The governments of the UK and Saudi Arabia have discussed ambitious plans for space and innovation cooperation, including investing in the potential of solar energy in space.
UK Business Secretary Grant Shapps met with His Excellency Abdullah Al-Swaha, Chairman of Saudi Arabia's Space Council and Minister of Communications and Information Technology, this week to discuss what could help unlock major business opportunities for UK businesses potential agreement.
A collaboration between British company Space Solar and NEOM (a new Saudi city built in Tabuk province that combines smart city innovation, world-class technology and data intelligence) could see each country contribute to Space Solar Development (SBSP) invests a lot of money.
SBSP collects solar energy using satellites in geostationary orbit, which are very large satellites with solar modules, and use radio technology to transmit energy to fixed points on Earth. Its main advantage over wind and ground-mounted solar is that it provides clean energy day and night, all year round and in all weather conditions. Interest in the technology has grown in recent years as costs have dropped rapidly.
Early investment in the UK can leverage substantial private investment. The development of SBSP in the UK could deliver substantial benefits to the domestic space and technology sector by creating valuable intellectual property, jobs and industry contracts. The collaboration follows broad support from the business secretary for the space sector.
Business Secretary Grant Shapps said: "The Kingdom of Saudi Arabia is embarking on an ambitious journey to modernize its economy and society, which presents numerous opportunities for thriving British businesses, including space solar, whose output could transform the global landscape for renewable energy. Access. Collaboration on a global scale is an important part of delivering on the UK's ambitions in science and innovation, which is why I am delighted to be in the Gulf with someone who is so open to business, Aspirational countries develop bilateral relations."
The UK already has strong and important links with Saudi Arabia and the United Arab Emirates - with SABIC (Saudi Basic Industries Corporation) and Alfanar committing a combined £1.85bn to decarbonisation and clean energy technology at Teesside.
"The UK and Saudi Arabia have a longstanding bilateral relationship in the areas of trade, investment, defence, security and energy and we wish to maintain our relationship with Saudi Arabia given the vital national security and economic interests."
The potential for space solar collaboration is just one example of the encouraging signs of change in Saudi Arabia’s Vision 2030, which is full of opportunities for the UK economy.
In the future, funds that cooperate with Saudi Arabia will be subject to value analysis and investment security review.