RIYADH: The Saudi Space Agency has entered into a new partnership with the Korean Aerospace Administration to boost cooperation in the space sector.

A memorandum of understanding was signed at the SSA’s headquarters in Riyadh, marking a significant step in strengthening bilateral ties between Saudi Arabia and South Korea in space exploration and technology development.

The agreement is in line with the Saudi Space Agency’s broader mission to support the Kingdom’s Vision 2030 goal of becoming a global leader in space exploration.

It also seeks to contribute to the nation’s scientific and economic growth through innovation and technological advancements in space.

The MoU comes as part of Saudi Arabia’s growing commercial space sector, which is primarily driven by the private sector.

Over 250 companies are currently operating in the country, emphasizing the strong involvement of the private sector. Additionally, more than 20 government agencies regulate and support the industry, according to recent findings by SpaceTech in Gulf.

Mohammed Al-Tamimi, CEO of the Saudi Space Agency, emphasized that the agreement reflects the Kingdom’s ongoing commitment to enhancing international cooperation in space.

He stated that the SSA values such global partnerships, viewing them as essential for advancing technological capabilities and growing the space economy. Al-Tamimi underscored that the MoU will foster collaboration by integrating the expertise of both Saudi and Korean space professionals.

The terms of the agreement outline key areas of collaboration, including the development of deep space technologies, manned flight programs, satellite launches, and payloads. The MoU also sets out to strengthen capabilities in space sciences and engineering, facilitate the exchange of knowledge, and enhance expertise in advanced space applications.

Moreover, the agreement seeks to advance space research and technical development, while fostering an environment conducive to investment in the space sector. This partnership is expected to contribute to the growth of the space economy and improve the global standing of both Saudi Arabia and South Korea.

In September, Al-Tamimi led the Saudi delegation to the fifth G20 Space Economy Leaders Meeting in Foz do Iguacu, Brazil, where he highlighted Saudi Arabia’s advancements in space exploration.

He also emphasized the Kingdom’s commitment to using space technology for sustainable development and climate change mitigation. During the meeting, he participated in discussions on innovation, entrepreneurship, and the role of space in addressing global challenges, further showcasing the Saudi Space Agency’s efforts to improve infrastructure, attract investment, and leverage space technology for sustainable progress.

JEDDAH: Saudi Arabia’s Tabuk region offers over 120 investment opportunities across sectors, from large projects to small businesses, leveraging its young workforce and strong consumer demand, a top official said.

The region’s mayor, Hussam bin Muwafaq Al-Youssef, and local business leaders discussed important initiatives and investment opportunities in the municipal sector. The meeting, part of the “Chamber’s Diwaniya” events during Ramadan, aimed to strengthen communication, encourage dialogue, and exchange ideas.

The gathering was also attended by Imad Al-Fakhri, chairman of the Tabuk Chamber of Commerce, and members of the organization’s board of directors, according to the Saudi Press Agency.

The northwestern region is undergoing a major transformation, hosting some of the Kingdom’s most innovative projects and significant investments. It aims to become a leading tourism destination along the Red Sea.

A key driver of this change is NEOM, a futuristic urban development that merges natural wonders with cutting-edge technologies. As Saudi Arabia’s largest giga-project and a central element of Vision 2030, NEOM, along with AMAALA and the Red Sea projects, are set to fuel growth and attract substantial investment across various sectors.

During the gathering titled “Tabuk ... Your Investment Destination,” Al-Yousef discussed key regional developmental and economic projects and shed light on his mayoralty’s plans to improve quality of life and attract investments.

The mayor highlighted some of the region’s competitive advantages, such as manufacturing, agriculture, mining, energy, and tourism, which have contributed to boosting Tabuk’s investment appeal.

He discussed the area’s significant potential, particularly in the tourism sector and said the municipality is working to create an investment-friendly environment by offering a variety of flexible processes and support to investors and entrepreneurs.

Al-Youssef said Tabuk boasts valuable assets, specifically its young talent, population structure, and purchasing power, placing the region third in the Kingdom for per capita consumption.

He added the municipality has over 120 available investment prospects across different sectors, including large, medium, and small-scale projects.

He encouraged business leaders to seize the opportunities and invest in the growing sectors, particularly with the government’s ongoing support for the private sector.

Al-Fakhri praised the municipality’s efforts in creating a competitive business environment and supporting investors and commended the collaboration between the public and private sectors in driving development, attracting investments, and overcoming challenges to benefit the region and its residents.

Al-Yousef listened to attendees’ feedback on the challenges investors face in the municipal sector and received suggestions for improving the investment environment and municipal services.