Saudi Technology Development and Investment Company (TAQNIA) and the Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, have signed an agreement to organize commercial launch services for small spacecrafts.
The agreement was signed on Monday during the visit of Russian President Vladimir Putin to Riyadh, the companies said in a joint statement.
“We are pleased with the progress of our partnership with RDIF on the project which marks our entry to the small satellite launch market. The agreement is congruent with TAQNIA’s vision to foster international cooperation, build local capabilities and diversify the Saudi economy in line with the Kingdom’s Vision 2030,” said Dr Turki Bin Saud Al Saud, chairman of TAQNIA.
Kirill Dmitriev, CEO of RDIF, added: “Our investment partnership with TAQNIA, including staff training and the joint design and development of space technologies will enable the fund and partners to lay the foundation for implementing large-scale commercial launch projects.”
The two entities will coordinate their joint efforts on preparing and investing in the development of technologies for launching small spacecrafts into low Earth and solar-synchronous orbits and their commercial use in the interests of the Russia and Saudi Arabia. Small space satellites of Russia and Saudi Arabia will be used as a payload.
In addition, the agreement provides for research and production cooperation of specialists under the project, the statement added.
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