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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
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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.

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ECB's Lagarde Renews Integration Call as Trade War Looms

FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
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ECB's Lagarde Renews Integration Call as Trade War Looms

FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo

European Central Bank President Christine Lagarde renewed her call for economic integration across Europe on Friday, arguing that intensifying global trade tensions and a growing technology gap with the United States create fresh urgency for action.
US President-elect Donald Trump has promised to impose tariffs on most if not all imports and said Europe would pay a heavy price for having run a large trade surplus with the US for decades.
"The geopolitical environment has also become less favorable, with growing threats to free trade from all corners of the world," Lagarde said in a speech, without directly referring to Trump.
"The urgency to integrate our capital markets has risen."
While Europe has made some progress, EU members tend to water down most proposals to protect vested national interests to the detriment of the bloc as a whole, Reuters quoted Lagarde as saying.
But this is taking hundreds of billions if not trillions of euros out of the economy as households are holding 11.5 trillion euros in cash and deposits, and much of this is not making its way to the firms that need the funding.
"If EU households were to align their deposit-to-financial assets ratio with that of US households, a stock of up to 8 trillion euros could be redirected into long-term, market-based investments – or a flow of around 350 billion euros annually," Lagarde said.
When the cash actually enters the capital market, it often stays within national borders or leaves for the US in hope of better returns, Lagarde added.
Europe therefore needs to reduce the cost of investing in capital markets and must make the regulatory regime easier for cash to flow to places where it is needed the most.
A solution might be to create an EU-wide regulatory regime on top of the 27 national rules and certain issuers could then opt into this framework.
"To bypass the cumbersome process of regulatory harmonization, we could envisage a 28th regime for issuers of securities," Lagarde said. "They would benefit from a unified corporate and securities law, facilitating cross-border placement, holding and settlement."
Still, that would not solve the problem that few innovative companies set up shop in Europe, partly due to the lack of funding. So Europe must make it easier for investment to flow into venture capital and for banks to fund startups, she said.