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.


Oman’s Asyad Group plans to sell at least 20% of shipping unit via IPO

Oman’s Asyad Group plans to sell at least 20% of shipping unit via IPO
Updated 1 min 41 sec ago
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Oman’s Asyad Group plans to sell at least 20% of shipping unit via IPO

Oman’s Asyad Group plans to sell at least 20% of shipping unit via IPO
  • Offering will be made in two tranches, with 75% made to eligible investors in Oman and qualified institutional and other foreign investors
  • Remaining 25% will be sold to retail investors in Oman

DUBAI: Oman’s state-owned logistics firm Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering, it said on Wednesday, as part of the Gulf country’s privatization drive.
The group, owned by Oman’s sovereign wealth fund, plans to sell a stake of at least 20 percent in Asyad Shipping Co. and float it on the Muscat stock exchange, it said in a document detailing its intention to float.
“The intended listing would provide investors with the opportunity to invest in one of the world’s largest diversified maritime shipping companies and a key player in the Omani economy,” the company said.
Oman is pushing forward with a privatization drive to attract foreign investors.
That strategy, along with fiscal reforms, has helped the sultanate pay down debt and turn its large fiscal deficit of recent years into a surplus since 2022.
Asyad Shipping focuses on transporting liquefied natural gas, crude oil and other products. It lists energy firms BP and Shell, as well as trading firm Trafigura among its customers and partners.
Reuters reported in July last year that Asyad was planning an initial public offering of the subsidiary and had selected Jefferies Group and EFG Hermes as advisers.
The offering will be made in two tranches, with 75 percent made to eligible investors in Oman and qualified institutional and other foreign investors. Of the 75 percent tranche, 30 percent of shares have been earmarked for anchor investors, the firm said, without naming them.
The remaining 25 percent will be sold to retail investors in Oman.
The subscription period is expected to start next month, after the company has received regulatory approval.
Asyad Shipping plans to pay dividends semi-annually, beginning in September 2025 for the first six months of this year.
The company posted an adjusted core profit margin of 69 percent for the first nine months of last year, up from 65 percent over the same period in 2023.
Oman Investment Bank, EFG Hermes, JP Morgan and Jefferies are acting as joint global coordinators. Sohar International is acting as joint global coordinator and as issue manager.
Credit Agricole and Societe Generale are joint bookrunners.


Closing Bell: Saudi Arabia’s main market dips slightly to 12,362

Closing Bell: Saudi Arabia’s main market dips slightly to 12,362
Updated 21 min 32 sec ago
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Closing Bell: Saudi Arabia’s main market dips slightly to 12,362

Closing Bell: Saudi Arabia’s main market dips slightly to 12,362

RIYADH: Saudi Arabia’s Tadawul All Share Index was steady on Wednesday, as it marginally shed 7.21 points or 0.06 percent to close at 12,362.39.

The total trading turnover of the benchmark index was SR7.62 billion ($2.03 billion), with 109 of the listed stocks advancing and 122 falling.

The Kingdom’s parallel market Nomu also declined 317 points to close at 31,000.87, while the MSCI Tadawul Index edged down by 0.26 percent to 1,545.02.

The best-performing stock on the main market was Naseej International Trading Co. The firm’s share price surged by 9.96 percent to SR108.20.

Naseej was one of the three Tadawul-listed firms, alongside Saudi Cable Co. and Middle East Specialized Cables Co., to hit their highest levels in a year.

Saudi Cable Co. peaked today at SR128, compared to SR62.9 in March, a 103.58 percent increase.

Middle East Specialized Cables Co. share price jumped from SR21.28 in January 2024 to close at SR47.2 today.

Naseej International Trading Co.’s share price increased 55.7 percent from January last year to close at SR98.4 on Wednesday.

Other top gainers were Jahez International Co. for Information System Technology and Middle East Healthcare Co., whose share prices grew by 6.09 percent and 4.75 percent, to SR33.95 and SR79.40, respectively.

National Medical Care Co. and Al Jouf Cement Co. also saw a positive change, with their share prices surging by 4.12 percent and 4.01 percent to SR161.6 and SR11.92, respectively.  

Elm Co. saw the steepest decline of the day, with its share price dropping 4.03 percent to close at SR1,176.2.  

