Skip to content Skip to Search
Skip navigation

Aspace granted licence to build satellite facility in Saudi Arabia

By Pramod Kumar
Saudi investment minister Khalid Al-Falih, said that granting the first investment license in the space sector to Aspace will encourage others to invest in the kingdom 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.

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.

Latest articles

Saudi budget deficit Sky Bridge in Riyadh

Saudi budget deficit rises fourfold in Q1 2024

Saudi Arabia recorded a budget deficit in the first quarter of 2024 of SAR12.4 billion ($3.3 billion), four times higher than a year ago – confirming a revenue squeeze that has raised doubts about the funding of some of the kingdom’s giga-projects.  The Q1 deficit in 2023 was SAR2.92 billion, the finance ministry’s quarterly budget […]

A constant consumer shift towards e-payments and an increase in consumer spending are behind the growth in card payments in the UAE

Card payments market in UAE to be worth $139bn in 2024

Card payment transactions in the UAE are expected to grow 13 percent to AED511 billion ($139 billion) this year, thanks to a constant consumer shift towards e-payments and an increase in consumer spending. The London-based analytics company GlobalData has forecast that the UAE card payments market will increase at a compound annual growth rate of […]

Investors monitor prices at the Saudi stock exchange. Its operator, Tadawul Group, reported profit of SAR201.5m in Q1

Profit doubles in Q1 for stock exchange operator Tadawul

The operator of the Saudi stock exchange has reported that its profit more than doubled in the first quarter of 2024, with higher revenues across all business segments. The net earnings of Saudi Tadawul Group Holding Company stood at SAR201.5 million ($53.7 million) in the three months to March 2024, compared to SAR90.8 million a […]

Rasan, a fintech company, owns Tameeni, the first and largest insurance aggregator in Saudi Arabia by gross written premiums

Saudi fintech Rasan to sell 30% stake in IPO

Saudi Arabia’s Rasan will be the first fintech to sell a 30 percent stake in an initial public offering (IPO) on the local stock exchange. The company will sell 22.7 million shares in the flotation, which includes 5.3 million new shares.  Book building for institutional investors will start on May 12 to 16, while bids […]