The session “The Future of the Space Economy” highlights the Kingdom’s leadership role in harnessing space services to serve humanity

The session “The Future of the Space Economy” highlights the Kingdom’s leadership role in harnessing space services to serve humanity

Being a leading player in harnessing space services and sustainability in the service of humanity, the Kingdom organized a session on the future of the space economy, held on the sidelines of the World Radiocommunication Conference.
“WRC23” in the presence of international space economy leaders from the public and private sectors.
During the session, His Excellency the Governor of the Communications, Space and Technology Commission, Dr. Muhammad bin Saud Al-Tamimi, revealed the investment opportunities that make the Kingdom possible for space technologies, as the size of the space market in the Kingdom during the year 2022 AD reached more than 400 million dollars, and it is expected to witness accelerated growth by 87% in the coming years.
He explained that the new space age is no longer limited to a few countries and organizations, but rather has become a dynamic, comprehensive and rapidly developing market, with nearly 90 countries investing in space and the years have witnessed…
Over the past 10 years, more than 840 startup companies have entered the sector with an investment volume of more than $40 billion, at a time when the global space economy is expected to reach between $700 billion and $1 trillion in the coming years, indicating that the year 2022 witnessed the largest number of satellite launches into space. Historically, an average of 50 satellites are launched into space every week.
His Excellency stated in the session that the Kingdom seeks to enhance space sustainability and double the space sector’s contribution to the global economy by achieving partnerships between the public and private sectors, building its capabilities in the field of manufacturing satellites and their systems, and moving towards possessing the infrastructure and launch capabilities qualified for space exploration, indicating that the Kingdom It focuses on building national cadres, encouraging entrepreneurs, supporting emerging companies, and enabling investment through an innovative regulatory environment and regulations. It also relies on its development programs such as the Space Entrepreneurship Alliance, the Human Spaceflight Program, and the Space Acceleration Program to achieve its goals.


This news article has been translated from the original language to English by

You can visit the original source at the link below.

Original Source Link