United International Transportation Co. and Etihad Atheeb Telecommunication Co. declined, with their shares slipping 2.72 percent and 2.66 percent to SR82.30 and SR102.60, respectively. 

On Nomu, Armah Sports Co. was the best performer, with its share price rising by 7.34 percent to reach SR95.  

Quara Finance Co. also delivered a strong performance as its share price rose by 5.26 percent, reaching SR20, while Arabian Food and Dairy Factories Co. recorded a 2.99 percent increase at SR99.  

WSM for Information Technology Co. shed the most on Nomu, with its share price dropping by 6.33 percent to reach SR53.3.  

Saudi Parts Center Co. experienced a 6.25 percent decline in share prices, closing at SR60, while First Avenue for Real Estate Development Co. 6.04 percent to settle at SR9.02. 


Saudi crude output up 1.21% to hit 8.92m bpd: JODI 

Saudi crude output up 1.21% to hit 8.92m bpd: JODI 
Updated 22 January 2025
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Saudi crude output up 1.21% to hit 8.92m bpd: JODI 

Saudi crude output up 1.21% to hit 8.92m bpd: JODI 

RIYADH: Saudi Arabia’s crude oil production rose to 8.92 million barrels per day in November, a 1.21 percent annual increase according to the latest release from the Joint Organizations Data Initiative. 

The report showed a 2.05 percent drop in crude exports, which fell to 6.21 million bpd, although this figure marks the highest level in eight months. 

Refinery crude exports surged 36 percent year on year to 1.14 million bpd in November but declined by 18.65 percent compared to October. 

Key refined products included diesel, motor gasoline, aviation gasoline, and fuel oil.

Diesel exports accounted for 38 percent of refined product shipments, while motor and aviation gasoline made up 24 percent, and fuel oil comprised 11 percent. 

Notably, motor and aviation shipments rose 63 percent annually to 272,000 bpd in November. Diesel exports also increased by 27 percent reaching 439,000 bpd. 

Saudi Arabia’s refinery output reached 2.35 million bpd, a 13 percent year-on-year increase, with diesel representing 40 percent of total refined products, followed by motor and aviation gasoline at 25 percent and fuel oil at 19 percent. 

Domestic demand for refinery products increased by 210,000 bpd year on year, reaching 2.56 million bpd. 

OPEC+ has decided to delay the start of oil output increases by three months until April, and extend the full unwinding of cuts by a year, now set to finish by the end of 2026. 

This decision was made in response to weak global demand and rising production from countries outside the group. OPEC+, which controls around half of the world’s oil production, had initially planned to begin unwinding cuts in October 2024, but delays were caused by global demand slowdowns and growing non-OPEC+ output. 

Direct crude usage 

Saudi Arabia’s direct crude oil burn fell by 119,000 bpd in November to 382,000 bpd, a 24 percent year-on-year decline and a 5.5 percent increase from October. 

The annual reduction can be attributed to the global shift toward cleaner energy sources, such as natural gas, renewables, and electricity, which are gradually replacing crude oil in sectors like power generation and shipping. 

Additionally, improved energy efficiency and stricter environmental regulations have led to further reductions in crude oil use. 

By 2030, the Saudi government plans to phase out the use of crude oil, fuel oil, and diesel in power generation, replacing them with natural gas and renewable energy sources. 

This transition is a key component of the Kingdom’s Vision 2030 initiative, aimed at diversifying its energy mix and reducing dependence on oil, both domestically and in global markets. 

As Saudi Arabia moves toward this objective, natural gas demand is anticipated to rise sharply, driving increased investments in the natural gas supply chain, including exploration and infrastructure development. 


Ogero resumes telecom expansion in Lebanon, boosting connectivity and major upgrades

Ogero resumes telecom expansion in Lebanon, boosting connectivity and major upgrades
Updated 22 January 2025
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Ogero resumes telecom expansion in Lebanon, boosting connectivity and major upgrades

Ogero resumes telecom expansion in Lebanon, boosting connectivity and major upgrades
  • Ogero connected 221,000 households to fiber-optic Internet in 2024 and plans to add 406,000 new subscribers this year
  • It is is also upgrading from Wi-Fi 5, currently used at Beirut Rafic Hariri International Airport, to Wi-Fi 7

RIYADH: Lebanon’s state-owned telecom company Ogero is working to restore and expand the country’s connectivity after experiencing damages due to the Israeli conflict.

