Saudi Arabia has announced the formation of a space entrepreneurship alliance to achieve growth and sustainability as well as develop a solid foundation for the sector, Arab News reports.
The announcement was made by the Communications, Space & Technology Commission, also known as CST, during the entity’s participation in the seventh edition of The Garage Disrupt event. The Deputy Governor of the Space Department at CST, Frank Salzgeber, explained the alliance is set to create an entrepreneurial ecosystem in the sector.
“It will be a platform to gather stakeholders to support Saudi entrepreneurs in innovation, as the Garage is the first to join this alliance,” he added. Salzgeber said the alliance aims to create a strong foundation for innovation and entrepreneurs in the Saudi space sector by providing access to resources and services, such as shared workspaces and technical labs.
The alliance will also support entrepreneurial initiatives including accelerator programs, workshops, and hackathons, as well as connect entrepreneurs with investors and experts.
In November, Saudi Arabia's Cabinet approved the creation of the Supreme Space Council, comprising various high-profile Saudi government officials including the Minister of Communications and Information Technology and the Minister of Foreign Affairs.
In line with Vision 2030, the Saudi Space Commission also announced the launch of the Saudi Space Accelerator Program in December.
This aims to address the current state of the Kingdom’s space sector and proposes proactive space solutions that will ignite the local ecosystem and determine its maturity level.
This aligns with the Kingdom’s announcement back in 2020 to invest $2.1 billion in its space sector to leverage the positive outlook of a global industry that is estimated to be worth $1 trillion by 2040.
