Industry Aspace granted licence to build satellite facility in Saudi Arabia By Pramod Kumar October 26, 2023 Reuters/Ahmed Yosri The kingdom is looking at investing in the production of EV batteries and manufacturing hydrogen-powered vehicles, says Khalid Al Falih Hong Kong-based Aerospace Technology Group Limited (Aspace) will invest SAR1 billion ($266.58 million) to set up an advanced satellite manufacturing company in Saudi Arabia after being granted the first investment licence in the space sector. The facility will manufacture components, subsystems and satellites, state-owned Saudi Press Agency reported. Abdullah Al-Swaha, chairman of the Saudi Space Agency (SSA), said the Aspace investment will position the kingdom as a regional hub for attracting space investments and technologies in the rapidly growing sector. Saudi Arabia signals intent with space sector shake-up Space tech company launches Dubai HQ and listings plan Saudi investor leads $350m funding for US space company Khalid Al-Falih, Saudi investment minister, added that granting the first licence will encourage numerous companies to invest in the kingdom. SSA also signed a memorandum of understanding with Korea Aerospace Industries (KAI) to cooperate in the space industry. The Middle East region is emerging as a new strategic market in the aerospace sector, The Korea Economic Daily reported, citing Kang Goo-young, CEO of KAI. KAI in May launched a homegrown space rocket into orbit, handling the entire process from design to production and testing to launch. The newspaper said that the company aims to achieve 40 trillion won ($30 billion) in annual sales by 2050.