ASpace invests SAR 1 bln to set up satellite manufacturing plant in Saudi Arabia

The investment licensing ceremony 

ASpace, a Hong Kong-based company, invested SAR 1 billion to build an advanced satellite manufacturing plant in Saudi Arabia.

ASpace obtained the investment license on the sidelines of the Future Investment Initiative (FII) forum held in Riyadh. The Ministry of Investment and Saudi Space Agency (SSA) played a pivotal role in facilitating this process, as both developed partnership opportunities, provided manufacturing sites and completed the first investment deal in the field.

According to the Saudi Press Agency (SPA), the company's investments will increase along the project development stages.

ASpace will capitalize on the Kingdom's geographical position as a platform to enhance space capabilities in the region by investing in advanced satellites, representing 70% of the space market.

“This investment is a key step to enhance the Kingdom's competitiveness and boost its position as a regional platform to attract space technologies and investments that are growing rapidly,” stated SSA Chairman, Abdullah Alswaha.

Minister of Investment, Khalid Al Falih said that ASpace, obtaining the first satellite investment licence, represented the first core of investment in this industry, especially as it is one of the future investment fields that may include promising global opportunities.