Saudi Space Commission set for SR2 billion boost

Prince Sultan bin Salman, Chairman of Saudi Space Commission
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Updated 29 October 2020

Saudi Space Commission set for SR2 billion boost

  • Space business and space economy are expected to grow into the trillions of riyals as we go forward: Prince Sultan bin Salman, Chairman of Saudi Space Commission

RIYADH: The Kingdom is planning an SR8 billion ($2.1 billion) boost for its space program as part of Vision 2030, said Saudi Space Commission (SSC) Chairman Prince Sultan bin Salman.

The commission has finalized a plan for the government, expected to be revealed later this year, under which the sector’s budget would receive an initial boost of SR2 billion.

“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 said.

The commission was set up by a royal decree in late 2018 to stimulate space-related research and industrial activities.

“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,” he added. 

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 future generations.

The Saudi space sector’s current return on investment is SR1.81 or every one riyal invested. This compares with a return of between SR7 and SR20 for every riyal invested in the sector in advanced economies, according to SSC data.

SSC plans to sign agreements with international agencies in the US, Russia, China, India and the UAE to boost cooperation, said Prince Sultan, 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 Organization (Arabsat), launched in 1976, with a 37 percent stake.


Saudi central bank governor expects more competition, growth in fintech

Updated 01 December 2020

Saudi central bank governor expects more competition, growth in fintech

  • SAMA issued several regulations and systems related to fintech, as part of its efforts to promote the sector

DUBAI: The Saudi Central Bank (SAMA) expects more competition and growth in the new sectors such as financial technology (fintech), as well as the conventional industries of the capital market, including banks, said Governor Ahmed Alkholeify.

Speaking during the opening session of “Fintech Tour 2020”, the SAMA governor stated that the central bank took a key step towards activating the Sandbox experimental environment, which resulted in the establishment of 32 fintech firms.

In addition, SAMA issued several regulations and systems related to fintech, as part of its efforts to promote the sector and achieve the targets of the financial sector development program, he added.

Meanwhile, Mohammed El-Kuwaiz, chairman, Capital Market Authority (CMA) highlighted the importance of innovation in fintech-related solutions in the capital market, adding that fintech enables the capital market to capitalize and reach out to more segments of companies and investors who previously had no access to the capital market.

"This technology has successfully delivered services to the largest possible number of people. We are excited about what fintech can provide for the capital market in terms of broadening its base of participants and beneficiaries."

El-Kuwaiz also indicated that fintech solutions are innovative by nature, and hence require tailored regulatory frameworks.

The CMA continues to motivate and enable entrepreneurs, with three rounds of licensing fintech companies completed, resulting in licensing of 15 firms in various domains, the chairman stated.

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