As a leader of the international efforts in harnessing Space services and sustainability to serve humanity, Saudi Arabia organized the “Future of the Space Economy” session on the sidelines of the World Radiocommunication Conference “WRC23”, with the presence of international Space economy leaders from the public and private sector.
During the session H.E. Dr. Mohammed Altamimi, the Governor of the Communications, Space and Technology Commission (CST), revealed investment opportunities that will make Saudi Arabia an enabler for Space technologies, with Space market value reaching more than $400 million and is expected to grow to increase by 87% in the future.
H.E. Altamimi indicated that the new Space era is no more limited to few countries and organizations, but it became a dynamic, inclusive and rapidly evolving market. More than 90 countries invested in Space, and over 840 startups entered Space market within the last ten years, with an investment value of more than $40 billion, as the global Space economy is expected to reach $700B to $1 trillion in the coming years. In 2022, Space sector witnessed the largest number of satellites launching, with an average of 50 satellites launched per week.
H.E. Altamimi also highlighted Saudi Arabia’s efforts in promoting Space sustainability, raising the Space sector's contribution to the global economy through public-private partnerships, and building its capabilities in satellite manufacturing by owning infrastructures and space-launching capability for Space exploration. Saudi Arabia focuses on building national cadres, encouraging entrepreneurs, supporting startups and enabling investment through an innovative regulatory environment. It also relies on the development programs such as the Space Entrepreneurship Alliance, the Human Spaceflight Program, and the Space Accelerator program to achieve its goals.
