The Saudi Sovereign Fund enters the world of investment in space by introducing 'new'

The Saudi public investment fund has launched a ‘new space group’ (NSG), as a national company specializing in the spaces and satellite services, and the development of capabilities in a way that contributes to improving the position of the local sector in this growing field worldwide, according to a statement. The ‘new group’ focuses on the development and use of the latest technologies in spatial industries through four main units: satellite communication, soil monitoring and remote sensing, satellite navigation and the Internet or Things, as well as creating a daring investment capital fund to invest in satellite and space. Saudi Arabia expects the growth of the space sector to exceed the world rates locally, bringing the complicated annual increase between 11 and 13% to 2035, compared to 9% worldwide, as it announced a previous interview with the ‘Al -Sharq’ CEO of the Saudi Space Agency, Mohamed Al -Tamimi, which promoted the spaces. Opportunities, and that it is in the Saudi program, and it is an essential in the Saudi program. The declaration of the announcement of the new company indicated that it is aimed at developing commercial activities related to the spaces sector in the kingdom, by providing innovative solutions to satellite and spatial services locally and internationally. It will also invest in promising assets and opportunities to stimulate the development and localization of specialized experiences. Omar Al -Mady, director of direct investment department in the Middle East and North Africa at the Public Investment Fund, explained that the ‘new group’ is looking for ‘internationally equipped in the field of satellite services.’ Noted that the introduction of the group is a “qualitative step for the Public Investment Fund for the first investment that focuses entirely on the spatial industries that provide new opportunities for the kingdom’s economy and the local private sector.” The spacecraft is changing, Saudi Arabia announced last June that the ‘Saudi Space Commission’ has been transferred to the ‘Saudi Space Agency’, with the aim of ‘focusing on the space market industry and stimulating and creating research and innovation.’ According to the Minister of Communications Abdullah Al -Sawah, the Public Investment Fund also intends to pump large amounts into the space industry in previous statements to ‘Bloomberg’, where he emphasized that the space economy is ‘the next opportunity of trillion dollars’. The head of the space agency, Mohamed Al -Tamimi, in his interview with ‘Al -Sharq’ has drawn that ‘the scene of the spaces’ sector worldwide has seen a change in its structure over the past four years, as the volume of investment in the sector has risen by more than 30% annually, and the access barriers to the cost of producing more than 70. A report issued by the Saudi Communication, Space and Technology Authority revealed that the size of the space market in the Kingdom has reached $ 400 million, while the amount of global investment in the spacecraft reached about $ 100 billion last year. A statement that avoided the mistakes of the US State Department of other last November said that the United States and the kingdom were “improving bilateral cooperation in the field of aviation, land sciences, space, space operations, exploration and the use of outer space for tranquil purposes.” And it is a few months after the Saudi space law signed a memorandum of understanding with the British space agency to develop collaboration in areas that include: the techniques and communication of aggravating space, scientific tasks and human space programs, the introduction of satellites and launch vehicles, the manufacture of satellite satellites, and the earth monitoring/services. Saudi Arabia sent the first astronaut in 1986, Prince Sultan Bin Salman bin Abdulaziz, when astronaut Ryan Barnawi and Ali Al -quarni sent to the International Space Station in May last year. Fadi Qumati, which results in the electronic and technological strategies of the consulting company “BWC Middle East” (PwC) that the Kingdom has not invested much in the spacecraft in recent years, but it can form an advantage because it can build the country from the front and avoid the mistakes that others have during their development journey. ” He continued a recent statement to Al -Sharq: “I wouldn’t be surprised if we see a missile launch platform after space in the kingdom soon.”