Saudi Arabia Expands its Economic Capabilities to Space

A photo taken from the Riyadh Space Exhibition, which was held at the King Salman Science Park last month under the slogan “Man and Space”. (SPA)
A photo taken from the Riyadh Space Exhibition, which was held at the King Salman Science Park last month under the slogan “Man and Space”. (SPA)
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Saudi Arabia Expands its Economic Capabilities to Space

A photo taken from the Riyadh Space Exhibition, which was held at the King Salman Science Park last month under the slogan “Man and Space”. (SPA)
A photo taken from the Riyadh Space Exhibition, which was held at the King Salman Science Park last month under the slogan “Man and Space”. (SPA)

Saudi Arabia’s recent announcement that it was sending two Saudi astronauts to the International Space Station (ISS) has kicked off talks about the Kingdom’s serious endeavor to benefit from the space economy as a giant sector, where global visions of sustainability and technology intersect.

The astronauts will make their trip during the second quarter of 2023, in a first-of-its-kind move for the Kingdom.

Last year, the Saudi government decided to establish the Supreme Space Council in view of the strategic importance of the space sector, which represents the main engine to stimulate innovation and inspire future generations, according to a statement of the Communications, Space and Technology Commission (CSTC).

Saudi Minister of Communications and Information Technology Abdullah Alswaha said the efforts would focus on creating the space market and stimulating research and innovation, and then moving towards the stage of regulation and governance.

The authority will play a pivotal role in setting the adequate regulations, as well as coordinating and cooperating with space regulators at the global level and building relationships with industry stakeholders.

Capacity building

In September 2022, the Saudi Space Authority launched the Kingdom’s Astronaut Program, which aims to qualify experienced national cadres for long- and short-term space flights. The program also seeks to train Saudi astronauts to participate in scientific experiments, international research, and future space-related missions.

The program aims to take advantage of the promising opportunities offered by the space sector and its industries globally and to contribute to research to serve humanity in a number of priority areas, such as health, sustainability and space technology.

Last week, the Saudi Press Agency (SPA) reported that Saudi female and male astronauts Rayana Bernawi and Ali Al-Qarni will join the crew of the Axiom Mission 2 (or Ax-2), with the aim of building national capacities.

The space mission aims to empower capabilities of Saudi scientists in human spaceflight geared towards serving humanity and benefiting from the promising opportunities offered by the space industry.

SPA added that the journey would start from the United States to the ISS. The program includes two other astronauts Maryam Firdous and Ali Al-Ghamdi, who will be trained on all mission requirements, but not take part in the journey.

In 1985, Prince Sultan bin Salman bin Abdulaziz was the first Arab astronaut to participate in a space flight, which also launched from the United States.

NASA announcement

NASA announced that Bernawi and Al-Qarni will take off “in the spring of 2023” from the Kennedy Space Center in Florida, in the United States, on a private mission operated by Axiom Space.

The two Saudi astronauts will accompany Peggy Whitson and John Shoffner on the Ax-2 mission, a Crew Dragon flight set to launch no earlier than May 1, 2023, to the ISS.

Economic dimension

In previous remarks, Minister Alswaha emphasized the importance of the space sector as “the next trillion global economy”, saying that the establishment of Supreme Space Council was “an important step to stimulate innovation and inspire future generations for our beloved country.”

Observers have underscored the importance of the decision, which corresponds with the vision followed by Saudi Arabia in launching programs and projects that are compatible with its financial and human capabilities, to create complementary industries for this sector, and a specialized market in the world of space.

Space agreements

Saudi Arabia had earlier concluded many agreements and contracts, including the Artemis Accords with the NASA, to join the international coalition in the field of civil exploration and the use of the moon, Mars, comets and asteroids for peaceful purposes.

Government attention

Alswaha said the fact that Prince Mohammed bin Salman, Crown Prince and Prime Minister, was president of the Supreme Space Council was a clear message of the importance that the Kingdom places on the space sector.

The council will focus on three main axes: adopting policies and strategies for the sector’s programs, approving its annual plans and monitoring the implementation of its national strategy, and achieving compatibility with various sectors and national needs.

