Saudi-Indian Partnership for Peaceful Use of Outer Space

Saudi-Indian Partnership for Peaceful Use of Outer Space
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Saudi-Indian Partnership for Peaceful Use of Outer Space

Saudi-Indian Partnership for Peaceful Use of Outer Space

Official reports have revealed that higher directives approved assigning the Saudi Space Commission (SSC) as the authority overseeing the implementation of a space cooperation MoU signed by the King Abdulaziz City for Science and Technology (KACST) and Indian Space Research Organization (ISRO).

Last month SSC Chairman Prince Sultan bin Salman held a video-conference meeting with ISRO Director Kailasavadivoo Sivan. The two discussed expanding bilateral cooperation between the Kingdom and India in the field of space.

They also reviewed the future Saudi-Indian partnership in research, science, expert training, technology, and cooperation in space exploration missions.

This revision falls within the framework of an MoU inked between the two space agencies earlier.

In other news, the SSC signed an MoU for building Saudi Arabia’s space industry capacities with the Local Content and Government Procurement Authority (LCGPA). This is part of the bold, yet achievable, goals included in the Kingdom’s national transformation plan, Vision 2030.

Both LCGPA CEO Abdulrahman Al Samari and SSC’s CEO Abdulaziz Al Al-Sheikh signed the MoU, which chiefly looks to boost inter-agency cooperation on developing local content across the value chain present in the Kingdom’s promising space sector.

The MoU also seeks to promote government procurement work at the SSC.

Moreover, the agreement falls within the scope of the partnership and integration approach among government agencies.

According to Prince Sultan, the MoU will fulfill King Salman’s directives for establishing an integrated space industry.

“The signing of the agreement follows the policy of partnership and integration between government agencies to enable the space sector to fulfill the directives of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud on establishing an integrated industry linked to space, which has promising economic contributions,” he said.

Characterized by sustainable growth, the space sector opens doors wide in terms of research and innovation opportunities to be led by local capabilities determined on maturing this industry.

It is noteworthy that the space sector's development will scale up the Kingdom’s position regionally and globally.



PIF Hosts 7th Annual One Planet Sovereign Wealth Funds Summit in Riyadh

PIF Hosts 7th Annual One Planet Sovereign Wealth Funds Summit in Riyadh
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PIF Hosts 7th Annual One Planet Sovereign Wealth Funds Summit in Riyadh

PIF Hosts 7th Annual One Planet Sovereign Wealth Funds Summit in Riyadh

Saudi Arabia’s Public Investment Fund (PIF) organized the seventh annual summit for the One Planet Sovereign Wealth Funds (OPSWF) Group in Riyadh on Tuesday.

French President Emmanuel Macron, PIF Governor Yasir Al-Rumayyan, and over 100 CEOs, members of OPSWF, asset managers, and private equity fund representatives attended the event.

The summit coincided with Saudi Arabia's hosting of the 16th Conference of the Parties to the Conference of the Parties (COP16) of the United Nations Convention to Combat Desertification, the Saudi Green Initiative, and the One Water Summit.

Tuesday’s discussions focused on the pivotal role of sovereign wealth funds as global investors in addressing climate challenges, creating value through opportunity-driven investments, and financing current and future climate solutions to drive economic transformation and sustainable development.

Other issues included expanding investments in renewable energy, supporting green financing in hard-to-abate sectors, utilizing artificial intelligence to enhance emission reduction strategies, and advancing green building standards.

Key action tracks were identified to enhance investment decision-making for climate action, boost efficiency and impact within the global financial system, and address crucial areas, such as climate-related data, enabling technologies like AI, transition finance, clean hydrogen, greening real estate, and renewables in emerging markets and developing economies.

"PIF is committed to net zero by 2050, contributing to Saudi Arabia's aim of net zero by 2060. Renewables is one of PIF's strategic sectors, and PIF is working toward the localization of renewable energy and hydrogen production to achieve its target of developing 70% of the nation's renewable energy capacity," he added.

He stressed PIF's ongoing efforts to support sustainability through various projects and initiatives, including the issuance of its Green Finance Framework, the first sovereign wealth fund to issue a green bond, and the first to issue a 100-year green bond.

PIF and OPSWF Network members are building a sustainable and inclusive investment approach to ensure inclusivity for all in the transition to net zero, he noted.