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.



Western Insurers Provide Cover for Russian Oil despite Price Cap Concerns

An aerial view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. Picture taken with a drone. REUTERS/Tatiana Meel/File Photo Purchase Licensing Rights
An aerial view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. Picture taken with a drone. REUTERS/Tatiana Meel/File Photo Purchase Licensing Rights
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Western Insurers Provide Cover for Russian Oil despite Price Cap Concerns

An aerial view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. Picture taken with a drone. REUTERS/Tatiana Meel/File Photo Purchase Licensing Rights
An aerial view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. Picture taken with a drone. REUTERS/Tatiana Meel/File Photo Purchase Licensing Rights

A group of Western insurers have provided cover for tankers carrying Russian crude, keeping its oil flowing after many in the trade sector withdrew for fear of breaching the rules of a G7 price cap, data from traders and shippers shows.

The data seen by Reuters showed that five insurers, including American Club, Luxembourg-headquartered West of England and Norway's Gard, provided cover for 10 tankers that sailed from Russia to Asia this year.

American Club and West of England provided insurance for two vessels - the Gioiosa and the Orion I - that made similar voyages in early 2024.

Both vessels took on board crude from the state-owned Russian oil company Rosneft in Russia's Baltic and sailed to China, the data showed.

American Club said the ship, which flew the Panama flag, was on its cover list. West did not comment on specific tankers.

Norway's Gard, which data showed covered a separate vessel, also declined to comment on specific ships.

The three non-profit mutuals, who insure ships against oil pollution, injury and loss of life, say they are providing a service to their members.

The extent of the ongoing provision by Western insurers in covering specific Russian oil deals has not been previously reported since the cap was imposed in 2022 following the war in Ukraine.

The cap, imposed by the Group of Seven industrialised nations and their allies to curb Moscow's ability to finance the war, only allows Western insurers and ships to participate in Russian oil trade if the oil is sold below $60 a barrel.

Many of those who stopped trading such cargoes said they were doing so because they could not be certain about the price of the oil carried by the ships they were insuring.

Russia, which has banned its firms from complying with the price cap, sold its flagship Urals crude at Baltic ports for an average of $69.4 per barrel so far this year, well above the price cap, LSEG data shows.

Insurers and ship owners are not expected to investigate the price.

Instead, Western enforcement agencies including the U.S. Treasury require insurance companies to request so-called attestations from the parties that buy and sell the crude that the oil changed hands below the price cap.

- 'FLAWED' PROCESS

The International Group (IG) of P&I Clubs - which provides insurance for 90% of the world's fleet - said in April the attestation process was flawed and risked exposing its members to breaches of the price cap.

The IG did not respond to a request for comment on the risks for this story.

The insurers identified by Reuters said separately they rely on the attestation letters from the participants in the trade that all work was legal and complied with Western sanctions.

Reuters could not contact any of the parties as they were not named due to commercial confidentiality.

IG member American Club said it did not have direct access to price information when providing cover for the Gioiosa tanker.

Gard said it relied on price cap attestation and was also checking additional sources of data and information. Both companies referred further questions on the cap to the IG.

The other insurance providers for Russian oil included Maritime Mutual from New Zealand and IG member London P&I Club, Reuters research based on the shipping and trading data showed.

Maritime Mutual and London P&I did not respond to a request for comment on the potential risks.

However, Maritime Mutual, which is not part of the IG group, provided Reuters with a copy of its Russian oil insurance policy and a blank copy of an attestation letter which states that coverage will be withdrawn if a shipment violates the price cap.

The letter asks a company seeking cover – usually a charterer or a shipper - to tell its insurer the name of the vessel, its port and date of loading and discharge.

It asks the charterer to attest the shipment is in compliance with the price cap but does not require inclusion of the price paid anywhere in the attestation.

West also told Reuters the price cap regime treats ship owners and insurers as indirect participants of the transactions, known as tier three, hence they are not obliged to verify prices.

"The charterer/trader will never give away that (price) information and give away their margins," Tony Paulson, West's head of Asia and corporate director, told a Lloyd’s List podcast last month.

Gard, West P&I, American Club said they would end the cover if information emerged that the attestation was inaccurate and the price was above the cap.