Saudi Arabia to Support Space Program by $2 Bln

Saudi Arabia plans to support its space program with 8 billion riyals ($ 2.1 billion) by 2030 as part of its economic persification plan, which aims to attract foreign investment and create thousands of job opportunities for young people in the kingdom.

The Saudi Space Authority, which was established by royal decree in late 2018 to stimulate research and industrial activities related to space, has finalized a plan for the government, which is expected to be unveiled later this year, according to which the sector’s budget will receive an initial payment of two billion riyals.

Prince Sultan, son of Saudi King Salman, told Reuters in an interview, "At this time we live in now, space has become an essential sector of the global economy, touching every aspect of our lives on Earth. Business-related to space and the economics of space is expected to grow to reach trillions of riyals as we progress."

The 64-year-old prince, who was on the American space shuttle Discovery in 1985 and was the first astronaut from an Arab or Islamic country to set out into space, added, "We believe that there are many opportunities in the space sector, and we in Saudi Arabia intend to take advantage of these opportunities." All levels."

His assignments onboard Discovery included being a payload specialist for the Arabsat satellite, which was a breakthrough in connecting the region with the rest of the world.

Saudi Arabia is the founder and main financier of the Arab Satellite Communications Organization (Arabsat), which was founded in 1976, with a share of 37 per cent.

Prince Sultan, who headed the General Authority for Tourism and National Heritage for 18 years, said that the Kingdom is looking forward to becoming a global contributor in the space industry while enhancing the prospects for generations of Saudis.

The current investment return of the Saudi space sector is 1.81 riyals per invested riyal, and this is compared to a return between 7 and 20 riyals per riyal invested in the sector in advanced economies, according to data from the Space Authority.

Prince Sultan said that the authority intends to sign agreements with international agencies in the United States, Russia, China, India and the UAE to enhance cooperation. He did not give any other details.