Saudi transformation

The decision to establish the Supreme Space Council came in line with the industrial and economic transformation in Saudi Arabia, based on the initial steps taken by the Saudi Space Authority since its establishment in 2018.

These moves have resulted in the conclusion of an agreement in mid-March with the British Space Agency for cooperation in the field of peaceful use of outer space, aimed at providing a framework for cooperation in space activities.

Saudi satellites

Between 2000 and 2019, the Kingdom launched 16 Saudi satellites into space under the supervision of the King Abdulaziz City for Science and Technology (KACST). The latest was the Saudi Communications Satellite (SGS1), which was launched on February 6, 2019, bearing the signature of Crown Prince Mohammed with the words, “Above the clouds.”

SGS1 works to serve the modern satellite communications sector, which includes broadband and secure military communications, as well as the provision of communications to semi-remote and stricken areas for use in various fields of sustainable development such as: applications (high-speed broadband communications, and secure communications for government agencies).

The satellite is operated and managed through advanced ground control stations in the Kingdom.

An international map

Dr. Faisal Al-Fadil, member of the Saudi Shura Council, said the decision to establish the Supreme Space Council is part of the moves taken by Saudi Arabia in all economic and social fields, which aim to place the Kingdom on the international map in science, economy and politics.

According to Al-Fadil, these three branches depend on two pillars: cadres and a clear strategy.

Twenty companies

The Saudi Space Authority is currently seeking to attract 20 emerging companies in the fields of space tourism, exploration, satellite communications and space photography.

The program will enable these companies to work and connect with world-class resources to enhance their chances of success, in partnership with Techstars, a global investment firm that provides access to capital, individual mentorship, a global network, and customized programming for early-stage entrepreneurs.

Space economy

According to Morgan Stanley’s 2018 report, the size of the space economy in the world is $360 billion. It is expected to reach $1.1 trillion in 2040 and $2.7 trillion by 2050.

The G20 countries account for the largest share, at about 92 percent.

The private sector

The private sector plays a pivotal role in the space industry. According to the latest statistics, the sector achieved huge revenues of $254 billion, through six main activities that included satellite communication services and applications by around 36 percent, chips and receivers for satellite navigation by 23 percent, as well as ground equipment and devices by 23 percent, and satellite manufacturing by 9 percent.

This is in addition to space applications and remote sensing, and services for launching vehicles and human space flights by about 5 percent for each activity.



Saudi Arabia Links Recruitment to Digital Systems to Strengthen Compliance and Wage Protection

Participants at the Global Labor Market Conference in Riyadh (SPA)
Participants at the Global Labor Market Conference in Riyadh (SPA)
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Saudi Arabia Links Recruitment to Digital Systems to Strengthen Compliance and Wage Protection

Participants at the Global Labor Market Conference in Riyadh (SPA)
Participants at the Global Labor Market Conference in Riyadh (SPA)

Saudi Arabia’s labor market is undergoing rapid transformation driven by reforms under Vision 2030, aimed at strengthening compliance, protecting wages, and improving the efficiency of the business environment. These efforts run in parallel with expanding the integration of recruitment into digital systems, advancing international partnerships to regulate labor mobility, and supporting workforce diversification, thereby reinforcing institutional trust and international cooperation in labor market governance.

In this context, Dr. Tariq Al-Hamad, Deputy Minister for International Affairs at the Ministry of Human Resources and Social Development, told Asharq Al-Awsat that labor market reforms in the Kingdom have delivered tangible progress in modernizing regulations, enhancing worker protection, and creating a more dynamic and inclusive work environment. He noted that these transformations are no longer confined to the domestic level, but have expanded to include a more structured international dimension through bilateral agreements, including those signed with Nepal and Nigeria, which serve as governance tools to regulate labor mobility and strengthen worker protection.

Labor market shifts

Al-Hamad said the reforms have achieved measurable progress in updating regulatory frameworks, enhancing worker protection, and improving operational efficiency, with clear gains in participation, compliance, and productivity. He added that updates to labor mobility regulations since 2021 have enabled greater flexibility for workers to move between employers within regulatory frameworks aligned with international best practices. This shift was reinforced by the Contractual Relationship Improvement Initiative launched in March 2021, which marked a pivotal transformation in regulating job mobility.

