Riyadh – Exclusive Sharikat Mubasher: Waleed A. Alballaa, Founding General Partner at Sukna Ventures, emphasized that the space economy has grown into a major market, offering promising economic opportunities that can be explored through innovations in space technologies.
On the sidelines of the LEAP 2025 Conference, taking place at the Riyadh Exhibition and Convention Centre, Malham Alballaa noted that space technologies have become an integral part of daily life, citing GPS services as an example, which are widely and continuously used by everyone.
Alballaa explained that the space industry is undergoing a significant transformation in how its technologies are utilized. The cost of sending one kilogram into space has plummeted from tens of thousands of dollars to just $50–70, paving the way for numerous new opportunities.
He added that the uses of space techs today extend far beyond traditional applications like communications and satellite imaging. They now include precision industries such as manufacturing pharmaceuticals and construction materials, as well as applications of Earth monitoring and defense capabilities.
Alballaa identified two types of space markets. The first is the large-scale market requiring substantial investments and national programs, such as the efforts of Saudi Arabia's Public Investment Fund (PIF), which has established a specialized space technologies company. The second market, known as "New Space," provides opportunities for small projects and practical innovations that can be financed through venture capital.
He pointed out that most opportunities in Saudi Arabia have traditionally focused on satellite imaging and Earth monitoring technologies. However, over time, there has been an increased focus on other areas such as communications and advanced technologies.
Alballaa concluded his remarks: "We, as investors, are working to study these opportunities with an open mind. We evaluate startups to uncover growth potential and returns that can be supported through venture capital."
Sukna Ventures is a Riyadh-based early-stage VC fund focusing on backing digital transformation businesses whilst empowering entrepreneurs with value creation at all stages of building and growing their startups.
The fourth edition of the award-winning global technology event, LEAP, runs from 9 to 12 February in Riyadh with the participation of over 1,800 exhibitors, more than 1,000 speakers, and over 680 startups with awards exceeding $1 million.
Under the theme ‘Into New Worlds,’ LEAP 2025 aims to showcase the latest innovations and facilitate knowledge exchange, expanding business networking and investment opportunities in the tech sector.
The event, featuring participation from 18 countries, is organized by Tahaluf and the Ministry for Communications and Information Technology (MCIT), in partnership with Informa PLC, the Saudi Federation for Cybersecurity, Programming and Drones, and the Events Investment Fund.