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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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Growth of Non-Oil Sectors Position Saudi Arabia Among Leading Global Economies

 King Abdullah Port, Saudi Arabia (Asharq Al-Awsat)
 King Abdullah Port, Saudi Arabia (Asharq Al-Awsat)
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Growth of Non-Oil Sectors Position Saudi Arabia Among Leading Global Economies

 King Abdullah Port, Saudi Arabia (Asharq Al-Awsat)
 King Abdullah Port, Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia’s economy continued its upward trajectory in 2024, solidifying its status as one of the world’s most stable and fastest-growing markets. This momentum is being driven by the Kingdom’s unwavering commitment to economic diversification — a central pillar of Vision 2030 — which has significantly boosted non-oil sectors, expanded private sector participation, and increased the economy’s ability to generate jobs and attract investment.

Non-oil activities now contribute a record 51% to real GDP, marking a major milestone in the country’s transformation journey.

According to the Vision 2030 annual report, Saudi Arabia’s real non-oil GDP grew by 3.9% in 2024 compared to the previous year, fueled by ongoing investments across diverse sectors. Non-oil activities alone expanded by 4.3% year-on-year, reflecting the success of structural reforms and strategic national programs.

At the heart of Vision 2030 is the ambition to build a thriving economy. One of the key benchmarks is improving Saudi Arabia’s position in global GDP rankings. In 2016, the Kingdom ranked 20th worldwide. By 2030, it aims to break into the top 15, with a targeted GDP of SAR 6.5 trillion ($1.7 trillion).

In early 2024, Saudi Arabia adopted a new moving-chain methodology to measure GDP more accurately. Under this updated system, real GDP has grown consistently since 2016 at a compound annual rate of 1.75%, excluding the pandemic-induced downturn in 2020. Non-oil GDP, meanwhile, has shown even stronger performance, expanding at a 3.01% annual pace over the same period.

While the 2024 non-oil GDP target was narrowly missed, the outcome reached 98% of the goal — a strong showing amid global uncertainties. Leading contributors included wholesale and retail trade, hospitality, transportation, logistics, and information technology.

Non-oil exports also played a pivotal role in economic growth, achieving over 75% of their annual targets. Gains came primarily from increased exports of non-oil goods and a sharp rise in re-exports, underlining Saudi Arabia’s growing role in global trade flows.

The private sector’s role in the economy has expanded significantly, with its contribution to GDP reaching 47% — surpassing the 2024 target. Since 2016, this contribution has grown at a compound annual rate of 1.94%.

This progress reflects ongoing efforts to reduce reliance on oil, empower private enterprise, and enhance the Kingdom’s global competitiveness. Key initiatives include national strategies aimed at unlocking sectoral potential, the Public Investment Fund’s push to stimulate private capital, and the successful drive to attract global companies to relocate their regional headquarters to Saudi Arabia.

The government continues to foster a dynamic business environment, supporting small and medium enterprises (SMEs) through regulatory reforms and major development projects. These efforts span several sectors, including manufacturing, transport, logistics, and foreign investment.

Global Confidence, Positive Outlook

International confidence in the Saudi economy remains strong. In 2024, the world’s top three credit rating agencies affirmed the Kingdom’s sovereign creditworthiness. Moody’s assigned a rating of “Aa3” with a stable outlook; Fitch rated it “A+” with a stable outlook; and S&P awarded an “A/A-1” rating, also with a stable outlook.

Global institutions are also optimistic about the Kingdom’s growth prospects. The Organisation for Economic Co-operation and Development (OECD) forecasts Saudi economic growth at 3.8% in 2025 and 3.6% in 2026 — well above the global average.