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
20

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.



Turkish Manufacturing Sector Contracts Further in March, PMI Shows

Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (Photo by Ed JONES / AFP)
Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (Photo by Ed JONES / AFP)
TT
20

Turkish Manufacturing Sector Contracts Further in March, PMI Shows

Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (Photo by Ed JONES / AFP)
Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (Photo by Ed JONES / AFP)

Türkiye's manufacturing sector contracted further in March, with output and new orders continuing to ease amid difficult market conditions both domestically and internationally, a survey showed on Wednesday.
The Purchasing Managers' Index (PMI) slipped to 47.3 from 48.3 in February, marking the lowest reading since October last year, survey compilers S&P Global reported. A PMI reading below 50 indicates a contraction in activity, Reuters reported.
March marked the 21st consecutive month of declining new orders, with the slowdown being the most pronounced since last October. New export orders fell at the fastest pace since November 2022.
"Challenging market conditions both at home and abroad meant for further moderations in output and new orders in March as Turkish firms struggled to secure business," said Andrew Harker, Economics Director at S&P Global Market Intelligence.
Despite the downturn, there were signs of stabilization in some areas. Inventory levels held steady after 10 months of depletion, and suppliers' delivery times improved for the first time in six months, reflecting reduced demand for inputs.
Inflationary pressures eased slightly although currency weakness continued to drive up costs. Employment in the sector also saw a slight reduction for the fourth consecutive month, though the decrease was the smallest so far this year.
Manufacturers remain cautiously optimistic about future output, hoping for improvements in new orders and demand from the construction sector over the coming year.