Saudi Arabia, UAE's Role in Future of Space Exploration
(MENAFN) During the FII forum in Miami, Brian Hook, the vice-chairman of Cerberus, praised Saudi Arabia and the UAE for their critical role in the future of space exploration. He said that these countries had greatly accelerated a new space race by putting both their people and funding behind it, bringing into existence a new space economy. Hook, along with other panelists, spoke about the potential for development and investment in the space industry and the breakthroughs that make it appealing to the general public, investors, and enterprises.
According to Hook, allowing the private sector into the market has gained fresh momentum, and the overall market value is expected to surpass $1 trillion in the coming years. Private equity and venture capital have been funding and enabling some of the most innovative companies for space exploration.
Helene Huby, CEO of The Exploration Company, said that there had been a renaissance in the space industry in the last few years. She stated that we are living in the third revolution, which is not about access or costs, but staying in space. The first revolution was the Apollo mission, which was about access. The second was the industrialization of space exploration with the International Space Station.
Speakers noted that current enthusiasm around space exploration and increased investments would play a critical role in addressing some of the world's most pressing challenges, including climate change, food shortages, and droughts. Jane Pointer, founder of carbon-neutral spaceflight company Space Perspective, said that human spaceflight's effect is not only on the people that fly but also on the people on the ground.
Alan Pellegrini, CEO of Thales North America, a defense and aerospace company, added that space is a great contribution to humanity. Neil Armstrong's landing on the moon transformed his life and inspired him to a career in aerospace, and he thinks it is having the same effect on younger generations today. He hopes that space continues to be a place where collaboration is possible, regardless of which nation one belongs to.
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