Riyadh, October 25, 2023, The Kingdom of Saudi Arabia has officially announced the successful completion of a 1 billion Saudi riyals investment by ASPACE, a Hong Kong-based company. This significant investment is geared towards the establishment of an advanced satellite manufacturing firm within the Kingdom. It is expected to drive growth across various phases of the project, encompassing the production of satellite components, subsystems, and complete satellites.
ASPACE will capitalize on the Kingdom's strategic geographical location to bolster space capabilities in the region. The company will concentrate on developing advanced satellites, which currently represent a substantial 70% share of the global space market. This endeavor also positions Saudi Arabia as an enticing hub for foreign companies seeking investment opportunities and advanced manufacturing facilities.
Eng. Abdullah Al-Swaha, the Chairman of the Saudi Space Agency, hailed this investment as a pivotal stride in elevating the Kingdom's competitiveness and positioning it as a regional focal point for space investments and technologies. He emphasized the role of space development in supporting and diversifying the Kingdom's economy, aided by visionary leadership.
Eng. Khalid Al-Falih, the Minister of Investment, stressed that granting ASPACE the inaugural investment license in the satellite field marks a pivotal moment for related investments in the Kingdom. The satellite industry holds vast global prospects, and this step is poised to encourage numerous companies to invest in Saudi Arabia, considering its exceptional growth and progress across various domains.
Dr. Mohammed bin Saud Al-Tamimi, the CEO of the Saudi Space Agency, regarded ASPACE's investment as a momentous milestone for the company. He anticipates a positive impact on the Kingdom's space industry and the overall satellite manufacturing base within the region. The company's commitment extends not only to the GCC countries but also to global advancements in space technology.
ASPACE secured its investment license during the Future Investment Initiative (FII) held in Riyadh, with the Ministry of Investment and the Saudi Space Agency playing pivotal roles in facilitating the process. They provided investment support opportunities and identified suitable manufacturing sites, ultimately marking a groundbreaking achievement for the space sector.
