We show you our most important and recent visitors news details Saudi Arabia allocates $2.1 billion to boost space programme in the following article
Hind Al Soulia - Riyadh - “In the time where we live now, space is becoming a fundamental sector of the global economy”, Prince Sultan bin Salman bin Abdulaziz, the son of Saudi King Salman bin Abdulaziz Al Saud, said in an interview.
A file picture of Prince Sultan bin Salman bin Abdulaziz. (REUTERS)
RIYADH – Saudi Arabia is planning an 8 billion riyals ($2.1 billion) boost for its space programme by 2030 under an economic diversification plan that aims to attract foreign investment and create thousands of jobs for young Saudis.
The Saudi Space Commission (SSC), set up by a royal decree in late 2018 to stimulate space-related research and industrial activities, has finalised a plan for the government, expected to be revealed later this year, under which the sector’s budget would receive an initial boost of 2 billion riyals.
“In the time where we live now, space is becoming a fundamental sector of the global economy, touching every aspect of our lives on Earth. Space business and space economy are expected to grow into the trillions of riyals as we go forward”, Prince Sultan bin Salman bin Abdulaziz, the son of Saudi King Salman bin Abdulaziz Al Saud, said in an interview.
“We believe there are a lot of opportunities that exist in the space sector and we, in Saudi Arabia, intend to tap these opportunities at all levels”, added the 64-year-old royal, who flew aboard the US Space Shuttle Discovery in 1985.
He was the first astronaut from an Arab or Muslim country in space.
His duties onboard Discovery as a payload specialist included releasing the Arabsat satellite, which was a breakthrough in connecting the region with the rest of the world.
Saudi Arabia is a main founder and financier of the Arab Satellite Communications Organisation (Arabsat), launched in 1976, with a 37% stake.
Prince Sultan, who chaired the Saudi Commission on Tourism and Heritage for 18 years, said the kingdom aspired to become a global player in the space industry while advancing prospects for generations of Saudi.
The Saudi space sector’s current return on investment is 1.81 riyal for every one riyal invested.
This compares with a return of between 7 and 20 riyals for every riyal invested in the sector in advanced economies, according to SSC data.
SSC plans to sign agreements with international agencies in the United States, Russia, China, India and the UAE to boost cooperation, Prince Sultan said, without providing further details.
These were the details of the news Saudi Arabia allocates $2.1 billion to boost space programme for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at The Arab Weekly and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.