عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Industry Minister Discusses Opportunities to Develop Aviation, Space Industry in the Kingdom

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visits the JetZero and SpaceX companies during his visit to the US. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visits the JetZero and SpaceX companies during his visit to the US. (SPA)
TT
TT

Saudi Industry Minister Discusses Opportunities to Develop Aviation, Space Industry in the Kingdom

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visits the JetZero and SpaceX companies during his visit to the US. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visits the JetZero and SpaceX companies during his visit to the US. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visited JetZero, a company specializing in aviation, and SpaceX, the aerospace giant, in California, reported the Saudi Press Agency on Sunday.

He discussed boosting opportunities for cooperation in the aviation and space industries in the Kingdom.

Alkhorayef met with JetZero founder and CTO Mark Page to discuss potential partnerships in the aviation sector, the development of local supply chains for aviation components, and the utilization of Saudi Arabia's mineral resources.

These efforts aim to boost local manufacturing capabilities, particularly in the aviation sector, which is one of the key industries targeted by Saudi Arabia’s National Industrial Strategy.

JetZero, founded in 2018 in Long Beach, California, is a startup in the aviation industry. Its primary mission is to develop aircraft with an innovative "Blended Wing Body" design that aims to achieve high fuel efficiency and significantly reduce emissions.

The company focuses on becoming a leader in sustainable aviation by designing aircraft that consume up to 50% less fuel compared to conventional planes, thereby reducing aviation's carbon footprint.

Alkhorayef also met with SpaceX CFO Brett Johnson to discuss opportunities for developing the space industry and supporting efforts to bolster supply chain development. Discussions also emphasized the services and incentives offered by the Kingdom's industry and mineral resources ecosystem for such partnerships and strategic programs.

Founded by Elon Musk in 2002, SpaceX is a leading US company in the aviation and space sectors. The company's ambitious vision is to enable human exploration of Mars by developing groundbreaking rocket and spacecraft technologies.

The National Industrial Strategy outlines a promising future for the Kingdom's aviation and space sectors, aiming to launch the first Saudi satellite and focusing on the adoption of cutting-edge technologies such as artificial intelligence and drones. This strategy will strengthen the competitiveness of the national industry and position Saudi Arabia among the world's leading countries in these fields.

Alkhorayef’s visit is part of ongoing efforts to foster industrial and mining cooperation, strengthen ties between Saudi Arabia and the US and attract high-quality investments to the Kingdom.

Most Viewed

 
 
Business

S&P Upgrades Oman’s Credit Rating with 'Stable Outlook'

A gas production field in the Sultanate of Oman. (Reuters)
A gas production field in the Sultanate of Oman. (Reuters)
TT
TT

S&P Upgrades Oman’s Credit Rating with 'Stable Outlook'

A gas production field in the Sultanate of Oman. (Reuters)
A gas production field in the Sultanate of Oman. (Reuters)

Global credit rating agency Standard & Poor’s (S&P) upgraded Oman’s credit rating to ‘BBB-’ with a stable outlook, hoping the country’s public finances will continue to strengthen.
“The outlook on the long-term ratings is stable,” the agency said.
The stable outlook balances the potential benefits of the government's fiscal and economic reform program against the economy's structural susceptibility to adverse oil price shocks.
S&P also noted that Oman’s fiscal position remains highly dependent on oil price movements, but resilience against shocks has strengthened.
Oil prices settled higher on Friday but fell on the week as investors weighed expectations for higher global supply against fresh stimulus from top crude importer China.
Brent crude futures settled up 38 cents, or 0.53%, at $71.89 per barrel. Front-month US West Texas Intermediate crude futures settled up 51 cents, or 0.75%, at $68.18.
On a weekly basis, Brent settled down around 3%, while WTI fell by around 5%.
In early May, the International Monetary Fund (IMF) said Oman’s near- to medium-term outlook is favorable and risks to the outlook are broadly balanced.
It expressed hope that a decline in oil prices and economic reforms would continue in the medium term.
On Saturday, S&P expressed optimism it could raise Oman’s ratings over the next two years if reforms lead to steady growth in Oman's GDP per capita supported by continued momentum in non-oil growth.
It then expected the government's fiscal and economic reform momentum will continue over 2024-2027 on condition of reducing external debt levels and accumulating liquid assets.
Last week, the Central Bank of Oman (CBO) reduced its repo rate for local banks by 50 basis points, bringing it down to 5.5% in line with other Gulf central banks’ decisions to cut their key interest rates after the Federal Reserve decreased US rates by half a percentage point.
S&P said it anticipates that the CBO will continue following the US Federal Reserve's interest rate policy.
The agency added, “We expect Oman will maintain its currency peg, supported by its accumulated government external assets of about 30% of GDP.”