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Boston Consulting Group’s latest analysis shows that the UAE, Saudi Arabia, and Qatar are at the heart of civil space investment across MEA. The UAE led with roughly $443 million committed for civil space in 2024, capturing nearly half of governmental spending in the region. Saudi Arabia and Qatar followed with approximately $220 million each.

The report highlights downstream services—satellite communications, earth observation—as the fastest-growing segments. UAE is projected to grab over 50 per cent of that downstream services market, while Saudi Arabia is set to hold over 20 per cent, and Qatar remains just under 5 per cent.

In the upstream sphere, where spacecraft design, launch facilities, and ground operations are concentrated, the Gulf countries are boosting capacity. Saudi Arabia has stepped up partnerships with foreign agencies such as NASA and commercial firms like Axiom, and domestic players including Neo Space Group are increasingly involved. Qatar’s Es’hailSat is cited as a key actor in satellite communications. The UAE’s Hope Mars Probe is named as an example of both international cooperation and technical achievement.

Growth rates projected through to 2033 are in line with, or exceed, the expected global compound annual growth rate for the space economy, which BCG estimates at about 5 per cent. Analysts point to policy support, institutional frameworks, public-private partnerships, and investment in human capital as enablers.

Opportunities in downstream services are being amplified by trends in artificial intelligence and cloud computing. These are reshaping data collection, processing and applications for earth sensing, environmental monitoring, agritech, and disaster response. The Gulf states are working to consolidate their roles not only as financiers but as centres of innovation and regional service provision.

The report also situates the MEA region’s space efforts within broader economic diversification agendas, particularly in the Gulf. For the UAE, Saudi Arabia and Qatar, space is not merely symbolic ambition but a sector being leveraged to build scientific ecosystems, boost high-tech employment and attract international collaboration.

Government officials in New Delhi have unveiled a secure integrated circuit solution, fully developed within India, designed to underpin future digital identity systems including e-passports. All intellectual property is said to reside domestically, marking a significant milestone in the nation’s tech self-sufficiency drive.

The secure IC is embedded with a “smart OS”, enabling secure authentication, encryption, and identity verification. It is intended for deployment in identity credentials issued by federal authorities. Verification features include tamper resistance, cryptographic protection of stored data, and interoperability with global identity verification standards. The OS is modular, allowing updates and extension of features such as biometric modules, NFC, and remote authentication.

The development is part of the broader India Semiconductor Mission and Semicon India Programme, with an investment outlay of ₹76,000 crore supporting chip fabrication, assembly, display fabs, and design projects. The pilot line for this secure chip is being hosted in Gujarat at an OSAT facility.

Sources indicate that ten semiconductor manufacturing projects have been approved across six states—Gujarat, Assam, Uttar Pradesh, Punjab, Odisha, and Andhra Pradesh—with total investment commitments exceeding ₹1.60 lakh crore. These projects include multiple fabs, ATMP/OSAT facilities, and chip design initiatives.

Among recent achievements is the development of Vikram-3201, a 32-bit space-grade processor by the ISRO Semiconductor Laboratory, presented to the Prime Minister at Semicon India 2025. It has been validated in the PSLV-C60 mission and is said to be robust under extreme launch-vehicle conditions. It was fabricated using a 180 nm CMOS process.

The secure IC is expected to be somewhat different in specifications from Vikram-3201: targeted more towards identity and citizen services rather than space applications. Performance metrics are likely less extreme, but security requirements—such as resistance to physical tampering, side-channel attack mitigation, secure boot, and cryptographic module certification—are being prioritised. Implementation of secure OS standards is underway.

In tandem with hardware development, the government has accelerated IP and design ecosystem support. Under the Design Linked Incentive scheme, 23 design projects have been approved to foster startups, MSMEs, and academic participation. Skill development in VLSI design, packaging, EDA tools, and fab-operations is being emphasised.

