Saudi Arabia to boost space investment

      Published on Tuesday, 3 November , 2020      801 Views     
Saudi Arabia to boost space investment

  • Government

Saudi Arabia says it will invest an initial $2.1 billion over the next few years in space-related activity to help create economic diversification plan to attract inward investment and create “thousands of jobs” for its young citizens.




A report from Reuters says the investment would be made during the next nine years (until 2030) and will be handled by the Saudi Space Commission (SSC) set up in late 2018.

The full plan, with specific projects outlined, will be unveiled later this year.

“In the time where we live now, space is becoming a fundamental sector of the global economy, touching every aspect of our lives on Earth. Space business and space economy are expected to grow into the trillions of riyals as we go forward,” Prince Sultan, the son of Saudi monarch King Salman, told Reuters in an interview.

Prince Sultan was the first Arab to fly on a Space Shuttle (Discovery) in 1985.

Reuters says that his aim is to see Saudi Arabia become a global player in the space industry.

Saudi Arabia is already a major (37 per cent) investor in the Arabsat satellite constellation.



SSC reportedly has pending agreements with major international agencies including the US, Russia, China, India and the UAE.

Keywords:
Category Government | 2020/11/03 latest update at 11:10 PM
Source : Internet | Photocredit : Google
802 Views
Comments Add comment



Gulf Media

Related Articles

The editorial staff of Saudi Arabia Today would like to give all of its readers from Gulf and Saudi Arabia and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Saudi Arabia Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Saudi Arabia, the Gulf and the world.


Sponsored Publications