Riyadh -- The Kingdom announced, today, the completion of investment procedures by ASPACE, a Hong Kong-based company, of 1 billion Saudi riyals.

This investment aims to establish an advanced satellite manufacturing company within the Kingdom, with expected growth throughout the project phases, for the manufacturing of components, subsystems, and satellites.

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.

Eng. Abdullah Al-Swaha, Chairman of the Saudi Space Agency, stated that this investment is 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. He also emphasized that the Kingdom's space development, supported by wise leadership, is a key element for supporting and diversifying the economy.

Eng. Khalid Al-Falih, Minister of Investment, stated, "Granting ASPACE company the first investment license 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."

Dr. Mohammed bin Saud Al-Tamimi, the CEO of the Saudi Space Agency, expressed his view that ASPACE's investment in the Kingdom is a significant milestone for the company, and that he anticipates positive impact in the space industry within the Kingdom and the enhancing of the overall satellite manufacturing base in the region. He also highlighted the company's commitment to advancing space technology not only within GCC countries but also to the global.

ASPACE company obtained an investment license during the Future Investment Initiative (FII) 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.