Saudi Arabia’s space aspirations are not just ambitions articulated through words; they are substantiated with significant financial commitments. Here’s a closer look at the figures underscoring the nation’s space drive.
Saudi Arabia’s announcement of channeling $2 billion into its space program by 2030 is a landmark move. This financial allocation speaks volumes about the nation’s determination to be at the forefront of the next wave of space exploration and commercialization. Here is a short list of some investment figures done by SpaceTech in Gulf. The list is based on open sources.
Strategic Partnerships and Tangible Investments
Hong Kong Aerospace Technology Group Limited (HKATG) / ASPACE: Saudi Arabia has recently finalized a groundbreaking investment of SR1 billion ($266.57 million) to inaugurate its inaugural satellite manufacturing facility. This strategic move underscores the nation’s commitment to advancing its presence in the space industry. The investment license has been granted to Hong Kong Aerospace Technology Group Limited (HKATG), a prominent Chinese company based in Hong Kong.
Axiom Space Funding: In August 2023, the space venture secured $350 million in its Series-C round, bringing its total funds to over $505 million. Notably, AlJazira Capital الجزيرة كابيتال played a central role in this funding. This positions Axiom Space at a commendable second place after SpaceX in private space company funding for 2023.
OQ Technology Investment: 13 million euros was invested into OQ Technology by Aramco’s Wa’ed Ventures and 5G Ventures S.A | Phaistos Investment Fund in September 2022. This investment isn’t just about the funds; it’s about creating ties with a global spacetech company and securing a stake in the satellite communications market.
SARsatX: KAUST (King Abdullah University of Science and Technology) invested $55,000 in SARsatX. While it might seem modest compared to other figures, this support emphasizes nurturing local enterprises. SARsat Arabia’s focus on earth observation data, using synthetic aperture radar, can have wide-reaching applications, from agriculture to defense. (Here you can watch the presentation by Ahmed Alzubairi , Co-founder of SARsatX )
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