“ASpace” China Invests 1B Riyals in Saudi Arabia’s 1st Satellite Manufacturing Facility
Saudi Arabia announced on Wednesday, a significant investment by a leading Chinese aerospace company, “ASpace”, valued at one billion Riyals, to establish a specialized satellite manufacturing facility in the Kingdom.
This initiative marks a progressive step towards advancing satellite technology locally while also elevating the Kingdom’s standing in the global space market.
Project Phases
The investment by “ASpace” is set to escalate gradually along with the project’s phases, encompassing research, development, and manufacturing of advanced satellite components and subsystems.
This move is projected to leverage Saudi Arabia’s geographical location as a platform for enhancing space capabilities in the region through advanced satellite technology, which accounts for 70% of the space market.
Official Statements
Abdullah bin Amer Al-Swaha, Chairman of the Saudi Space Agency, emphasized the investment as a significant stride in bolstering the Kingdom’s competitiveness and establishing it as a regional hub for attracting space technologies and investments which are witnessing accelerated growth.
He highlighted the Kingdom’s endeavors, backed by prudent leadership, in the space domain as a key contributor to economic diversification and the development of national capabilities in advanced space technologies.
ASpace: Future Implications
Investment Minister Engineer Khalid bin Abdulaziz Al-Falih expressed that granting “ASpace” the first investment license in the satellite domain serves as a cornerstone for investments in the Kingdom in this field.
He underscored the promising global opportunities in this futuristic sector and believed that this step would entice numerous companies to invest in the Kingdom, which is experiencing an extraordinary renaissance across all fronts, as the satellite domain undergoes unparalleled advancements, boosting the Kingdom’s global competitiveness.
Response from Saudi Space Agency to ASpace
CEO of the Saudi Space Agency, Dr. Mohammad bin Saud Al-Tamimi, described “ASpace”‘s investment as a significant milestone for the company and anticipated a positive impact on the Kingdom’s space sector and the broader satellite manufacturing base in the region.
He indicated that this investment exemplifies the company’s commitment to advancing space technologies not only regionally but also globally.
The investment deal was formalized during the “Future Investment Initiative” forum held in Riyadh, with the Investment Ministry and the Saudi Space Agency playing pivotal roles in making this project a success, from inviting the company to the Kingdom, developing partnership opportunities, providing manufacturing sites, to concluding the first qualitative investment deal in the space domain.
