Saudi Arabia seals USD267 million deal with Hong Kong space firm ASpace

The Chinese company “ASpace” intends to invest one billion riyals (about 267 million dollars) to establish the first specialized factory for manufacturing advanced satellites in Saudi Arabia.
Saudi Arabia said, in a statement to the Kingdom’s Space Agency, that the volume of investment is expected to increase successively with the stages of the project, which includes research, development, and manufacturing of components and subsystems, all the way to satellites.
The pioneering “ASpace” will benefit from Saudi Arabia’s geographical location as a platform to enhance space capabilities in the region by investing in advanced satellites, which represent 70% of the space market, which will also enhance the Kingdom’s capabilities in manufacturing them through the transfer of knowledge and expertise, in addition to developing national capabilities in technologies. sector.
For his part, Chairman of the Board of Directors of the Saudi Space Agency, Abdullah Al-Siyah, described this investment as “an important step to enhance the country’s competitiveness and consolidate its position as a regional platform for attracting space technologies and investments that are witnessing rapid growth.”