PEARSON PLC ORD 25P  PSON.L 
$1,026.00  $0.5  0.05%  
DIAGEO PLC ORD 28 101/108P  DGE.L 
$2,496.50  $0.5  0.02%  
RECKITT BENCKISER GROUP PLC ORD  RKT.L 
$4,493.00  $85.00  1.93%  
LLOYDS BANKING GROUP PLC ORD 10  LLOY.L 
$59.66  $0.14  0.24%  
MELROSE INDUSTRIES PLC ORD GBP0  MRO.L 
$556.20  $6.80  1.21%  
FRESNILLO PLC ORD USD0.50  FRES.L 
$607.00  $7.00  1.17%  
NATWEST GROUP PLC ORD 107.69P  NWG.L 
$337.50  $2.50  0.74%  
WEIR GROUP PLC ORD 12.5P  WEIR.L 
$1,913.00  $2.00  0.10%  
STANDARD CHARTERED PLC ORD USD0  STAN.L 
$721.40  $3.20  0.44%  
ENDEAVOUR MINING PLC ORD USD0.0  EDV.L 
$1,806.00  $70.00  4.03%  
OCADO GROUP PLC ORD 2P  OCDO.L 
$411.10  $19.70  4.57%  
ANGLO AMERICAN PLC ORD USD0.549  AAL.L 
$2,222.00  $37.50  1.72%  
ASHTEAD GROUP PLC ORD 10P  AHT.L 
$5,242.00  $56.00  1.06%  
SEGRO PLC ORD 10P  SGRO.L 
$901.20  $4.20  0.46%  
BAE SYSTEMS PLC ORD 2.5P  BA.L 
$1,259.50  $12.50  0.98%  
VODAFONE GROUP PLC ORD USD0.20   VOD.L 
$70.44  $0.14  0.20%  
HSBC HOLDINGS PLC ORD $0.50 (UK  HSBA.L 
$663.00  $3.10  0.47%  
GLENCORE PLC ORD USD0.01  GLEN.L 
$433.35  $0.05  0.01%  
ROLLS-ROYCE HOLDINGS PLC ORD SH  RR.L 
$443.90  $16.10  3.50%  
UNITE GROUP PLC ORD 25P  UTG.L 
$922.00  $2.00  0.22%  
ANTOFAGASTA PLC ORD 5P  ANTO.L 
$1,946.00  $33.00  1.73%  
CRODA INTERNATIONAL PLC ORD 10.  CRDA.L 
$4,059.00  $4.00  0.10%  
KINGFISHER PLC ORD 15 5/7P  KGF.L 
$277.50  $0.4  0.14%  
SPIRAX GROUP PLC ORD 26 12/13P  SPX.L 
$8,630.00  $20.00  0.23%  
TAYLOR WIMPEY PLC ORD 1P  TW.L 
$156.60  $0.6  0.38%  
WPP PLC ORD 10P  WPP.L 
$741.40  $8.80  1.17%  
RIO TINTO PLC ORD 10P  RIO.L 
$4,937.50  $65.50  1.34%  
HOWDEN JOINERY GROUP PLC ORD 10  HWDN.L 
$947.50  $12.50  1.34%  
MONDI PLC ORD EUR 0.22  MNDI.L 
$1,554.00  $19.50  1.24%  
HARGREAVES LANSDOWN PLC ORD 0.4  HL.L 
$1,096.00  $9.00  0.81%  
BARRATT DEVELOPMENTS PLC ORD 10  BDEV.L 
$506.60  $11.00  2.22%  

Middle East’s Ascent – A $75 Billion Space Economy Vision

by Rahil M
0 comment

The study reveals that the Middle East’s space economy has experienced a threefold expansion over the past decade, surging from an estimated value of $25 billion to its current stature.

The Middle East’s space sector is poised for a meteoric rise, with projections indicating a potential valuation of $75 billion by 2032, according to a comprehensive study unveiled at the Middle East Space Conference in Muscat, Oman. The research document, titled “Beyond the Stars: Middle East’s Space Ecosystem on the Move,” delineates the exponential growth trajectory of the region’s space industry, including burgeoning investments in satellites, exploration missions, and ancillary services.

The study reveals that the Middle East’s space economy has experienced a threefold expansion over the past decade, surging from an estimated value of $25 billion to its current stature. By the dawn of the next decade, the region is expected to command an 8.5% share of the global space economy, signalling its emergence as a significant player in the international space arena.

At the forefront of this burgeoning industry is the United Arab Emirates (UAE), which has been instrumental in catalyzing the region’s space ambitions. The UAE’s achievements encompass sending two astronauts to the International Space Station, pioneering the development of cutting-edge satellites, and recently announcing its collaboration with NASA to furnish an airlock module for a Moon-orbiting station.

Steve Bochinger of Euroconsult, the orchestrator of the conference, attributes the region’s escalating prominence in the global space sector to a transformative shift in the geopolitical landscape. He observes, “The space domain, once monopolized by a handful of historical spacefaring nations, has evolved into a multipolar environment, with over 80 countries investing significantly in space-related endeavours.” Bochinger contends that the Middle East epitomizes this dynamism, characterized by accelerated governmental strategies and ambitious space programs.

Echoing this sentiment, Mohammed Algassim, sector head of planning and development at the Saudi Space Agency, delineated Saudi Arabia’s strategic objectives in space exploration and science. The kingdom’s foray into space was marked by the historic mission of sending two astronauts – Rayyanah Barnawi and Ali Al Qarni – to the International Space Station, thereby augmenting the Arab representation in Space to a record trio. Algassim elucidated the government’s dual focus on non-commercial activities, such as space debris removal and International Space Station collaborations, which would constitute 70% of the budget, while fostering downstream value-added services through private sector engagement.

Meanwhile, Omani officials unveiled ambitious plans aimed at catapulting the nation into the global space arena. Oman’s initiatives encompass the construction of a state-of-the-art commercial spaceport and a research hub dedicated to simulation missions and experiments. The collaboration with UK Launch Services signifies a pivotal step toward the realization of this vision, as the spaceport in Duqm is poised to accommodate both small and large launch vehicles, facilitating enhanced access to space for Oman and neighbouring countries.

Dr. Ali Al Shidhani, undersecretary of the Ministry of Communications and Information Technology in Oman, emphasized the government’s commitment to nurturing entrepreneurial ventures within the space sector. He revealed plans to inaugurate a space accelerator aimed at fostering start-ups and engendering innovation. Additionally, collaborations with academic institutions are underway to establish space engineering labs, providing students with invaluable experiential learning opportunities and contributing to the development of a skilled workforce adept in space-related disciplines.

The Middle East’s burgeoning space sector is on an upward trajectory, poised to carve a niche for itself in the global space economy. With robust governmental support, strategic collaborations, and a burgeoning ecosystem of innovative enterprises, the region is primed to realize its ambitious space aspirations. As the Middle East continues to ascend in the realm of space exploration and technology, stakeholders anticipate a future defined by groundbreaking achievements, technological innovation and unprecedented growth.

You may also like

Leave a Comment

Subscribe to Our Newsletters

We are a UK-based business awards firm that specializes in recognizing and celebrating exceptional achievements across various sectors. Our team of experts is dedicated to delivering world-class services, including event management, judging, and award design. With a focus on quality and excellence, we aim to showcase the best of international businesses and inspire future success.

Contact us: [email protected]

© 2022 – The Business Pinnacle. All Right Reserved. Developed by Aapta

The Business Pinnacle