UPHAM, New Mexico: Spaceport America is no longer just a shiny shell of hope that space tourism would one day launch from this remote spot in the New Mexico desert.
The once-empty hangar that anchors the taxpayer-financed launch and landing facility has been transformed into a custom-tailored headquarters where Virgin Galactic will run its commercial flight operations.
Two levels within the spaceport include mission control, a preparation area for pilots and a lounge for paying customers and their friends and families, with each element of the fit and finish paying homage to either the desert landscape that surrounds the futuristic outpost or the promise of traveling to the edge of space.
From hotel rooms to aircraft cabins, the Virgin brand touts its designs for their focus on the customer experience. Spaceport is no different.
Earthen tones help ground visitors on the first floor. The social hub includes an interactive digital walkway and a coffee bar made of Italian marble. On the upper deck, shades of white and gray speak to Virgin Galactic’s more lofty mission.
Company officials, offering the first glimpse of the facility Thursday, say the space is meant to create “an unparalleled experience” as customers prepare for what Virgin Galactic describes as the journey of a lifetime.
Just how soon customers will file into Virgin Galactic’s newly outfitted digs for the first commercial flights has yet to be determined. A small number of test flights are still needed.
Billionaire Richard Branson, who is behind Virgin Galactic, and former New Mexico Gov. Bill Richardson, a Democrat, first pitched the plan for the spaceport nearly 15 years ago.
There were construction delays and cost overruns. Virgin Galactic’s spaceship development took far longer than expected and had a major setback when its first experimental craft broke apart during a 2014 test flight, killing the co-pilot.
Critics suggested the project was a boondoggle, but supporters argued that there were bound to be hard and sometimes costly lessons.
Democratic state Sen. George Munoz has enduring concerns about the business model for commercial, low-orbit travel for passengers.
“You can have all the money in the world and come back and say, ‘Was my 30 seconds of fame worth that risk?’” he said.
Munoz says New Mexico’s anticipated return on investment in terms of jobs and visitors is still overdue, with more than $200 million public funds spent on Spaceport America in cooperation with Virgin Galactic as anchor tenant.
At the facility Thursday, the carrier plane for Virgin’s rocket-powered passenger ship made a few passes and touch-and-goes over a runway.
Behind the spaceport’s signature wall of curved glass, mission control sits on the second floor with an unobstructed view of the runway and beyond.
There’s also space behind two massive sliding doors to accommodate two of Virgin Galactic’s carrier planes and a fleet of six-passenger rocket ships.
Virgin Galactic posted on social media earlier this week that its carrier plane had landed in New Mexico and its main operating base was now at the spaceport. And Branson said the wing of Virgin’s next rocket ship has been completed.
Virgin Galactic CEO George Whitesides said once the test flights are complete, commercial operations can begin.
Chief Pilot Dave Mackay said the crew in the coming days will fly simulated launch missions to ensure in-flight communications and airspace coordination work as planned. The pilots also will be familiarizing themselves with New Mexico’s airspace and landmarks.
“New Mexico is on track to become one of the very few places on this beautiful planet which regularly launches humans to space,” Mackay said.
Branson will be among them. About 600 people have reserved a seat, according to the company, at a cost of $250,000 a ticket.
That buys them a ride on the winged rocket ship, which is dropped in flight from the carrier airplane. Once free, it fires its rocket motor to hurtle toward the boundary of space before gliding back down.
The latest test flight reached an altitude of 56 miles (90 kilometers) while traveling at three times the speed of sound.
Virgin Galactic reveals futuristic outpost for space tourism
Virgin Galactic reveals futuristic outpost for space tourism
- Critics suggested the project was a boondoggle, but supporters argued that there were bound to be hard and sometimes costly lessons
- The interior spaces unveiled Thursday aim to connect paying customers with every aspect of the operation
Saudi Arabia adds MEDEX service to Jeddah Port, linking 12 global hubs
- New service connects Jeddah to Abu Dhabi and Jebel Ali in the UAE
- It also connects to Karachi in Pakistan, and Colombo in Sri Lanka
RIYADH: Saudi Arabia has expanded its maritime connectivity with the addition of the MEDEX shipping service at Jeddah Islamic Port, linking the Kingdom to 12 regional and international ports.
Operated by global logistics firm CMA CGM, the new service connects Jeddah to Abu Dhabi and Jebel Ali in the UAE, Karachi in Pakistan, and Colombo in Sri Lanka, according to a release by the Saudi Ports Authority, or Mawani.
The move is part of Mawani’s broader efforts to improve operational efficiency at Jeddah Islamic Port and raise Saudi Arabia’s standing in global port performance rankings.
