Global space technology companies are eager to invest and form partnerships with Saudi counterparts as the Kingdom strengthens its strategic focus on empowering the space sector for economic diversification and better living standards.
The year 2024 is anticipated to see substantial investments, worth billions, to explore promising opportunities in space exploration and industry.
According to exclusive information obtained by Asharq Al-Awsat, British company “Astrosat,” Austrian company “Black Shark,” and the US -based “C3”company are planning to enter the Saudi market, with the Kingdom set to become a central hub for space development projects in the Middle East.
In a recent report, Bank of America estimated the total global space economy in 2021 to be worth $469 billion, marking a 62.8% increase from the 2011 estimates of $288 billion. The report suggests that the global space economy is expected to continue growing to around $1.1 trillion by 2030.
On May 21, Saudi Arabia witnessed the historic launch of its astronauts, Rayyanah Barnawi and Ali Al-Qarni, on a scientific journey to the International Space Station (ISS), marking a significant event for both the Kingdom and the world.
Later in June, the Saudi cabinet approved the transformation of the Saudi Space Authority into the Saudi Space Agency, representing a pivotal advancement in supporting the nation’s efforts to develop the space sector and fostering research and innovation within it.
In November 2022, the Saudi cabinet endorsed the establishment of the “Supreme Space Council,” led by Crown Prince Mohammed bin Salman, and decided to modify the name of the “Communications and Information Technology Commission” to the “Communications, Space, and Technology Commission.”
Abdullah bin Zaid Al-Mulaihi, a Saudi investor in the space sector, predicted a significant breakthrough in space industry technology in the Kingdom by 2024.
Al-Mulaihi revealed the keen interest of major global companies specialized in the field to enter the Saudi market, offering their expertise and technologies.
Furthermore, some European, US, and Chinese companies are inclined to make direct investments in Saudi Arabia, considering it a promising global destination for space-related investments.
Additionally, new local and foreign investments in technology, artificial intelligence, and space technology projects in the Kingdom are anticipated before the end of 2023.