Saudi Arabia records over 21,000 residency, labor, and border violations in latest inspections    PIF seeks to expand US investments despite restrictions, says governor Al-Rumayyan Saudi sovereign fund launched 103 companies across 13 sectors, aims to attract more foreign talent to Saudi Arabia    Saudi minister holds high-level talks at FII Miami to boost AI, tech, and space partnerships    Saudi Media Forum concludes with key industry partnerships and award recognitions    Hamas hands over six Israeli captives in latest prisoner exchange    US and Ukraine near deal granting US mineral rights in exchange for military aid    Israeli forensic institute confirms remains of hostage Shiri Bibas    Australia presses China for answers over reported live-fire exercises near its coast    Al-Ettifaq stuns Al-Nassr with late winner as Ronaldo protests refereeing decisions    King Salman: Our nation's path has remained steadfast since its founding    Imam Mohammed bin Saud: The founder of the First Saudi State and architect of stability    King Abdul Aziz: Founder of the Third Saudi State and leader of modern Saudi Arabia    'Neighbors' canceled again, two years after revival    Al-Tuwaijri: Not a single day has passed in Saudi Arabia in 9 years without an achievement Media professionals urged to innovate in disseminating Kingdom's story to the world    Proper diet and healthy eating key to enjoying Ramadan fast    Saudi Media Forum panel highlights Kingdom's vision beyond 2034 World Cup    AlUla Arts Festival 2025 wraps up with a vibrant closing weekend    Al Hilal secures top spot in AFC Champions League Elite, set to face Pakhtakor in Round of 16    Al-Ettifaq's Moussa Dembélé undergoes surgery, misses rest of the season    'Real life Squid Game': Kim Sae-ron's death exposes Korea's celebrity culture    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Chinese company to establish first satellite manufacturing plant worth SR1 billion in Saudi Arabia
Published in The Saudi Gazette on 26 - 10 - 2023

Riyadh — Saudi Arabia announced on Thursday the completion of investment procedures worth SR1 billion ($266.57 million) to establish the first satellite manufacturing plant in Saudi Arabia.
ASPACE, a Hong Kong-based Chinese company, obtained an investment license to set up the factory on the sidelines of the ongoing Future Investment Initiative (FII) in Riyadh. Minister of Investment Eng. Khalid Al-Falih presented the license to Sun FengQuan, co-chairman and CEO of ASPACE. The Ministry of Investment and the Saudi Space Agency have 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 in the Kingdom.
The Chinese company will establish an advanced satellite manufacturing factory in the Kingdom for the manufacturing of components, subsystems, and satellites. The volume of investment will increase successively with the progress of the stages of the project, which includes research and development and the manufacturing of components and subsystems, all the way to satellites.
ASPACE will benefit from the Kingdom's geographical location as a platform to enhance space capabilities in the region by investing in advanced satellites, which represent 70 percent 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 board of directors of 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.
On his part, Minister of Investment Eng. Khalid Al-Falih said that granting the first investment license in the satellite field to ASPACE Company 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," he pointed out.
Dr. Mohammed Al-Tamimi, CEO of the Saudi Space Agency, said that ASPACE's investment in the Kingdom is a significant milestone for the company. He anticipated a positive impact in the space industry within the Kingdom and the enhancement of the overall satellite manufacturing base in the region. "It will have a positive impact on the space sector in the Kingdom and the comprehensive satellite manufacturing base in the region," He also highlighted the company's commitment to advancing space technology not only within GCC countries but also globally.


Clic here to read the story from its source.