Saudi Arabia Plans $2 Billion Boost for Space Program by 2030

Prince Sultan bin Salman, when Saudi Tourism Minister, speaks during an interview with Reuters in Riyadh, Saudi Arabia July 5, 2018. (Reuters)
Prince Sultan bin Salman, when Saudi Tourism Minister, speaks during an interview with Reuters in Riyadh, Saudi Arabia July 5, 2018. (Reuters)
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Saudi Arabia Plans $2 Billion Boost for Space Program by 2030

Prince Sultan bin Salman, when Saudi Tourism Minister, speaks during an interview with Reuters in Riyadh, Saudi Arabia July 5, 2018. (Reuters)
Prince Sultan bin Salman, when Saudi Tourism Minister, speaks during an interview with Reuters in Riyadh, Saudi Arabia July 5, 2018. (Reuters)

Saudi Arabia is planning an 8 billion riyals ($2.1 billion) boost for its space program by 2030 under an economic diversification plan that aims to attract foreign investment and create thousands of jobs for young Saudis.

The Saudi Space Commission (SSC), set up by a royal decree in late 2018 to stimulate space-related research and industrial activities, has finalized a plan for the government, expected to be revealed later this year, under which the sector’s budget would receive an initial boost of 2 billion riyals.

“In the time where we live now, space is becoming a fundamental sector of the global economy, touching every aspect of our lives on Earth. Space business and space economy are expected to grow into the trillions of riyals as we go forward,” Prince Sultan, the son of Saudi monarch King Salman, told Reuters in an interview.

“We believe there are a lot of opportunities that exist in the space sector and we, in Saudi Arabia, intend to tap these opportunities at all levels,” added the 64-year-old royal, who flew aboard the US Space Shuttle Discovery in 1985. He was the first astronaut from an Arab or Muslim country in space.

His duties onboard Discovery as a payload specialist included releasing the Arabsat satellite, which was a breakthrough in connecting the region with the rest of the world.

Saudi Arabia is a main founder and financier of the Arab Satellite Communications Organization (Arabsat), launched in 1976, with a 37% stake.

Prince Sultan, who chaired the Saudi Commission on Tourism and Heritage for 18 years, said the Kingdom aspired to become a global player in the space industry while advancing prospects for generations of Saudi.

The Saudi space sector’s current return on investment is 1.81 riyal for every one riyal invested. This compares with a return of between 7 and 20 riyals for every riyal invested in the sector in advanced economies, according to SSC data.

SSC plans to sign agreements with international agencies in the United States, Russia, China, India and the UAE to boost cooperation, Prince Sultan said, without providing further details.



GCC Secretary-General Meets with UAE Ambassador to Saudi Arabia

Secretary General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi - SPA
Secretary General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi - SPA
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GCC Secretary-General Meets with UAE Ambassador to Saudi Arabia

Secretary General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi - SPA
Secretary General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi - SPA

Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi Tuesday met with United Arab Emirates Ambassador to the Kingdom of Saudi Arabia Sheikh Nahyan bin Saif Al Nahyan at the General Secretariat headquarters in Riyadh on the occasion of the end of his tenure.

During the meeting, the secretary-general expressed his gratitude for the ambassador’s efforts throughout his tenure and for his effective role in strengthening the distinguished brotherly relations between the UAE and Saudi Arabia, SPA reported.

 

He also praised Sheikh Nahyan’s contributions to enhancing cooperation and integration between the two countries across various fields, reflecting the deep strategic ties that unite their leaderships and peoples.

Albudaiwi also commended the ambassador's role in supporting joint Gulf action toward greater interdependence and cooperation, wishing him continued success and prosperity in his future assignments.