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.



Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
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Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir

Lebanese government bonds extended their three-month-long rally on Thursday as the crisis-ravaged country's parliament voted in a new head of state for the first time since 2022.

Lebanese lawmakers elected army chief Joseph Aoun as president. It came after the failure of 12 previous attempts to pick a president and boosts hopes that Lebanon might finally be able to start addressing its dire economic woes.

The country's battered bonds have almost trebled in value since September, when the regional conflict with Israel weakened Lebanese armed group Hezbollah, long viewed as an obstacle to overcoming its political paralysis.

According to Reuters, most of Lebanon's international bonds, which have been in default since 2020, rallied after Aoun's victory was announced to stand 1.3 to 1.7 cents higher on the day and at just over 16 cents on the dollar.

They have risen almost every day since late December, although they remain some of the lowest-priced government bonds in the world, reflecting the scale of Lebanon's difficulties.

With its economy and financial system still reeling from a collapse in 2019, Lebanon is in dire need of international support to rebuild from the conflict, which the World Bank estimates to have cost the country $8.5 billion.

Hasnain Malik, an analyst at financial research firm Tellimer said Aoun's victory was "the first necessary step on a very long road to recovery".

Malik said Aoun now needs to appoint a prime minister and assemble a cabinet that can retain the support of parliament, resuscitate long-delayed reforms and help Lebanon secure international financial support.

The 61-year old Aoun fell short of the required support in Thursday's first round of parliamentary voting and only succeeded in a second round, reportedly after a meeting with Hezbollah and Amal party MPs.

"That presents significant ongoing risk to any new PM and cabinet, which need to maintain the confidence of a majority of parliament," Malik said.