At the institutional level, more than 11 million employment contracts have been documented via the Qiwa Platform, enhancing transparency and raising compliance levels in the private sector. He added that the implementation of a wage protection system has introduced preventive safeguards and strengthened trust between parties to employment contracts.

Strengthening worker protection

Alongside these changes, the worker protection framework has seen notable progress. Al-Hamad stated that more than 90 percent of private-sector establishments are compliant with the Wage Protection Program, ensuring accurate and timely salary payments.

He added that labor dispute resolution procedures have become faster, more efficient, and more transparent. The reforms have also driven greater inclusivity, with female labor force participation more than doubling between 2018 and 2024, one of the fastest growth rates globally. Meanwhile, around 2.48 million Saudis have joined private-sector jobs since 2020.

Deputy Minister for International Affairs at the Ministry of Human Resources and Social Development, Dr. Tariq Al-Hamad (Asharq Al-Awsat)

International cooperation

As reforms accelerate, they are no longer confined to the domestic level, increasing the need for a structured international framework to sustain them. Al-Hamad emphasized that organized international labor cooperation is a strategic priority, as it strengthens the Kingdom’s position as a partner committed to ethical recruitment, regulatory modernization, and shared responsibility. It also reinforces institutional trust and diplomatic cooperation in labor markets.

He explained that these agreements align cross-border labor mobility with modern regulatory standards, transparency requirements, and digital compliance systems. The expansion of such agreements, including those with Bangladesh, Nepal, and Nigeria, reflects a shift from traditional recruitment models toward long-term institutional partnerships between governments, providing more stable labor mobility channels and strengthening trust.

Governance enhancement

Reflecting this direction, Al-Hamad said agreements with Nepal and Nigeria regulate the full worker lifecycle, from recruitment licensing and contract documentation to wage transparency and dispute coordination and resolution mechanisms. He added that they enhance oversight of recruitment agencies, clarify contractual obligations, and establish institutional cooperation between governments to monitor compliance and resolve complaints efficiently.

He also noted that linking these agreements to digital infrastructure, such as the Qiwa platform and the Wage Protection Program, ensures that commitments are translated into enforceable mechanisms supported by real-time monitoring. This is complemented by joint oversight frameworks and regular information exchange, strengthening continuous supervision and accelerating the handling of labor cases.

Aligning skills with economic needs

As part of improving market efficiency, Al-Hamad stressed that aligning labor mobility with sectoral economic needs is a core pillar of the labor market strategy. Recent agreements are increasingly based on specific sector needs, ensuring recruitment is driven by actual demand rather than volume, particularly in sectors such as construction, tourism, logistics, healthcare, and advanced services.

He explained that the ministry relies on digital data through the Qiwa platform to continuously analyze market needs and identify skills gaps, allowing recruitment to be directed in line with economic requirements. Coordination with partner countries prior to worker arrival also helps verify skills, improve workforce readiness, and reduce skills gaps from the outset of employment.

He added that workforce planning is increasingly integrated with major national projects to ensure expatriate labor complements, rather than replaces, localization efforts. This is supported by programs such as Nitaqat, which incentivize the hiring of national talent across sectors.

International recognition of reforms

At the global level, these reforms have received growing recognition. Al-Hamad noted that the International Monetary Fund has pointed to tangible outcomes, including declining unemployment among Saudis, increased female participation in the labor market, and growth in private-sector employment.

He added that the “A Decade of Progress” report, developed in cooperation with the World Bank, highlighted structural transformations in the labor market.

The International Labour Organization has also commended the Kingdom’s role in developing labor policies and engaging in global dialogue, reflecting its growing status as a model in labor market reform, inclusivity, and economic flexibility.

Future priorities

Al-Hamad concluded that the next phase will focus on deepening international cooperation at both bilateral and multilateral levels by expanding labor agreements with new countries and strengthening partnerships with international organizations such as the International Labour Organization and the World Bank. These efforts aim to support knowledge transfer and policy development.

He added that the ministry is working to enhance collaboration with the private sector, academic institutions, and international stakeholders to keep pace with labor market transformations, with the goal of consolidating the Kingdom’s position as a trusted global partner in labor market development and delivering sustainable outcomes.


