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Saudi, US Companies Invest in Saudi Space Sector

Saudi delegation discusses the development of the space sector through cooperation with US companies (Asharq Al-Awsat)
Saudi delegation discusses the development of the space sector through cooperation with US companies (Asharq Al-Awsat)
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Saudi, US Companies Invest in Saudi Space Sector

Saudi delegation discusses the development of the space sector through cooperation with US companies (Asharq Al-Awsat)
Saudi delegation discusses the development of the space sector through cooperation with US companies (Asharq Al-Awsat)

A high-ranking Saudi delegation visited the US and succeeded in establishing investments and development partnerships in the space sector.

The meetings discussed several issues aimed at exchanging know-how and technologies on microgravity platforms, cooperating to localize the satellite industry, enhancing joint capabilities to discover space debris, and effectively contributing to building advanced navigational systems.

During his visit to the US, Chairman of the Saudi Space Commission Abdullah al-Swaha held several discussions with heads of US space companies.

Swaha, who is also Minister of Communications and Information Technology, met with the founder and CEO of Axiom Space, Michael Suffredini, and CEO of Redwire Peter Cannito. The meetings were attended by the acting CEO of the Saudi Space Commission, Mohammed bin Saud al-Tamimi.

Swaha and Tamimi discussed investment and development opportunities to enhance the role of the space sector in the Kingdom with CEO of United Launch Alliance (ULA) John Elbon and founder of Space Perspective Jane Poynter.

The meetings aimed to enhance bilateral cooperation in spacecraft launch services, build partnerships to contribute to the growth of the space tourism sector, exchange expertise and technologies, and develop the sector’s role in achieving the goals of the Kingdom’s Vision 2030.

The Saudi delegation visited NASA’s Kennedy Space Center, where the Saudi officials were received by Assistant Director of the Kennedy Space Center Burton Summerfield. The meeting discussed investment opportunities in establishing and managing spaceports.

Saudi Arabia is currently focusing on developing space activities and the economy as the Kingdom invests in capacity building, and digital, technical, and research to transform into an innovation-based economy.

The visit to the US aims to strengthen mutual relations and exchange the best global expertise and practices in space exploration, technology, and related industries. It discusses ways to enhance innovation and pioneering projects and transfer and localize advanced technologies in the space sector.

During his visit, Swaha met with the US Deputy National Security Adviser for Cyber and Emerging Technology, Anne Neuberger.

The meeting reviewed fostering partnership and developing cooperation between the two sides in several areas, including cybersecurity, emerging technologies, and creating digital capabilities in cybersecurity.

The minister also met with Ambassador Barbara Leaf, senior director of the Middle East and North Africa Affairs at the US National Security Council, to discuss ways to strengthen cooperation between the two friendly countries in entrepreneurship, emerging technologies, and the development of sustainable and green technology.

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UN Predicts World Economic Growth to Remain at 2.8% in 2025

A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
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UN Predicts World Economic Growth to Remain at 2.8% in 2025

A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)

Global economic growth is projected to remain at 2.8% in 2025, unchanged from 2024, held back by the top two economies, the US and China, according to a United Nations report released on Thursday.

The World Economic Situation and Prospects report said that "positive but somewhat slower growth forecasts for China and the United States" will be complemented by modest recoveries in the European Union, Japan, and Britain and robust performance in some large developing economies, notably India and Indonesia.

"Despite continued expansion, the global economy is projected to grow at a slower pace than the 2010–2019 (pre-pandemic) average of 3.2%," according to the report by the UN Department of Economic and Social Affairs.

"This subdued performance reflects ongoing structural challenges such as weak investment, slow productivity growth, high debt levels, and demographic pressures," Reuters quoted it as saying.

The report said US growth was expected to moderate from 2.8% last year to 1.9% in 2025 as the labor market softens and consumer spending slows.

It said growth in China was estimated at 4.9% for 2024 and projected to be 4.8% this year with public sector investments and a strong export performance partly offset by subdued consumption growth and lingering property sector weakness.
Europe was expected to recover modestly with growth increasing from 0.9% in 2024 to 1.3% in 2025, "supported by easing inflation and resilient labor markets," the report said.

South Asia is expected to remain the world’s fastest-growing region, with regional GDP projected to expand by 5.7% in 2025 and 6% in 2026, supported by a strong performance by India and economic recoveries in Bhutan, Nepal, Pakistan and Sri Lanka, the report said.

India, the largest economy in South Asia, is forecast to grow by 6.6% in 2025 and 6.8% in 2026, driven by robust private consumption and investment.
The report said major central banks are likely to further reduce interest rates in 2025 as inflationary pressures ease. Global inflation is projected to decline from 4% in 2024 to 3.4% in 2025, offering some relief to households and businesses.
It calls for bold multilateral action to tackle interconnected crises, including debt, inequality, and climate change.
"Monetary easing alone will not be sufficient to reinvigorate global growth or address widening disparities," the report added.