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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 Chinese company based in Hong Kong, has obtained an investment license to set up the factory. The Ministry of Investment and the Saudi Space Agency played a crucial role in facilitating the process by offering investment support opportunities and identifying suitable manufacturing sites.

ASPACE will establish an advanced satellite manufacturing factory in Saudi Arabia, focusing on the production of components, subsystems, and satellites. The investment volume will increase progressively as the project’s stages progress, including research and development and the manufacturing of components and subsystems, leading up to the production of satellites.

The investment is seen as a significant step in enhancing Saudi Arabia’s competitiveness and positioning it as a regional hub for attracting space investments and technologies. Eng. Abdullah Al-Swaha, chairman of the board of directors of the Saudi Space Agency, emphasized the role of space development in supporting and diversifying the economy, while Minister of Investment Eng. Khalid Al-Falih highlighted the global opportunities in the satellite sector and the positive impact of ASPACE’s investment on the space industry in the Kingdom.

Dr. Mohammed Al-Tamimi, CEO of the Saudi Space Agency, expressed anticipation for the positive impact of ASPACE’s investment on the overall satellite manufacturing base in the region. He also emphasized the company’s commitment to advancing space technology not only within the GCC countries but globally.

The investment will not only enhance Saudi Arabia’s space capabilities but also promote its position as an investment and advanced manufacturing destination for foreign companies. The country’s strategic geographical location serves as a platform for ASPACE to invest in advanced satellites, contributing to the growth of the global space market.

Overall, the establishment of the satellite manufacturing plant marks a milestone in Saudi Arabia’s journey towards becoming a competitive player in the space industry and diversifying its economy.

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