Saudi Arabia plans to add $2 billion to its space program by 2030

Saudi Arab plans to add 8 billion riyals ($2.1 billion) to its space program by 2030 as part of an economic diversification the plan aimed at attracting foreign investment and creating thousands of jobs for young Saudis.

 

Saudi Arabia plans to add $2 billion to its space program by 2030

The Saudi Space Commission (SSC), which issued a royal decree in late 2018 to encourage space-related research and industrial activities have finalized the plan for the government, which is expected This will be done at the end of this year, under which the budget of this sector will be obtained. Initial promotion of 2 billion riyals.

 

"At the moment in which we live, space is becoming a core part of the global economy, touching every aspect of our lives on Earth. The space business and the space economy are expected to become trillions of riyals as we move forward." Sultan, the son of Prince Saudi King Salman, told Reuters in an interview.

 

"We believe there are many opportunities in the space sector and we intend to use these opportunities at all levels in Saudi Arabia," added Shahi, 64, aboard the US space shuttle Discovery. 1985. He was the first astronaut in space from an Arab or Muslim country.

 

His responsibilities as a payload specialist on the Discovery ship included the release of the Arababad satellite, a breakthrough in connecting the region to the rest of the world.

 

Saudi Arabia is a founding founder and financier of the Arab Satellite Communication Organization (Arababad), which began in 1976 with a 37% stake.

 

Prince Sultan, who has headed the Saudi Commission for Tourism and Heritage for 18 years, said the kingdom aspires to be a global player in the space industry while promoting the potential of generations of Saudis.

 

The return on current investment of the Saudi space sector is 1.81 riyals, which is invested’ in each riyal. According to SSC data, it competes with the return of 7 to 20 riyals per riyal invested in the sector in developed economies.

 

Without elaborating, Prince Sultan said the SSC plans to sign agreements with international agencies in the United States, Russia, China, India, and the United Arab Emirates to enhance cooperation.

 

($ 1 = 3.7503 riyals)


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