HK group to set up satellite manufacturing firm in KSA
INDUSTRIAL NEWS
Aspace, a leading Hong Kong-based space company, has announced plans to establish an advanced satellite manufacturing company in Saudi Arabia at a total investment of SAR1 billion ($266.2 million). Aspace will manufacture components, subsystems and satellites.
Aspace obtained an investment licence at the ongoing Future Investment Initiative (FII) being held in Riyadh.
The Ministry of Investment and Saudi Space Agency played a pivotal role in facilitating this process, including offering investment support opportunities, and identifying suitable manufacturing sites. This ultimately led to the completion of the first groundbreaking investment deal for the space sector.
The Saudi authorities said all the investment procedures by Aspace have got complerted and it will soon roll out its operations.
Aspace will benefit from the kingdom's geographical location to enhance space capabilities in the region by investing in advanced satellites, which represent 70% of the global space market.
This will also promote the Kingdom's position as an investment and advanced manufacturing destination to foreign companies.
Welcoming the HK group's strategic investment, Engineer Khalid Al-Falih, Minister of Investment, said: "Granting Aspace company the first investment licence in the satellite field is a cornerstone for related investments in the kingdom, as this field holds immense global opportunities."
"This step will undoubtedly encourage numerous companies to invest in the Kingdom, which is currently experiencing exceptional growth and progress in various areas. The satellite industry is going through remarkable advancements that will further enhance the Kingdom's attractiveness and global competitiveness," he added.
Engineer Abdullah Al Swaha, Chairman of the Saudi Space Agency, said it was a significant step towards enhancing the kingdom's competitiveness and positioning it as a regional hub for attracting space investments and technologies in this rapidly growing sector.
"The kingdom's space development, supported by wise leadership, is a key element for supporting and diversifying the economy," he added.
Dr Mohammed bin Saud Al Tamimi, the CEO of Saudi Space Agency, said Aspace's investment in the kingdom was a significant milestone for the company.
"Hopefully it will have positive impact in the space industry within the kingdom and would enhance the overall satellite manufacturing base in the region," he added.-TradeArabia News Service
