providing a safe flight in the near future, he added.

Managing Partner at Arthur D. Little Middle East and India and HALO Space board member Thomas Kuruvilla underscored the space tourism partnership with Saudi Arabia.

He told Asharq Al-Awsat that HALO Space’s innovation is part of the Arthur D. Little company and in cooperation with relevant government agencies and aims to bolster Saudi Arabia’s pioneering role in space tourism.

Saudi Arabia’s readiness to become a launch base for HALO Space in the Middle East will lead to more investments in innovative sectors and advanced technologies, he went on to say.

This includes space exploration and tourism, he explained.

Saudi Arabia is set to go down in history for becoming one of the first countries in the world to launch a space tourism flight, he stressed.

The flight in September is a very significant step and it is also in line with Vision 2030, he stated.

This upcoming test flight will feature HALO Space's real-size prototype capsule, Aurora, which will ascend to 30 kilometers above the Earth's surface. The primary objective of this mission is to rigorously validate the integrated operation of all critical systems developed over the past three years, said the company in a statement.

Alberto Castrillo, Chief Technology Officer of HALO Space, stated: "This mission is designed to meticulously validate all our critical systems we’ve been developing for the past three years. The dates and location were set to ensure the reliable operation of our equipment and safe conditions for the teams that will be on the ground operating the flight."

CST has been working with and supporting HALO Space since the beginning of the year, overseeing preparations for the test flight, which is set against the backdrop of Saudi Vision 2030.

HALO Space's decision to establish its flagship operational base and final assembly site in Saudi Arabia underscores the Kingdom's ideal conditions for space exploration activities and support for innovative business models.

As this visionary plan aims to transform the Kingdom into a global hub for technological innovation and economic diversification, CST has also been collaborating with other government entities such as GACA, to meet all regulatory requirements for the test flight, emphasizing the commitment to the safety of both personnel and materials involved in this ground-breaking test.

Frank Salzgeber, Acting Deputy Governor for Space Sector at CST, highlighted the significance of this collaboration, stating: "Along with its regulatory mandate, CST is also undertaking an enabling role within the civil space sector, through fostering innovative business models, promoting space exploration activities, and supporting joint efforts with relevant authorities to develop space sector.”

“This innovative project represents a significant step forward in space tourism, and in support of such technological advancements and investment opportunities in Saudi Arabia, CST is always committed to providing regulatory frameworks that foster innovation among companies and projects like HALO Space while ensuring the safety of personnel and materials,” he added.

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China’s Inflation Rose More than Expected Due to Extreme Weather

A woman holding a Chinese flag walks along a street in Beijing, China, 19 July 2024. EPA/ANDRES MARTINEZ CASARES
A woman holding a Chinese flag walks along a street in Beijing, China, 19 July 2024. EPA/ANDRES MARTINEZ CASARES
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China’s Inflation Rose More than Expected Due to Extreme Weather

A woman holding a Chinese flag walks along a street in Beijing, China, 19 July 2024. EPA/ANDRES MARTINEZ CASARES
A woman holding a Chinese flag walks along a street in Beijing, China, 19 July 2024. EPA/ANDRES MARTINEZ CASARES

China’s consumer prices rose more than expected in July, largely due to seasonal factors like weather, leaving intact concern over sluggish domestic demand and boosting the case for more policy support.
The consumer price index climbed 0.5% from a year earlier, exceeding the 0.3% estimate in a Bloomberg survey, data from the National Bureau of Statistics on Friday show.
Excluding volatile food and energy costs, core CPI rose 0.4%, the least since January, indicating lingering weakness in overall demand, according to Bloomberg.
“Unfavorable weather conditions and the low base for pork prices from last year, instead of rising domestic demand, were the major drivers,” said Serena Zhou, senior China economist at Mizuho Securities Asia Ltd. “We anticipate coordinated fiscal and monetary support in the second half of 2024.”
Lynn Song, chief economist for greater China at ING Groep NV, told Reuters, “Conditions are in place to see inflation trend a little higher in the coming months but it should not impede further monetary easing.”
“With low inflation and weak credit activity, domestic factors continue to favor further monetary policy easing,” she said. “We continue to look for at least one more rate cut this year with the potential for more if global rate cuts accelerate.”
For her part, Dong Lijuan, chief statistician at the NBS, attributed the rise in the headline CPI figure to “a continued recovery in consumption demand.” Yet she told Bloomberg that high temperatures and rain in some regions had an impact on prices.
Adverse weather pushed up vegetable and egg prices in July, reversing losses the previous month. That helped food prices snap a year-long run of contraction, which has been a major drag on consumer inflation. The fastest surge in pork prices since 2022, thanks to a low base from last year, also contributed to the increase.
Meanwhile, the Chinese government said that extreme rainfall and severe flooding in China led to a near doubling in economic losses from natural disasters in July from a year earlier.
China suffered 76.9 billion yuan ($10.1 billion) in economic losses from natural disasters last month, with 88% of those losses caused by heavy rains, floods or their effects, according to the Ministry of Emergency Management.
It was the biggest amount of losses for the month of July since 2021, ministry data showed.
Natural disasters during the month affected almost 26.4 million people across China, with 328 either dead or missing, the ministry said.
During the month, 1.1 million people were relocated, 12,000 houses collapsed and 157,000 more were damaged. Some 2.42 million hectares of crop area were also affected.
In the markets, Chinese shares closed moderately lower on Friday even after China's consumer price index rose at a faster-than-expected rate, with analysts stressing that demand is still sluggish.
Asian shares were trying to end a difficult week on an intense note after Wall Street bounced and data revealed China taking an action away from deflation, while Japanese stocks battled to sustain an early rally.
The Shanghai Composite closed down 0.27% at 2,862 points, while the Shenzhen CSI 300 fell 0.34% to 3,331 points.
The blue-chip CSI300 index was down 0.34%, with its financial sector sub-index higher by 0.07%, the consumer staples sector down 0.23%, the real estate index up 1.67% and the healthcare sub-index down 1.63%.
At the close of trade, the Hang Seng index was up 198.40 points or 1.17% at 17,090.23. The Hang Seng China Enterprises index rose 1.29% to 6,017.85. The smaller Shenzhen index ended down 0.66% and the start-up board ChiNext Composite index was weaker by 0.985%.