The kingdom of Saudi Arabia has announced the completion of a billion riyals worth of investment by ASpace, a leading Chinese company in the space industry, to establish a specialized factory in the advanced satellite industry in the Kingdom, provided that the company's investment volume will increase successively with the stages of the project, which includes research and development and the manufacture of components and subsystems up to the satellite industry.

ASpace will take advantage of the kingdom's geographical position as a platform to enhance space capabilities in the region by investing in advanced satellites, which represent 70% of the space market, which will also enhance the kingdom's capabilities in manufacturing advanced satellites through the transfer of knowledge and expertise as well as the development of national capabilities in space technologies.

Abdullah bin Amer Al - Swaha, chairman of the board of Directors of the Saudi space agency, stressed that this investment is an important step to enhance the kingdom's competitiveness and consolidate its position as a regional platform to attract space technologies and investments, which is witnessing rapid growth, explaining that the mobility created by the kingdom with the support of the wise leadership - may Allah protect it-in the field of space is a major tributary to support and diversify the economy and develop national capabilities and talents in advanced space technologies.

For his part, Minister of investment Engineer Khalid bin Abdulaziz Al-Falih said in a statement on this occasion: "the acquisition of the first investment license in the field of satellites by ASpace is the first nucleus of investment in the kingdom in this field, especially as it is one of the future fields, which includes promising global opportunities, and there is no doubt that this step will open the door for many companies to invest in the kingdom, which is witnessing an exceptional renaissance at all levels, as the field of satellites is witnessing unprecedented development, which enhances the kingdom's global competitiveness".

For his part, the CEO of the Saudi Space Agency, Dr. Mohammed bin Saud al-Tamimi, described ASpace's investment in the kingdom as an important milestone for the company, and this investment will have a positive impact on the space sector in the Kingdom, and the comprehensive satellite manufacturing base in the region, indicating that this investment confirms the company's commitment to developing space technologies not only regionally, but also globally.

The Hong Kong – based ASpace company was handed over its investment license on the sidelines of the "Future Investment Initiative" Forum held in Riyadh, where the Ministry of investment and the Saudi space agency played pivotal roles to make this project a success, starting from inviting the company to the kingdom, developing partnership opportunities and providing manufacturing sites, to closing the first qualitative investment deal in the field of space.