Saudi Arabia Contributes to Space Sector

The Saudi Minister of Communications and Information Technology described the astronauts as “the heroes of the nation." Asharq Al-Awsat
The Saudi Minister of Communications and Information Technology described the astronauts as “the heroes of the nation." Asharq Al-Awsat
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Saudi Arabia Contributes to Space Sector

The Saudi Minister of Communications and Information Technology described the astronauts as “the heroes of the nation." Asharq Al-Awsat
The Saudi Minister of Communications and Information Technology described the astronauts as “the heroes of the nation." Asharq Al-Awsat

As Saudi Arabia announced on Thursday sending the first Saudi astronauts to the International Space Station (ISS) in May, the Saudi space sector has imposed its presence on the international map, making Riyadh a regional leader in this field.

Astronauts Rayana Bernawi and Ali Al-Qarni will join the Axiom Space crew (AX-2) in order to take advantage of the promising opportunities offered by the space industries and to contribute to scientific research that serves humanity in a number of priority areas, such as health, sustainability and space technology.

Eng. Abdullah bin Amer Alswaha, Minister of Communications and Information Technology, said: “With the support and empowerment of the Crown Prince, Chairman of the Supreme Council for Space… the first Saudi female astronaut, Rayana Bernawi, and astronaut Ali Al-Qarni, [will conduct] a historical scientific mission to the International Space Station to empower people through research and innovations.”

The minister described the astronauts as “the heroes of the nation.”

Saudi Arabia’s contribution to the space sector includes steady and rapid steps in all directions. The Kingdom has succeeded in graduating qualified Saudi cadres in the global space industry.

Dr. Hussein Al-Zahrani, expert in the aviation and space sector, told Asharq Al-Awsat that sending the first Saudi woman to space underlines the Kingdom’s support for the sector, on the one hand, and its endeavor to empower women and highlight their important contribution to society.

Al-Zahrani added that Saudi Arabia has been a pioneer in the field of space, since the establishment of the Saudi Space Commission in 2018.

Today, the Kingdom is increasing its capabilities, as has built terrestrial space stations and used them in many fields.



Egypt Kuwait Holding Set to Launch First Commercial Project in Saudi Arabia

Egypt Kuwait Holding CEO Jon Rokk.
Egypt Kuwait Holding CEO Jon Rokk.
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Egypt Kuwait Holding Set to Launch First Commercial Project in Saudi Arabia

Egypt Kuwait Holding CEO Jon Rokk.
Egypt Kuwait Holding CEO Jon Rokk.

Egypt Kuwait Holding (EKH) plans to announce its first investment in Saudi Arabia’s oil and gas sector within two to three months, after completing the bulk of the project’s capital expenditures, CEO Jon Rokk said.

In an exclusive interview with Asharq Al-Awsat, Rokk described the project as “promising" and said it had been “in the planning stages for a long time.”

EKH, one of the fastest-growing investment firms in the Middle East and North Africa, manages a diverse portfolio spanning five key sectors: fertilizers, petrochemicals, gas distribution, power generation and distribution, and non-banking financial services, including insurance.

As part of EKH's expansion strategy, it is close to officially announcing its first investment in Saudi Arabia—a promising oil and gas project that has been in the works for some time, Rokk said.

EKH is leveraging its extensive expertise and strong track record in Egypt, including the development, operation, and maintenance of the largest private gas distribution network in the Middle East, he added.

EKH eyes Saudi, European expansion

EKH is set to announce its first investment in Saudi Arabia’s oil and gas sector within the next few months, having already completed the bulk of its capital expenditures, Rokk told Asharq Al-Awsat.

EKH has been working on this project for a long time and it is now in the final stages, preparing to commence commercial operations soon, Rokk revealed. This will enable the company to generate revenue in the coming months.

While he did not disclose further details, he said that EKH is evaluating additional investment opportunities worth between $150 million and $200 million over 2025 and 2026 as part of its expansion strategy.

EKH reported a net profit of $185 million in 2024. According to the company, revenue climbed to $642 million last year, with gross profit and operating profit margins increasing by 40% and 39%, respectively. Net profit rose to $185 million, with net profit margins improving by two percentage points to 29%. Profit attributable to shareholders reached $163 million.

In its 2024 financial statement, EKH said it expects 2025 to bring further improvements in capital allocation and a sharper focus on high-value projects, underscoring the significance of its first Saudi investment.

Saudi investment and growth outlook

While Rokk described EKH’s Saudi project as relatively small compared to its overall portfolio, he stressed its strategic importance.

This is a key step for EKH’s entry into the Saudi market, where it sees significant growth potential, he said.

He also expected the project to unlock future opportunities. This investment could pave the way for securing additional concessions, strengthening EKH's presence in one of the region’s most critical energy markets.

Expanding into Europe

Beyond the Middle East, EKH is developing a new project in Northern Europe, which Rokk described as a major growth driver.

This strategic investment will give it early access to an emerging sector, enhancing its competitiveness and market presence from the outset, he said. EKH anticipates strong returns, supporting its growth and international expansion.

The company’s broader strategy includes increasing foreign currency exposure, tapping into high-growth markets, and diversifying its investment portfolio.

EKH is finalizing the project details and expect to provide further updates by the third quarter as it moves toward execution, Rokk added.

In 2025, EKH aims to expand further—both by entering Saudi Arabia and launching its European project—while continuing to grow its existing businesses.

Strengthening presence in Egypt

EKH is also reinforcing its foothold in Egypt, with plans to boost exports and foreign currency inflows in 2025.

It is exploring several options, including acquisitions and strategic partnerships, focusing on sectors with strong export potential and dollar-denominated returns, Rokk said.

The company aims to leverage Egypt’s competitive advantages—such as low production costs and strategic location—to increase exports and maximize foreign currency earnings.