Halo Space unveils Saudi localization plans, confirms upcoming test flight

Carlos Mira, CEO of Halo Space, made the announcement, confirming that the test flight will take place at the end of September in Saudi Arabia. Photo/Supplied
Carlos Mira, CEO of Halo Space, made the announcement, confirming that the test flight will take place at the end of September in Saudi Arabia. Photo/Supplied
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Updated 17 September 2024
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Halo Space unveils Saudi localization plans, confirms upcoming test flight

Halo Space unveils Saudi localization plans, confirms upcoming test flight
  • Halo Space announced the establishment of final assembly and testing facilities in the Kingdom
  • Test flight will take place at the end of September in Saudi Arabia

RIYADH: Saudi Arabia is set to host the next test flight of Halo Space, a leading company in near-space tourism, later this month.

On Tuesday, Halo Space announced the establishment of final assembly and testing facilities in the Kingdom. This development, revealed during a media event in Riyadh, represents a major advancement in Halo Space’s strategic partnership with Saudi Arabia and its ongoing efforts to lead in the burgeoning space tourism industry.

Carlos Mira, CEO of Halo Space, made the announcement, confirming that the test flight will take place at the end of September in Saudi Arabia.

“We in this industry work with launch windows. We open the launch window, on different days we are ready to fly depending on weather. It will be on Sept. 27, then we have the window open for 10-12 days. The reason is that we will fly on the day when we have the best weather conditions. If the best weather conditions are not on day one, we will wait until day two or three,” Mira told Arab News.

The upcoming test flight is scheduled to take place in the desert, approximately 350 km southeast of Riyadh, near Layla.

Mira underscored the significance of this new facility in Halo’s long-term strategy to position Saudi Arabia as a leading global hub for near-space activities.

The top executive said: “The decision to localize industrial capabilities, like the space capsule final assembly and testing facilities, a space port and an immersive experience dome recreating the Halo Stratospheric flights in Saudi Arabia, is a reflection of the Kingdom’s favorable business environment and ideal conditions for near-space activities. We believe that Saudi Arabia is uniquely positioned to take a leadership role in the near-space sector, and we are excited to continue building this partnership as we move forward with our mission.”

Mira highlighted that Halo Space has previously completed five successful test flights: the first in Hyderabad, India, in December 2022, followed by four consecutive tests in the Mojave Desert, California, in September 2023.

The latest announcement precedes the company’s next test flight, scheduled for late September, which will involve rigorous testing of its full-size prototype capsule, Aurora, at an altitude of 30 km. This unmanned flight aims to validate the functionality of the capsule’s critical systems, which have been developed over the past three years, as part of Halo’s commitment to safety and innovation.

Looking ahead, Halo plans its first manned test flight for 2025, a crucial milestone in preparing for commercial operations. The company intends to commence commercial flights in 2026, offering passengers an extraordinary space tourism experience.

By 2030, Halo aims to operate from four strategic locations—Saudi Arabia, Spain, Australia, and the US—providing near-space experiences to over 10,000 passengers.

Thomas Kuruvilla, managing partner at Arthur D. Little, emphasized the significant potential of the near-space sector for Saudi Arabia, noting its alignment with the country’s Vision 2030 objectives.

Kuruvilla said: “Halo Space’s presence in Saudi Arabia presents significant opportunities for the local economy, particularly in the tourism and space sectors. This initiative aligns perfectly with Vision 2030, which seeks to diversify the economy and position the Kingdom as a leader in the new space economy. We believe that Halo’s investment here will accelerate the development of a thriving ecosystem around near-space tourism, bringing high-value jobs and new business opportunities.”
Halo Space’s new facilities will enhance its flagship operational base in Saudi Arabia, supporting the Kingdom’s ambition to become a global leader in technological innovation and economic diversification.

Founded in 2021, Halo Space is revolutionizing space travel with its zero-emission flights that reach the edge of space. Their stratospheric balloon flights elevate passengers up to 35 km above Earth, providing a unique opportunity to view the planet’s curvature and the expanse of space.

Each journey, lasting up to six hours, offers a serene and spectacular experience, featuring unobstructed 360° views from the comfort of the spacecraft.


