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.



Iraq Studies Alternative Options for Oil Exports

Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty
Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty
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Iraq Studies Alternative Options for Oil Exports

Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty
Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty

Iraq is studying alternative measures to export crude oil after disruptions to the process amid the US-Israeli war against Iran. At the same time, the country intends to continue producing crude oil at a level of 1.4 million barrels per day.

Iraqi Oil Minister Hayyan Abdul Ghani told the official television channel Al-Iraqiya News that oil exports account for 90 percent of Iraq’s revenues, and that the ministry has decided to continue producing crude oil at 1.4 million barrels per day.

He emphasized that the production and supply of petroleum products to meet domestic demand have not stopped.

He added that refineries are operating at full design capacity to cover local needs, and that sufficient quantities of liquefied gas are available to fully meet domestic needs.

Regarding exports, he explained that the export process has stopped in the south, prompting the government to search for possible alternatives to export crude oil. He revealed that an agreement is close to being signed to export oil through the Turkish Ceyhan pipeline.

Abdul Ghani added that the ministry has prepared a comprehensive plan to manage the current phase, particularly after the new circumstances in the Strait of Hormuz, noting that a plan has been activated to transport 200,000 barrels per day by tanker trucks through Türkiye, Syria, and Jordan.

In a separate context, the oil minister denied that tankers targeted in Iraqi waters belonged to Iraq, explaining that they were not Iraqi vessels and were carrying naphtha.

Iraq recently lost its entire oil export capacity of 3.35 million barrels per day after Iran closed the Strait of Hormuz following escalating conflict in the region.

Iraq relies on crude oil sales for about 95 percent of its revenues to meet the needs of the country’s annual federal budget. This means that the country would face a critical situation if the conflict in the Gulf region and the Strait of Hormuz continues.


Gold Set for Weekly Drop as Oil Price Surge Weighs on Rate-cut Hopes

FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
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Gold Set for Weekly Drop as Oil Price Surge Weighs on Rate-cut Hopes

FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo

Gold prices were on track for a second consecutive weekly drop, despite edging up on Friday, as surging energy prices due to the Middle East war dimmed prospects for near-term US interest rate cuts.

Spot gold was up 0.3% at $5,095.55 per ounce, as of 0633 GMT on Friday. US gold futures for April delivery fell 0.1% to $5,100.20.

The US 10-year Treasury yields eased, increasing the appeal of the non-yielding bullion. Bullion, however, has ‌lost more ‌than 1% so far this week. Since the war ‌started ⁠on February 28, ⁠it has dropped over 3% so far.

Fears of inflation and questions about the Federal Reserve's ability to cut interest rates if high oil prices persist are somewhat counteracting gold's appeal, said Tim Waterer, KCM Trade chief market analyst.

"Given the ongoing uncertainty about the duration and scope of the conflict in the Middle East, I expect gold to remain on the ⁠radar for investors as a safety play." Heightening geopolitical ‌tensions, Iran's Supreme Leader Mojtaba Khamenei said ‌on Thursday that Tehran will keep the strategic Strait of Hormuz closed as ‌leverage against the US and Israel, which has stoked concerns about ‌global energy supply and risk assets.

Oil prices rose above $100 a barrel, as attacks on oil tankers in the Gulf and warnings from Iran shattered prospects of quick de-escalation in the Middle East conflict. As oil prices surged, US President Donald ‌Trump again demanded Fed Chair Jerome Powell cut interest rates.

Traders, however, expect the Fed to keep rates ⁠steady in the current ⁠3.5%-3.75% range at the end of its two-day meeting on March 18, according to CME Group's FedWatch tool. While recent inflation data suggest price growth is under control, the war and the resulting spike in crude prices have yet to filter through the data.

Investors are awaiting the release of the delayed January Personal Consumption Expenditures Index, expected on Friday. Gold discounts in India widened this week to their deepest point in nearly a decade as demand stayed subdued and some traders steered clear of paying import duties, while the escalating Middle East war boosted safe-haven demand in China.

Spot silver was down 1% at $82.91 per ounce. Spot platinum lost 1% to $2,111.45 and palladium fell 1% to $1,603.


Iran War and Rising Fuel Costs Could Boost Panama Canal Traffic, Administrator Says

A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
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Iran War and Rising Fuel Costs Could Boost Panama Canal Traffic, Administrator Says

A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)

Panama Canal Administrator Ricaurte Vásquez said Thursday that the conflict in the Middle East and rising fuel costs could ultimately benefit the interoceanic waterway as global shippers adjust routes.

In an interview with The Associated Press, Vásquez said that higher energy, fuel and navigation costs could make the Panama Canal a more attractive option for commercial traffic.

“When costs increase, in general when the price of marine fuel rises, the Panama Canal becomes a more attractive route,” Vásquez said.

Oil prices have risen amid the war in the Middle East, which has led to the temporary closure of the Strait of Hormuz by Iran in response to US and Israeli attacks. About one-fifth of the world’s oil passes through the waterway at the mouth of the Gulf.

If higher energy costs persist, routing cargo through Panama can cut voyages by between three and 15 days, depending on the route, while reducing fuel consumption, he said.

Vásquez said higher fuel costs are expected to affect container ships, bulk carriers and tankers transporting liquefied natural gas. If Middle Eastern supplies are disrupted, shipments may be replaced by other sources, including the United States, which could redirect some LNG cargo from Europe to Asia via Panama.

Gerardo Bósquez, an executive with the Panama Maritime Chamber, said a prolonged conflict could reshape global trade routes, with gas transport among the segments likely to benefit.

Vásquez cautioned that any changes will not be immediate and will depend on how long cargo operators expect the conflict and instability in the Gulf last.