Policy observers note that global supply-chain disruptions and geopolitical shifts have provided a backdrop that intensifies India’s push for technological sovereignty. External partnerships—for example in materials, equipment, packaging technologies—are being pursued to fill gaps in the domestic ecosystem.

Challenges remain. Process node maturity is one area—while the 180 nm node is proven and reliable for many applications including space, more advanced nodes dominate consumer electronics and high-performance identity solutions globally. Also, certifications for security standards, supply of trusted materials, secure hardware lifecycle management, and scaling production to volumes needed for national identity issuance will test capacity. Ensuring interoperability with international identity verification frameworks will also be essential.

Prime Minister Narendra Modi turned 75 today amid widespread greetings and the launch of a two-week “Sewa Pakhwada” campaign aimed at welfare and outreach efforts across India. State and central leaders as well as ordinary citizens extolled his leadership, while a slate of new programs for women, children and tribal communities were rolled out, especially from Dhar in Madhya Pradesh.

President Droupadi Murmu hailed Modi as “an exemplar of hard work” who has inspired the nation to set and pursue large goals. She wished him health and joy, emphasising how his leadership has helped shape India’s progress globally. Union ministers including Rajnath Singh, Nitin Gadkari and BJP president J. P. Nadda echoed these sentiments, pointing to Modi’s role in promoting self-reliance, elevating India’s international stature, and executing reforms across sectors.

The “Sewa Pakhwada” initiative has been structured as a fortnight of activity ending on 2 October, coinciding with the birth anniversaries of Mahatma Gandhi and Lal Bahadur Shastri. Under the campaign, programmes such as health check-ups, cleanliness drives, blood donation camps, environmental awareness efforts, promotion of indigenous products, exhibitions, and sports events will take place. BJP youth wings are staging runs and community events in dozens of cities to mark the milestone.

From his birthplace town of Vadnagar in Gujarat to distant corners of the country, celebrations have taken on local flavour. In Madhya Pradesh’s Dhar district, special welfare initiatives for women, children and tribal populations were unveiled. Across India, schools and public spaces have hosted rangoli displays, devotional prayers, and cultural performances. Special Ganga Aarti ceremonies have been organised and major state capitals are seeing visual tributes such as large-scale posters and tricolours.

Political reaction has been overwhelmingly positive, with opposition voices largely restrained or offering measured praise. Chief ministers from various states, as well as senior figures within BJP and allies, emphasised continuity of governance and commitment to delivering public services. Some messages focused on Modi’s global diplomatic presence, while others lauded domestic schemes and grassroots infrastructure projects.

Analysts see the birthday observances and accompanying welfare push as both symbolic and strategic. The scale of the celebrations and outreach efforts suggests an aim to reinforce popular support ahead of upcoming elections. The use of service initiatives spans across regions and social groups; the focus on tribal welfare and women’s health is being viewed as an attempt to address longstanding development gaps. Modi’s third consecutive term as Prime Minister has already witnessed significant policy moves in defence, infrastructure, manufacturing, and digital governance, boosting India’s international profile even as challenges such as inflation, unemployment and rural distress persist.

A leading real estate industry association in Hong Kong has pressed the government to establish a HK$20 billion fund to buy up distressed properties, arguing that failing to act risks allowing systemic financial risks to spread through the banking and property sectors.

The proposal arrives as banks in the territory are increasingly exposed to loans tied to properties that are losing value. Major lenders such as Hang Seng Bank and HSBC are among institutions flagged for having substantial loan exposure to property-linked assets that are showing signs of stress. The association contends that a support fund could help stabilize the market by acquiring distressed assets before they trigger wider defaults.

Estate developers and property investors have seen rental yield decline and vacancy rates rise in commercial properties, especially in central business districts. The decline in demand for office space, retail frontage, and hotels, combined with rising borrowing costs, has squeezed cash flows and made it difficult for many property firms to service debt.