It also supports the Kingdom’s National Logistics Strategy, which aims to increase the sector’s contribution to gross domestic product from 6 percent to 10 percent by 2030, positioning Saudi Arabia as a strategic logistics hub connecting three continents.
“This service enhances the port’s competitive advantage, facilitates global trade, opens new business horizons, and supports national exports,” Mawani said.
The MEDEX service is the 19th shipping line added to Jeddah Islamic Port since the beginning of 2025, reinforcing Saudi Arabia’s commitment to improving regional and international connectivity.
With a capacity of up to 10,000 twenty-foot equivalent units, the new service also links Jeddah to Mundra and Nhava Sheva in India, Piraeus in Greece, Malta, Genoa in Italy, Fos in France, and Barcelona and Valencia in Spain.
Headquartered in Marseille, CMA CGM Group operates in 177 countries and is the world’s third-largest shipping company. It serves more than 420 ports across five continents with a fleet of over 650 vessels.
The new service aims to boost domestic import and export activity, supporting Saudi Arabia’s broader objective of establishing itself as a global trade hub.
Jeddah Islamic Port currently features 62 multi-purpose berths, a bonded and re-export logistics area, several specialized terminals, and advanced cargo-handling equipment. It also houses two general cargo terminals, two ship repair docks, and a dedicated marine services zone. The port’s total handling capacity reaches 130 million tonnes annually.
Saudi Arabia climbed to 15th place globally in container throughput rankings in 2024, underlining its growing role as a maritime logistics powerhouse, according to Lloyd’s List, a UK-based shipping industry journal.
The report said Jeddah Islamic Port advanced to 32nd place globally, up from 41st in 2023, after handling 5.58 million containers last year — a 12.6 percent increase from the previous year.
Closing Bell: Saudi main index holds steady at 11,005
- Parallel market Nomu shed 84.03 points to close at 27,223.71
- MSCI Tadawul Index declined by 0.07 percent to end at 1,405.46
RIYADH: Saudi Arabia’s Tadawul All Share Index gained 0.49 points on Wednesday, closing at 11,005.02.
The total trading turnover of the benchmark index was SR5.60 billion ($1.49 billion), with 149 of the listed stocks advancing and 89 declining.
The Kingdom’s parallel market Nomu, however, shed 84.03 points to close at 27,223.71.
The MSCI Tadawul Index also declined by 0.07 percent to 1,405.46.
Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, was the best-performing stock on the main market, as the company’s share price advanced by 9.93 percent to SR19.70.
Miahona Co. also saw its share price increase by 6.09 percent to SR24.38.
The stock price of Americana Restaurants International PLC advanced 5.74 percent to SR2.21.
Conversely, the share price of Elm Co. declined by 6.66 percent to SR959.20.
The top gainer on Nomu was Meyar Co., whose share price grew 20.74 percent to SR65.20.
In the parallel market, Knowledge Net Co. also saw its stock price rise by 10 percent to SR34.10.
The share price of Anmat Technology for Trading Co., which debuted on the Kingdom’s parallel market, climbed by 4.74 percent to SR9.95.
On Tuesday, Saudi Arabia’s main market also witnessed three negotiated deals worth SR23.3 million.
The negotiated deals include ACWA Power’s SR12.59 million, followed by Ades Holding Co.’s SR5.74 million, and Saudi Kayan Petrochemical Co.’s SR5 million.
A negotiated deal indicates the purchase of a stock based on an agreement between buyers and sellers, apart from the market price.
These agreements are executed under the control of Tadawul and in accordance with capital market laws and regulations.
The share price of ACWA Power declined by 5.34 percent to SR255.40.
Ades Holding Co. saw its share price drop by 0.74 percent to SR13.48.
The stock price of Saudi Kayan Petrochemical Co. edged up by 0.40 percent to SR4.96.
Saudi Arabia’s ACWA Power plans $5bn investment deal with Uzbekistan
- Uzbekistan to localize production of wind turbine components
- It will begin producing green hydrogen this month
RIYADH: Saudi utility giant ACWA Power is planning to invest $5 billion in Uzbekistan, affirming its status as the leading foreign investor in the Central Asian nation’s energy sector, according to a top official.
Speaking at the Tashkent International Investment Forum, Soumendra Rout, ACWA Power’s country head for Uzbekistan, said that this planned $5 billion deal is a part of the company’s broader strategy aimed at increasing its total commitments in the country to $15 billion, UZ Daily reported.
Being the largest foreign player in Uzbekistan’s energy sector, ACWA Power has already implemented 19 projects in the country worth a combined value of $5 billion.
