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Saudi Arabia has announced the completion of investment procedures worth SR1 billion (6.57 million) to establish the first satellite manufacturing plant in the country. ASPACE, a Hong Kong-based Chinese company, obtained an investment license during the ongoing Future Investment Initiative (FII) in Riyadh. The Ministry of Investment and the Saudi Space Agency played a crucial role in facilitating this process.

ASPACE plans to set up an advanced satellite manufacturing factory in Saudi Arabia for the production of components, subsystems, and satellites. Their investment will increase as the project progresses through stages like research and development and the manufacturing of components and subsystems. By investing in advanced satellites, ASPACE aims to enhance space capabilities in the region and promote the Kingdom as an investment and advanced manufacturing destination.

Eng. Abdullah Al-Swaha, chairman of the board of directors of Saudi Space Agency, believes that this investment will enhance the Kingdom’s competitiveness and position it as a hub for attracting space investments and technologies. He emphasizes that the Kingdom’s space development is crucial for supporting and diversifying the economy.

Minister of Investment Eng. Khalid Al-Falih states that granting the first investment license in the satellite field to ASPACE is a cornerstone for related investments in the Kingdom. He believes this step will encourage more companies to invest in Saudi Arabia, which is experiencing exceptional growth and progress. The satellite industry is undergoing remarkable advancements that will enhance the Kingdom’s attractiveness and competitiveness.

Dr. Mohammed Al-Tamimi, CEO of the Saudi Space Agency, sees ASPACE’s investment as a significant milestone for the company and anticipates a positive impact on the space industry in the Kingdom. He also stresses the company’s commitment to advancing space technology globally.

Overall, the completion of investment procedures for the satellite manufacturing plant showcases Saudi Arabia’s dedication to developing its space sector and attracting investments in this rapidly growing industry.

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