Saudi Arabia announced on Tuesday a plan to explore investment opportunities in the space industry.
Newly appointed Chairman of the Board of Directors of the Saudi Space Authority, Engineer Abdullah Alswaha emphasized that the authority would begin preparing a strategy, in cooperation with the Council of Economic and Development Affairs, to invest in the space industry.
“The objectives of the strategy will be in line with the goals and targets of Vision 2030, which underlined the importance and vitality of the space sector, with the aim of taking advantage of the promising opportunities to build a knowledge economy based on the latest technologies and innovations,” Alswaha stated.
Crown Prince Mohammed bin Salman “is behind investing in the space world to reach the ranks of developed countries and to seize the largest possible opportunities,” he said in a statement.
Alswaha stressed the authority’s keenness to make the Kingdom one of the most advanced countries in the space economy, the size of which will be estimated at more than a trillion dollars by 2040.
“The Kingdom will work to fully benefit from this sector within the ambitious Vision 2030 to build a diversified and sustainable national economy,” he added.
AlSwaha was appointed to his post by a Royal Order on May 3. In remarks on the occasion, the new chairman said that creative minds and young Saudi competencies would be the focus of building a bright future for the Kingdom in the space industry and its technologies.