Out of these 19 projects, eight are focused on renewable energy, as Uzbekistan aims to generate 40 percent of its electricity from clean sources by the end of this decade.
“We are not going to stop here. Our objective is to expand our investments. During this forum, we plan to sign another agreement with the government of Uzbekistan worth $5 billion,” said Rout.
During the forum, Rout also emphasized the importance of Islamic finance instruments in ensuring sustainable economic development, particularly among small and medium-sized enterprises.
He added that Shariah-compliant financing mechanisms are capable of offering more effective support to SMEs compared to traditional financing tools.
“We are ready to share our experience with Uzbekistan and contribute to building a more inclusive financial system,” said Rout.
During the forum, Abid Malik, president of ACWA Power for Central Asia, announced that Uzbekistan is all set to localize the production of wind turbine components, including blades and turbines.
Malik added that ACWA Power is collaborating closely with suppliers and seeks to provide technical support to local enterprises working on renewable projects in Uzbekistan.
As part of a 200-megawatt wind power project currently underway in Karakalpakstan, ACWA Power has tasked its turbine supplier with establishing local manufacturing operations in Uzbekistan.
“Our supplier is planning to begin production of wind turbines and blades within the country in the near future,” added Malik.
He further said that Uzbekistan will begin producing green hydrogen this month, with an annual production capacity of 3,000 tonnes.
“We believe this will elevate Uzbekistan’s position on the global green hydrogen map,” said Malik.
In 2023, Shavkat Mirziyoyev, president of Uzbekistan, launched a pilot green hydrogen facility in the Tashkent Region in cooperation with ACWA Power.
The $88 million project is being implemented in two phases, with production from the first phase expected to begin this month.
The production of green hydrogen aligns with Uzbekistan’s goal to achieve 20 gigawatts of clean energy capacity by 2030.
The country is also prioritizing the expansion of solar, wind, and hydroelectric energy, leveraging its natural resources to decrease reliance on fossil fuels.
In April, ACWA Power commenced commercial operations at two major wind power plants in Uzbekistan.
In December, the company also launched three renewable initiatives in Uzbekistan, including wind, solar, and battery storage facilities.
These undertakings include the Bash and Dzhankeldy Wind Power Plants, with a total capacity of 1,000 megawatts and a transmission line.
Additionally, there are the Samarkand 1 and 2 solar projects, which have a combined capacity of 1,000 MW of solar power, along with a 1,000 MWh battery energy storage system. The Tashkent BESS Project has a capacity of 500 MWh.
Saudi e-commerce sales via Mada cards jump 57% in April to reach $6.2bn
- Online transactions through Mada exceeded 132 million for the month
- Total value of POS purchases at physical retail outlets slipped to SR52.22 billion
RIYADH: Saudi Arabia’s e-commerce sales using Mada cards increased by 57 percent in April compared to the same month last year, hitting SR23.27 billion ($6.2 billion).
Data by the Saudi Central Bank, also known as SAMA, shows online transactions through Mada exceeded 132 million for the month, up 40.75 percent year on year, reflecting a substantial increase in consumers shopping via websites and mobile apps.
These figures include purchases made online using linked debit cards and e-wallets, but they do not account for credit card transactions processed through international networks such as Visa or Mastercard.
Mada, formerly known as Saudi Payment Network, is the Kingdom’s national electronic payment system, connecting all ATMs and point-of-sale terminals to a central payments switch.
It enables debit and prepaid card services for millions of Saudis, allowing them to pay both in stores and online using funds directly from bank accounts. Importantly, Mada transactions utilize near-field communication technology for secure, contactless payments, meaning shoppers can simply tap their card or smartphone at terminals for instant checkout.
This system has become a cornerstone of Saudi Arabia’s push toward a cashless economy, ensuring fast and secure transactions at physical retail locations and on e-commerce platforms. The accelerating uptake of Mada-enabled digital payments highlights growing consumer trust in online shopping and the success of national efforts to modernize the payments ecosystem.
In-store sales plateau as online spending soars
Despite the e-commerce boom, in-store point-of-sale transactions showed contrasting trends in April. The total value of POS purchases at physical retail outlets slipped to SR52.22 billion, marking a 1.38 percent decline year on year according to SAMA data.
This slight drop in sales comes even as the number of POS transactions climbed by around 11.6 percent to 891.5 million over the same period. In other words, Saudi consumers made significantly more card payments in person than a year ago, but were spending slightly less per transaction on average.
SAMA’s figures indicate over 2 million POS terminals are now deployed nationwide to facilitate card payments — a network 16.37 percent larger than a year ago, reflecting the Kingdom’s drive to expand electronic payment acceptance among businesses large and small.