Aramco Ventures invests in Ucaneo to develop Germany’s largest direct air capture plant

Aramco Ventures invests in Ucaneo to develop Germany’s largest direct air capture plant
Updated 11 March 2025
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Aramco Ventures invests in Ucaneo to develop Germany’s largest direct air capture plant

Aramco Ventures invests in Ucaneo to develop Germany’s largest direct air capture plant

RIYADH: Aramco Ventures, the investment arm of Saudi Aramco, has joined a funding round for German startup Ucaneo, which is developing the country’s largest direct air capture facility. 

The backing follows Ucaneo’s €6.75 million ($7.3 million) seed round in September 2024, the company said in a statement. It did not disclose the value of its investment. 

Headquartered in Berlin, Ucaneo is focused on advancing DAC technology to remove carbon dioxide from the atmosphere efficiently and at scale. 

DAC is gaining traction as industries and governments seek scalable solutions to reduce emissions and meet global climate targets.

“Direct Air Capture, if achievable at a competitive cost, could play a crucial role in global decarbonization. Ucaneo’s approach, leveraging novel solvents and renewable energy-driven electrochemistry, has the potential to deliver a cost-effective and highly efficient solution,” said Bruce Niven, executive managing director at Aramco Ventures. 

He added: “We are excited to partner with Ucaneo’s innovative team to advance this technology toward large-scale adoption.” 

The facility, set to open in the first half of 2026, is expected to bring down DAC costs below €300 per tonne of CO2, positioning it among the most cost-competitive solutions globally, Ucaneo said. 

The company has also launched an industrial pilot capturing 30-50 tonnes of carbon dioxide annually, making it one of Germany’s largest DAC test sites. 

“We are thrilled to welcome Aramco Ventures as one of our investors. For us, it was essential to find a partner who not only supports our scaling efforts but is also deeply committed to playing a leading role in the energy transition,” said Florian Tiller, co-founder and CEO of Ucaneo. 

“Only through impactful scale and strong partnerships can innovative technology developers like Ucaneo enable the world to build a real net-zero economy,” he added. 

Aramco Ventures’ backing of Ucaneo comes just days after it led a $30 million Series A round for US-based climate tech startup Spiritus, alongside Khosla Ventures, Mitsubishi Heavy Industries America, and TDK Ventures. Spiritus aims to scale its DAC technology to curb emissions from data centers and industrial construction without stalling growth. 

The investment underscores Aramco’s increasing focus on carbon capture and emissions reduction technologies as part of its broader strategy to support the energy transition. 


GCC firms maintain financial stability despite regional tensions: Moody’s

GCC firms maintain financial stability despite regional tensions: Moody’s
Updated 11 March 2025
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GCC firms maintain financial stability despite regional tensions: Moody’s

GCC firms maintain financial stability despite regional tensions: Moody’s

RIYADH: Companies in the Gulf Cooperation Council have maintained strong credit qualities despite the economic uncertainty caused by geopolitical tensions, according to Moody’s Investors Service.

A report from the firm stated that a significant number of GCC firms continue to benefit from strong balance sheets, low leverage, and ample cash reserves, ensuring financial stability and resilience.

Outstanding debt was steady at $410 billion last year, and is likely to remain at this level in 2025, Moody’s added. 

Heightened geopolitical tensions remain the main source of near-term credit risk in the region. Sound economic and operating conditions, robust business models, effective operating execution and financial discipline, were also cited as key reasons for the stability seen by many companies.

Mikhail Shipilov, vice president and senior analyst at Moody’s Ratings, said: “This translates into good financial performance, strong credit metrics and solid liquidity, which are likely to be sustained over the next 12 months.” 

He added: “Many companies have features that mitigate geopolitical risks, which have had a limited effect so far on credit quality. These features include geographic diversification of operating assets, alternative supply routes or a focus on domestic markets.”

Many GCC companies have adopted strategic measures to mitigate risks from geopolitical uncertainties, according to the report.

Several companies have diversified their operational presence, securing stability through international markets. Alternative supply routes and a focus on domestic demand provide an additional buffer against potential disruptions, Moody’s said.

While Qatari firms remain relatively more exposed due to their asset concentration, their strong sovereign backing and liquidity reserves continue to reinforce financial resilience.

Macroeconomic conditions remain favorable for domestic-driven sectors, including real estate, telecommunications, and utilities.

Economic diversification initiatives, particularly in Saudi Arabia and the UAE, continue to drive non-hydrocarbon growth.

The UAE’s economy is forecast to have expanded by 3.8 percent in 2024, with 4.8 percent growth in 2025, supported by a buoyant real estate sector and strong foreign investment.