Gold Steady as Investors Await Clarity on US-Iran Talks

Gold bracelets and necklaces displayed for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)
Gold bracelets and necklaces displayed for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)
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Gold Steady as Investors Await Clarity on US-Iran Talks

Gold bracelets and necklaces displayed for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)
Gold bracelets and necklaces displayed for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)

Gold prices held largely steady, as investors stayed on the sidelines awaiting clarity on the stalled peace talks between the United States and Iran.

Spot gold was steady at $4,709.50 per ounce, as of 0553 GMT. Last week, the metal fell 2.5% to snap a four-week winning streak.

US gold futures for June delivery fell 0.3% to $4,725.10.

"We're just sort of watching now whether there's progress in the (US-Iran) talks at all in the coming days and that's going to be the biggest driver for gold," said Kyle Rodda, a senior financial market analyst at Capital.com.

Lending support to bullion, the dollar eased after a report said that Iran through Pakistani mediators gave the US a new proposal on reopening the Strait of Hormuz and ending the war, Reuters reported.

US President Donald Trump said on Sunday that Iran could telephone if it wants to negotiate an end to their two-month war and stressed it can never have a nuclear weapon.

Trump cancelled a trip by two US envoys to Iran war mediator Pakistan on Saturday, dealing a setback to peace prospects.

Oil prices rose as the stalled talks prolonged the disruption of Middle East energy exports.

Higher crude oil prices can stoke inflation by raising transportation and production costs, increasing the likelihood of higher interest rates.

While gold is considered an inflation hedge, high interest rates make yield-bearing assets more attractive, weighing on its appeal.

Investors now await the US Federal Reserve's interest rate decision on Wednesday.

"It could either be a support to gold or an increased headwind, depending on if the Fed sort of indicates whether it sees itself potentially keeping policy unchanged for the rest of the year because of the inflationary impacts of the energy crisis," said Rodda.

Spot silver fell 0.1% to $76.61 per ounce, platinum gained 0.2% to $2,015.63, and palladium was down 0.6% at $1,487.73.


Türkiye Unveils Steep Tax Cuts to Boost Competitiveness, Investment

 Commuters arrive to take a ride across the Bosphorus at Karakoy ferry terminal in Istanbul, Türkiye, Thursday, April 23, 2026. (AP)
Commuters arrive to take a ride across the Bosphorus at Karakoy ferry terminal in Istanbul, Türkiye, Thursday, April 23, 2026. (AP)
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Türkiye Unveils Steep Tax Cuts to Boost Competitiveness, Investment

 Commuters arrive to take a ride across the Bosphorus at Karakoy ferry terminal in Istanbul, Türkiye, Thursday, April 23, 2026. (AP)
Commuters arrive to take a ride across the Bosphorus at Karakoy ferry terminal in Istanbul, Türkiye, Thursday, April 23, 2026. (AP)

Türkiye unveiled details on Monday of a broad package of incentives aimed to boost competitiveness and attract investment, and also position its biggest city Istanbul as a leading financial gateway across the region.

At a press conference, Finance Minister Mehmet Simsek said Türkiye was extending a tax exemption on services exports to 100% to target high-value sectors like software, gaming, medical tourism.

At the same time, it is reducing manufacturing exporters' corporate tax rate ‌to 9% to ‌boost competitiveness and attract foreign direction investment (FDI), he ‌said.

The ⁠tax reductions are ⁠long-term and "here to stay," he told reporters, days after President Recep Tayyip Erdogan first floated the comprehensive legislative package including the tax plans.

The package aims to bolster an economy that officials hope is emerging from a years-long inflationary crisis that cut deeply into individuals' and companies' savings and earnings, prompting many Turks to seek stability ⁠abroad. Inflation was above 30% last month.

Some of the incentives, including zero corporate income tax on transit trade, are focused on the companies located ‌in the Istanbul Financial Center (IFC), a new state-backed clutch of glassy towers on the city's Asian side.

The ⁠rate is ⁠95% for those located outside the IFC, Simsek said, noting it was set at 50% in years past.

The package aims to "export more goods and services, attract more talent, entrepreneurs, capital, a new home that's more encouraging local citizens to use Türkiye as a center of their activities and ... placing IFC as one of the key regional hubs," he said.