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.



China Passes Revised Foreign Trade Law to Bolster Trade War Capabilities

Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)
Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)
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China Passes Revised Foreign Trade Law to Bolster Trade War Capabilities

Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)
Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)

China on Saturday passed revisions to a key piece of legislation aimed at strengthening Beijing's ability to wage trade war, curb outbound shipments from strategic minerals, and further open its $19 trillion economy.

The latest revision to the Foreign Trade Law, approved by China's top legislative body, will take effect on March 1, 2026, state news agency Xinhua reported on Saturday.

The world's second-largest economy is overhauling its trade-related legal frameworks partly to convince members of a major trans-Pacific trade bloc created to counter China's growing influence that the manufacturing powerhouse ‌deserves a seat at ‌the table, as Beijing seeks to reduce ‌its ⁠reliance on the US.

Adopted ‌in 1994 and revised three times since China joined the World Trade Organization in 2001, most recently in 2022, the Foreign Trade Law empowers policymakers to hit back against trading partners that seek to curb its exports and to adopt mechanisms such as "negative lists" to open restricted sectors to foreign firms.

The revision also adds a provision that foreign trade should "serve national economic and social development" and help build China ⁠into a "strong trading nation", Xinhua said.

It further "expands and improves" the legal toolkit for countering external challenges, according ‌to the report.

The revision focuses on areas such ‍as digital and green trade, along ‍with intellectual property provisions, key improvements China needs to make to meet the ‍standards of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, rather than the trade defense tools the 2020 revamp honed in on following four years of tariff war with the first Trump administration.

Beijing is also sharpening the wording of its powers in anticipation of potential lawsuits from private firms, which are becoming increasingly prominent in China, according to trade diplomats.

"Ministries have become more concerned about private sector criticism," ⁠said one Western trade diplomat with decades' of experience working with China. "China is a rule-of-law country, so the government can stop a company's shipment, but it needs a reason."

"It's not totally lawless here. Better to have everything written out in black and white," they added, requesting anonymity, as they were not authorized to speak with media.

China's private exporting firms attracted global attention in November after the French government moved to suspend the Chinese e-commerce platform Shein.

The Chinese government increasingly could also find itself at odds with private enterprise when seeking to carry out sweeping bans, ‌such as Beijing's prohibition of all Japanese seafood imports, as Asia's top two economies continue to feud over Taiwan, trade diplomats say.


Lebanese Cabinet Approves Draft Law on Financial Crisis Losses

A photograph released by the Lebanese Government Press Office on December 26, 2025, show Prime Minister Nawaf Salam speaking during a press conference after a cabinet session in Beirut on December 26, 2025. (Photo by Handout / Lebanese Government Press Office / AFP)
A photograph released by the Lebanese Government Press Office on December 26, 2025, show Prime Minister Nawaf Salam speaking during a press conference after a cabinet session in Beirut on December 26, 2025. (Photo by Handout / Lebanese Government Press Office / AFP)
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Lebanese Cabinet Approves Draft Law on Financial Crisis Losses

A photograph released by the Lebanese Government Press Office on December 26, 2025, show Prime Minister Nawaf Salam speaking during a press conference after a cabinet session in Beirut on December 26, 2025. (Photo by Handout / Lebanese Government Press Office / AFP)
A photograph released by the Lebanese Government Press Office on December 26, 2025, show Prime Minister Nawaf Salam speaking during a press conference after a cabinet session in Beirut on December 26, 2025. (Photo by Handout / Lebanese Government Press Office / AFP)

Lebanon's government on Friday approved a draft law to distribute financial losses from the 2019 economic crisis that deprived many Lebanese of their deposits despite strong opposition to the legislation from political parties, depositors and banking officials.

The draft law will be submitted to the country's divided parliament for approval before it can become effective.

The legislation, known as the "financial gap" law, is part of a series of reform measures required by the International Monetary Fund (IMF) in order to access funding from the lender.

The cabinet passed the draft bill with 13 ministers in favor and nine against. It stipulates that each of the state, the central bank, commercial banks and depositors will share the losses accrued as a result of the financial crisis.

Prime Minister Nawaf Salam defended the bill, saying it "is not ideal... and may not meet everyone's aspirations" but is "a realistic and fair step on the path to restoring rights, stopping the collapse... and healing the banking sector.”

According to government estimates, the losses resulting from the financial crisis amounted to about $70 billion, a figure that is expected to have increased over the six years that the crisis was left unaddressed.

Depositors who have less than $100,000 in the banks, and who constitute 85 percent of total accounts, will be able to recover them in full over a period of four years, Salam said.

Larger depositors will be able to obtain $100,000 while the remaining part of their funds will be compensated through tradable bonds, which will be backed by the assets of the central bank.

The central bank's portfolio includes approximately $50 billion, according to Salam.

The premier told journalists that the bill includes "accountability and oversight for the first time.”

"Everyone who transferred their money before the financial collapse in 2019 by exploiting their position or influence... and everyone who benefited from excessive profits or bonuses will be held accountable and required to pay compensation of up to 30 percent of these amounts," he said.

Responding to objections from banking officials, who claim components of the bill place a major burden on the banks, Salam said the law "also aims to revive the banking sector by assessing bank assets and recapitalizing them.”

The IMF, which closely monitored the drafting of the bill, previously insisted on the need to "restore the viability of the banking sector consistent with international standards" and protect small depositors.

Parliament passed a banking secrecy reform law in April, followed by a banking sector restructuring law in June, one of several key pieces of legislation aimed at reforming the financial system.

However, observers believe it is unlikely that parliament will pass the current bill before the next legislative elections in May.

Financial reforms in Lebanon have been repeatedly derailed by political and private interests over the last six years, but Salam and Lebanese President Joseph Aoun have pledged to prioritize them.


Türkiye Says Russia Gave It $9 Billion in New Financing for Akkuyu Nuclear Plant

Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Reuters)
Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Reuters)
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Türkiye Says Russia Gave It $9 Billion in New Financing for Akkuyu Nuclear Plant

Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Reuters)
Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Reuters)

Türkiye's energy minister said Russia had provided new financing worth $9 billion for the Akkuyu nuclear power plant being built by ​Moscow's state nuclear energy company Rosatom, adding Ankara expected the power plant to be operational in 2026.

Rosatom is building Türkiye's first nuclear power station at Akkuyu in the Mediterranean province of Mersin per a 2010 accord worth $20 billion. The plant was expected ‌to be operational ‌this year, but has been ‌delayed.

"This (financing) ⁠will ​most ‌likely be used in 2026-2027. There will be at least $4-5 billion from there for 2026 in terms of foreign financing," Alparslan Bayraktar told some local reporters at a briefing in Istanbul, according to a readout from his ministry.

He said ⁠Türkiye was in talks with South Korea, China, Russia, and ‌the United States on ‍nuclear projects in ‍the Sinop province and Thrace region, and added ‍Ankara wanted to receive "the most competitive offer".

Bayraktar said Türkiye wanted to generate nuclear power at home and aimed to provide clear figures on targets.