• Saudi Arabia's Public Investment Fund (PIF) has announced the establishment of a new company called the Saudi Space Commission, which will oversee the kingdom's space sector and support the development of a local space industry. The commission will be responsible for regulating, supervising, and developing the space sector in Saudi Arabia, as well as promoting private sector participation and international cooperation in the field.

• The creation of the Saudi Space Commission is part of the country's broader efforts to diversify its economy and reduce its reliance on oil. The space sector is seen as a strategic industry that can contribute to the development of new technologies, create high-skilled jobs, and attract foreign investment. The commission will work to develop the necessary infrastructure, regulations, and talent to support the growth of the space industry in Saudi Arabia.

• The announcement of the Saudi Space Commission comes as the kingdom is making significant investments in its space program. In 2018, Saudi Arabia launched its first satellite, and the country has also expressed interest in collaborating with other nations on space exploration and technology development. The establishment of the commission is expected to further strengthen Saudi Arabia's position as a regional leader in the space sector and help the country achieve its economic diversification goals.