Saudi space economy projected to reach $31.6 billion by 2035

Saudi Arabia’s space economy is projected to nearly quadruple to $31.6 billion by 2035 as the kingdom invests in satellites and digital technologies.

Key areas of satellite use will be climate monitoring, agriculture, water management and disaster response, according to a report by the Communications, Space and Technology Commission and the International Telecommunication Union. 

The expansion is part of a broader push to develop digital infrastructure and space-based services while using technology to address environmental challenges, Arab News reports.

“Saudi Arabia is committed to unlocking the full potential of artificial intelligence and digital innovation as powerful enablers of sustainable development,” Abdullah Al-Swaha, Minister of Communications and Information Technology, said in the report.