Saudi Arabia is set to see 3.3 percent GDP growth in 2025 and 4.8 percent in 2026, bolstered by large-scale infrastructure projects and a growing tourism sector.

Export-oriented companies, especially in the oil, gas, and petrochemical industries, continue to demonstrate resilience, according to the report.

Saudi Aramco stands out with its “immense operational scale, low production costs and downstream integration,” according to the report.

QatarEnergy benefits from vast, low-cost gas reserves and an expanding liquefied natural gas portfolio, securing its role as a major player in the energy sector.

Regional petrochemical companies leverage cost-efficient feedstock and advanced facilities to maintain a competitive edge in global markets.

The credit outlook for GCC corporates remains stable, supported by sound financial policies and government-led economic initiatives.


Saudi Arabia, South Korea sign deal to boost cooperation in space sector

Saudi Arabia, South Korea sign deal to boost cooperation in space sector
Updated 11 March 2025
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Saudi Arabia, South Korea sign deal to boost cooperation in space sector

Saudi Arabia, South Korea sign deal to boost cooperation in space sector

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.


Closing Bell: Saudi main index closes in red at 11,718

Closing Bell: Saudi main index closes in red at 11,718
Updated 11 March 2025
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Closing Bell: Saudi main index closes in red at 11,718

Closing Bell: Saudi main index closes in red at 11,718

RIYADH: Saudi Arabia’s Tadawul All Share Index continued its downward trend for the second consecutive day on Tuesday as it shed 27.67 points or 0.24 percent to close at 11,717.96. 

The total trading turnover of the benchmark index was SR7.70 billion ($2.05 billion), with 122 stocks advancing and 116 declining. 

Saudi Arabia’s parallel market Nomu also shed 268.15 points to close at 30,763.22. 

The MSCI Tadawul index declined by 0.25 percent to 1,483.35. 

The best-performing stock on the main market was Riyadh Cables Group Co. The company’s share price increased by 10 percent to SR129.80. 

The share price of Batic Investments and Logistics Co. also edged up by 6.34 percent to SR2.85.

Al-Baha Investment and Development Co. also saw its stock price rising by 5.88 percent to SR0.36. 

Conversely, the share price of Arabian Contracting Services Co. declined by 5.12 percent to SR129.80. 

On the announcements front, Mohammed Hadi Al Rasheed and Partners Co. said that its net profit for 2024 reached SR80.74 million, representing a rise of 80.58 percent compared to 2023. 

In a Tadawul statement, the company said that the rise in net profit was driven by an increase in sales and customers amid expansion in line with the company’s strategy.

Despite posting an increase in profit, the share price of Mohammed Hadi Al Rasheed and Partners Co. declined by 9.04 percent to SR142.80. 

Twareat Medical Care Co. said that its net profit witnessed a rise of 65.98 percent year on year to reach SR23.5 million. 

The healthcare firm added that its overall revenue also rose by 23.97 percent year on year in 2024, driven by improved sales strategies, new service contracts in areas like NEOM, Jubail, and Jafurah, and expanding medical services for existing clients.

Twareat Medical Care Co.’s board of directors also recommended dividends at SR0.25 per share for 2024. 

The share price of  the company edged up by 6.53 percent to SR22.50. 

Arabian Centers Co., also known as Cenomi Centers said that the firm’s net profit for 2024 stood at SR1.22 billion, representing a decline of 18.44 percent compared to 2023. 

In a Tadawul statement, Cenomi Centers revealed that its overall revenue reached SR2.34 billion in 2024, marking a year on year rise of 4.01 percent. 

It also announced that its board of directors has decided to pay a dividend of SR0.37 per share for the third quarter of 2024. 

The share price of Cenomi Centers edged up by 1.29 percent to SR20.36. 

Walaa Cooperative Insurance Co. said that it witnessed a net profit of SR64.30 million in 2024, representing a 56.55 percent decline compared to 2023. 

The insurance firm’s share price declined by 3.53 percent to SR18.04. 


Tabuk offers over 120 investment opportunities, driven by young workforce, strong demand

Tabuk offers over 120 investment opportunities, driven by young workforce, strong demand
Updated 11 March 2025
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Tabuk offers over 120 investment opportunities, driven by young workforce, strong demand

Tabuk offers over 120 investment opportunities, driven by young workforce, strong demand
  • 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

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.