The clashes have significantly disrupted Lebanon’s telecom infrastructure, impeding connectivity and slowing the nation’s digital advancement.

Ogero’s Chairman and Director General Imad Kreidieh announced in a live broadcast that the company’s expansion plans will resume, supported by funding from multiple donors.

According to Kreidieh, Ogero connected 221,000 households to fiber-optic Internet in 2024 and plans to add 406,000 new subscribers to the network this year.

The company is also upgrading from Wi-Fi 5, currently used at Beirut Rafic Hariri International Airport, to Wi-Fi 7. The upgrade will provide speeds of up to 3,500 megabits per second with ultra-low latency of 2—4 milliseconds. 

The network’s backhaul capacity is being upgraded from 20 gigabits per second to 40 Gbps to support enhanced connectivity, according to Kreidieh.

Ogero is also expanding its LTE infrastructure, increasing the number of stations from 97 to 219 by the end of 2025 and 390 by 2026, which translates to better and wider coverage nationwide. 

The LTE-Advanced capacity will be quadrupled from 10 Gbps to 40 Gbps to enhance performance and service quality.

The top official also said that Ogero will build 215 new stations in the southern and Baalbek regions, which were heavily damaged by Israeli strikes, over the next 24 months, allowing users to regain connectivity.

In a move toward sustainability, Ogero is also implementing solar energy solutions for 358 sites, with a 4-megawatt production capacity and 463 kiloampere-hours storage capacity. The $9.6 million project is expected to generate $8.5 million in annual savings, according to Kreidieh.

Ogero serves as the core of the Ministry of Telecommunications, providing essential infrastructure for all telecom networks, including mobile operators, data service providers, and Internet service providers.


Up to 40 Canadian firms eyeing investment in Saudi Arabia’s healthcare sector

Up to 40 Canadian firms eyeing investment in Saudi Arabia’s healthcare sector
Updated 22 January 2025
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Up to 40 Canadian firms eyeing investment in Saudi Arabia’s healthcare sector

Up to 40 Canadian firms eyeing investment in Saudi Arabia’s healthcare sector

RIYADH: Up to 40 Canadian firms are eying investment in Saudi Arabia’s healthcare sector amid efforts to strengthen economic ties between the countries.

The interest was highlighted at a healthcare event organized by the Federation of Saudi Chambers at its headquarters in Riyadh, which showcased various investment opportunities within the sector, the Saudi Press Agency reported.

This aligns with Saudi Arabia’s objective to boost private sector participation in healthcare to 25 percent by 2030, reflecting the rapid growth and expansion of the industry, along with attractive investment incentives. It also underscores the Kingdom’s broader efforts to strengthen ties with Canada, highlighted by the restoration of diplomatic relations in May 2023 after a five-year hiatus.

During the gathering, Chairman of the Saudi-Canadian Business Council Mohammed bin Nasser Al-Duleim highlighted the body’s pivotal role in boosting trade relations and fostering investment between the Kingdom and the North American country.

Al-Duleim also provided an overview of Vision 2030 initiatives and talked up the incentives and support offered by Saudi Arabia to foreign investors.

The Ambassador of Canada to the Kingdom Jean-Philippe Linteau commended the efforts to strengthen economic ties between countries. 

He emphasized the joint business council’s contributions and highlighted the strong interest of Canadian firms in Saudi Arabia’s healthcare sector.

In December, economic cooperation was the focus of a high-level meeting between a senior Saudi official and the Canadian ambassador, reflecting the ongoing progress in relations between the two nations.

The Kingdom’s Minister of Economy and Planning Faisal Al-Ibrahim held talks with Linteau at his department’s headquarters in Riyadh, SPA said at the time. 

Since normalizing relations, Canada is keen to build a “great relationship” with the Kingdom, Linteau said during an interview with Arab News in February. 

His commets came a month after Saudi Arabia and Canada agreed to re-exchange trade delegations, aiming to improve economic relations and increase trade and investment volumes. 

Hassan Al-Huwaizi, president of the Saudi Chambers of Commerce, emphasized at the time that establishing a joint business council would provide a platform for business leaders to promote activities and engage in partnerships, facilitating continuous interaction and information exchange about market opportunities.

In 2022, Saudi exports to Canada stood at $2.5 billion, with imports valued at $959 million, according to online data visualization and distribution platform Observatory of Economic Complexity.