This divergence — higher transaction counts but lower total POS value — suggests a behavioral shift as digital payments become frequent for everyday purchases. With contactless “tap-and-go” cards and mobile wallets now the norm, consumers are using cards for smaller, frequent buys like groceries or coffee.
This has driven up transaction volumes while curbing the average ticket size of each sale. Indeed, nearly all card swipes are now contactless; about 94 percent of in-store card transactions in Saudi Arabia are made via NFC, whether through a physical card, smartphone, or smartwatch, according to SAMA.
The convenience of tap-to-pay has encouraged people to rely less on cash even for low-value items, contributing to the surge in POS transaction counts.
Another factor influencing the year-on-year comparison is the timing of Ramadan and Eid shopping. In 2024, the holy month of Ramadan and the Eid Al-Fitr festival fell largely in April, boosting retail spending in that period.
In contrast, Ramadan in 2025 fell mainly in March, pushing POS sales to about SR66 billion that month. As a result, April 2025 didn’t see the same holiday-related boost, which likely played a role in the softer in-store sales figures, even though the overall trend in electronic transactions continues to grow.
Categories like food & beverages and dining — which according to SAMA data were the top two POS spending sectors in April at around SR7.7 billion each — continue to dominate physical sale, but their growth may have been tempered without the late-Ramadan rush present a year ago.
Fintech innovation
The growth is also being fueled by new services and partnerships. In April, SAMA signed an agreement with Google to launch Google Pay in Saudi Arabia using Mada’s payment infrastructure.
Expected to roll out later in 2025, this integration will allow users to add their Mada-linked debit cards to Google Wallet for seamless tap-to-phone payments and online purchases, further expanding the mobile payment options available to consumers.
This follows earlier introductions of Apple Pay and local mobile wallets, meaning Saudi shoppers will soon have a full suite of global and domestic smartphone payment apps at their disposal.
Such developments not only offer greater convenience but also help normalize cashless spending across all demographics — including younger, tech-savvy consumers who favor using their phones and wearables to pay.
Egypt seeking FDI boost with tourism sector investment opportunities
- Tourism minister announced formation of unit to monitor investment prospects
- He presented targeted investments in antiquities preservation and restoration
RIYADH: Egypt is intensifying efforts to attract foreign direct investment by opening new opportunities in its tourism and archaeological sectors, Prime Minister Mostafa Madbouly said during a high-level strategy meeting.
The gathering, which took place at the government headquarters in the New Administrative Capital, aimed at following up on the efforts of the Ministries of Tourism and Investment, according to a statement published on the Cabinet’s official Facebook page.
This aligns with Egypt’s goal of attracting 30 million tourists annually by 2028, aiming for a 25 percent to 30 percent year-over-year increase in inbound tourism as part of the nation’s Vision 2030 for sustainable development.
“The government is working to formulate clear plans with specific targets to offer investment opportunities in various sectors, contributing to increasing foreign direct investment,” Madbouly said during the meeting.
During the assembly, Minister of Tourism Sherif Fathy announced the formation of a dedicated unit to monitor investment prospects. The initiative aims to establish an “investment opportunities bank” that will showcase available projects in the tourism sector, supporting the country’s efforts to meet its growth targets.
The statement said: “In a related context, the Minister explained that 2024 witnessed an increase in hotel capacity of 7,200 additional rooms — 55 percent of which are new capacity, and during the current year 2025, it is expected to add approximately 19,000 new hotel rooms — new projects, expansions of existing projects, and initiatives.”
During the gathering, Fathy also presented the targeted investments in the field of antiquities preservation and restoration, noting that the Supreme Council of Antiquities has implemented an average of 36 projects annually over the past five years.
The minister then outlined the targeted investment distribution for the tourism and antiquities sectors from 2025 to 2031 across various governorates.
The plan includes developing hotel rooms, restaurants, safaris, camps, and amusement parks. It also focuses on investing in the rehabilitation and utilization of archaeological sites, establishing museums in partnership with the private sector, and enhancing services at heritage locations.
During the meeting, Investment and Foreign Trade Minister Hassan El-Khatib noted that the implementation timeline includes holding bilateral coordination meetings between the his department and the relevant ministries to present the strengths of each sector, available investment opportunities, proposed projects, and the challenges facing attracting investment.
He also stated that each ministry will conduct a comprehensive sectoral study, form joint working groups between the Ministry of Investment and Foreign Trade and each relevant ministry, and submit periodic reports to the Cabinet to monitor progress in implementing the sectoral investment strategy and achievement rates.
