The Middle East and Africa (MEA) space market is valued at $18bn, with the UAE holding a 40-45 per cent market share, according to a new report from Boston Consulting Group (BCG) titled Governments in Space: A universe of opportunities.

The report highlights the UAE, Saudi Arabia, and Qatar as the core of the region’s civil space investments, which are collectively driving the GCC’s emergence as a hub for space innovation.

The report notes the UAE’s strategic commitment to space, with a $443m investment in civil space for 2024, corresponding to approximately 40-45 per cent of government spending across the MEA region.

UAE poised to capture half of the region’s downstream services market

The country is also positioned to capture more than 50 per cent of the region’s downstream services market, which accounts for about 70 per cent of the global space market.

Saudi Arabia is also making significant strides, with approximately $220m invested in civil space activities in 2024, representing an estimated 20-25 per cent share of government spending in the MEA region.

Qatar has a comparable investment of $220m, contributing around 5 per cent of the market today.

All three markets are projected to grow at or above the global space economy compound annual growth rate (CAGR) of 5 per cent through 2033, underscoring the region’s long-term commitment.

Faisal Hamady, MD and partner at BCG, said the UAE’s position “reflects a decade-plus commitment to strategic space investments that balance public sector vision with private sector innovation.”

He added that the UAE’s investment advantage in downstream services, which make up most of the global market, is a clear example of how sustained government backing translates to market leadership.

ROI from space programmes

The report identifies potential for significant return on investment from the UAE’s flagship space programmes, including the MBZ-SAT, Hope Probe, and Arab 813 initiatives, with estimated ROI potentially reaching 3-4x.

These programmes align with six core success factors identified in BCG’s analysis: long-term strategic commitment, strategic public-private partnerships, a failure-tolerant culture, and global engagement.

Thibault Werle, MD and partner at BCG, emphasised that the GCC’s success in the space industry requires “simultaneous excellence across multiple dimensions, financial commitment, partnership strategy, risk management, and policy integration, while maintaining patience for long-term returns.”

The BCG report identifies digital-space policy integration as a critical success factor and recommends that emerging space nations focus on niche excellence, leverage international partnerships, and invest in long-term talent development.

For the UAE and Saudi Arabia, the emphasis shifts to accelerating public-private partnerships and fostering innovation clusters.

Saudi Arabia, the UAE and Oman attracted $24bn of the $1tn in global green foreign direct investment (FDI) flows between 2020 and 2024, according to a Strategy& Middle East report.

The three countries, which invested $132bn abroad in the same period, accounted for 29 outbound and 10 inbound green FDI deals, capturing just 2 per cent of global inflows.

More than half of large cross-border investments during 2020-24 went into green projects, led by hydrogen, renewable power and batteries, the report said.

The surge peaked in 2022–23, before cooling last year as capital shifted toward artificial intelligence and semiconductors, though green FDI still reached $158bn in 2024, triple 2020 levels.

Saudi received $12.6bn in green FDI

Saudi Arabia received $12.6bn of inbound green investment, while Oman secured $8.9bn, including two major Indian-backed projects in ammonia and steel.

China, India and the US were the main sources of inbound GCC deals, while most outbound projects targeted hydrogen and ammonia ventures in Egypt and Mauritania.

“The GCC is uniquely positioned to benefit, possessing bold net-zero ambitions and some of the world’s cheapest clean energy sources. Yet, more can be done to fully capture the momentum of global green investment,” said Dr Yahya Anouti, partner at Strategy&.

The report noted that six of the ten lowest-cost solar projects worldwide are based in the GCC, highlighting its competitive advantage. But relative to GDP, all Middle Eastern countries except Oman lag global peers in attracting climate capital.

To expand its share, the consultancy recommended policy shifts similar to the US Inflation Reduction Act or EU Green Deal, investment de-risking tools such as green bonds and long-term offtake agreements, and support for regional green industries.

GCC countries have begun rolling out measures, including Saudi Arabia’s $1.7bn sovereign green bond, Oman’s hydrogen offtake agreements, and the UAE’s Sustainable Finance Framework.

While geopolitical uncertainty and shifting capital flows could weigh on investment, the report said climate concerns will keep green FDI high on the global agenda.

Citi has announced the rollout of its advanced Artificial Intelligence (AI) tools across its operations in the UAE and the wider Middle East and Africa (MEA), underscoring the bank’s commitment to innovation and digital transformation.

“The launch of our AI tools in the UAE and in MEA is a testament to Citi’s unwavering commitment to embracing cutting-edge technology to better serve our clients and empower our employees,” said Maria Ivanova, UAE and North Africa & Levant sub-cluster and banking head. “These advancements will not only boost our overall productivity but also foster a new era of innovation and client-centric solutions across the region.”

Speaking at a launch event in Dubai, Shamsa Al-Falasi, UAE Citi country officer, banking head and Citibank N.A, UAE CEO, added: “The introduction of these advanced AI tools marks a pivotal moment for our operations in the UAE. This technology will not only significantly enhance our internal capabilities and efficiency but also empower our teams to deliver unparalleled client service, fostering innovation that is uniquely tailored to the dynamic needs of the UAE market. We are committed to leveraging cutting-edge solutions to drive growth and support the nation’s vision for a digital future.”

Citi’s proprietary AI technology is now available to around 175,000 employees worldwide across 80 jurisdictions. In MEA, the tools have been deployed in more than 20 jurisdictions, highlighting Citi’s commitment to equipping its workforce with advanced solutions to drive efficiency and elevate service delivery.

The AI suite is designed to streamline workflows, automate routine processes, and unlock insights from vast datasets, enabling employees to focus on strategic priorities and high-value initiatives. The tools will also enhance client service by enabling faster, more tailored, and more effective interactions, raising the standard of customer experience across the region.

Saudi Arabia’s Public Investment Fund (PIF) has completed the acquisition of a 54 per cent stake in MBC Group Company, the leading media and content producer in the Middle East and North Africa, through a private transaction with Istedamah Holding Company.

Under the deal, PIF purchased 179.55 million shares for SAR7.469bn ($1.992bn), at SAR41.60 per share.

MBC Group reaches approximately 150 million viewers weekly across the globe, offering a range of content including entertainment, drama and sports.

MBC stake key to PIF’s focus on media sector

The acquisition underscores PIF’s continued focus on the media sector as part of its strategy to accelerate Saudi Arabia’s economic diversification.

The fund has emphasised that investments in local technology, content creation, and media infrastructure are intended to bolster the kingdom’s position as a regional hub for media while cultivating talent across the ecosystem.

PIF added that its media sector investments are designed to create broader economic value, including generating multiplier effects for other priority sectors such as tourism, technology, leisure, sports and real estate, while opening opportunities for private sector partnerships.

Alinma Bank has announced a strategic investment and partnership with Qashio, the MENA region’s leading spend management and corporate card platform, reinforcing its commitment to delivering advanced digital financial solutions that drive efficiency for corporate clients.

The move officially adds Qashio to Alinma Bank’s growing fintech portfolio, which already includes Amwal Tech, Ejari, Lean Technology, NearPay, and several local VC funds. This partnership aims to enhance and expand the existing collaboration between the two entities, with a focus on building a comprehensive spend management platform tailored to SMEs and corporates. Qashio’s loyalty ecosystem further enriches the offering by providing access to premium partners such as Emirates Skywards, Air France, KLM, Avios, Japan Airlines, Jumeirah One, Accor Hotels, Intercontinental, and Shukran, among others.

Aligned with Saudi Arabia’s Vision 2030, this strategic investment supports the Kingdom’s push toward economic diversification, financial innovation, and the transition to a cashless society. By combining Alinma Bank’s scale, credibility, and extensive client base with Qashio’s globally proven spend management solutions, the partnership establishes a new benchmark for corporate financial services across the region.

Read: 24 Fintech: The role of Saudi fintech firms in economic development

Armin Moradi, CEO and founder of Qashio, said: “This strategic partnership and investment have been made possible thanks to Vision 2030, where Qashio and Alinma will continue to contribute to the Kingdom’s goals of economic diversification, promoting fintech, and moving toward a cashless society. By combining Alinma Bank’s scale, credibility, and client base with Qashio’s globally recognized and proven cutting-edge spend management platform and loyalty ecosystem, this collaboration enables clients access to the most modern, usable, and rewarding way to manage business expenses and transactional banking.”

Saudi Arabia’s rapidly expanding fintech sector is fueling the country’s ambition to become a cashless economy. With Vision 2030 providing the roadmap, the Kingdom is leveraging its digitally connected population and progressive policies to build a financially inclusive, digital-first economy. The Alinma–Qashio partnership is well positioned to accelerate this transformation and deliver best-in-class corporate financial solutions in Saudi Arabia and beyond.