Smaller and mid-sized developers are under particular pressure. According to data, these firms together hold over HK$170 billion in real estate debt. Some banks are tightening refinancing requirements, demanding stronger collateral and stricter repayment terms.

Private credit funds have begun to fill some financing gaps, launching new funds and offering loans to both high-quality developers and those in distress. These firms are attracting interest from investors seeking higher yields. However, analysts warn that private credit may only provide a partial solution, since valuation mismatches between lenders and borrowers continue, and property asset prices in many sectors have dropped steeply since their peaks.

The proposed HK$20 billion fund would be used to purchase properties under foreclosure or receivership, thereby removing some of the non-performing assets from bank balance sheets and easing potential contagion. The government has not yet formally responded. Critics of the plan worry about moral hazard: purchasing distressed assets could encourage risk-taking if developers assume they will be bailed out. Others highlight the challenge of determining fair market value for assets in distress, especially when transactions are few and discounted.

Regulators are monitoring the situation closely. The Hong Kong Monetary Authority has reported that exposure of major systemically important banks to the property sector has grown significantly in recent years. Some banks have already increased their provisions for bad loans, though those remain modest compared to potential losses if property values decline further.

HSBC has opened a dedicated wealth centre in Dubai aimed at serving affluent clients, stepping up efforts to capture a growing share of the UAE’s expanding wealth and asset management sector. It comes as the bank’s Swiss private arm moves to cut ties with over 1,000 wealthy clients from the Middle East under regulatory pressure.

The Dubai centre, housed in HSBC’s flagship Jumeirah branch, will offer Premier and high-net-worth clients access to relationship managers in a specialist space. Dinesh Sharma, HSBC’s head of International Wealth and Premier Banking for Middle East, North Africa and Turkey, said the UAE is among HSBC’s top five global markets, and the investment in infrastructure, people, capabilities and marketing over the next three to four years represents its largest in two decades. Singapore is cited as a model for how the UAE could develop into a global wealth hub.

In parallel, HSBC Private Bank has informed more than 1,000 clients in Saudi Arabia, Lebanon, Egypt and Qatar—many with assets exceeding US$100 million—that it will terminate its relationships with them. The bank is classifying these clients as high risk, following findings by Swiss regulator FINMA that it failed to meet anti-money laundering obligations in past transactions involving politically exposed persons.

HSBC has emphasised its continued commitment to both its Middle East and Swiss wealth business units. Barry O’Byrne, CEO of International Wealth and Premier Banking, maintains that Switzerland remains one of HSBC’s “core wealth hubs.” HSBC is structuring its strategy to grow where it has “a clear competitive advantage.”

The bank notes that personal financial assets in the UAE have surged over the past few years, exceeding US$700 billion, with more than 130,000 millionaires now in the country. Migrants of wealth are drawn by favourable investment policies, tax incentives and regulatory reforms. Regions contributing large shares of incoming wealth include India, other Middle Eastern markets, Russia and the Commonwealth of Independent States, and a growing number from the UK, Europe and China.

HSBC’s move to reduce exposure to high-risk clients comes after FINMA’s rulings in 2024, which identified breaches in anti-money laundering duties in connection with transactions involving politically exposed persons between 2002 and 2015. The regulator prohibited HSBC Private Bank from onboarding new relationships with such individuals until its compliance practices were overhauled. The bank is now working under those rules, winding down existing relationships judged to pose compliance risk.

Space42, listed in Abu Dhabi, and Viasat, a US communications company on Nasdaq, have joined forces to launch a new entity called Equatys to deliver Direct-to-Device and mobile satellite services worldwide leveraging 5G standards.

Equatys will combine satellite and terrestrial networks under a 3GPP Non-Terrestrial Network architecture so that standard smartphones and IoT devices can connect even where ground-based networks cannot reach. It will use over 100 MHz of harmonized Mobile Satellite Services spectrum across more than 160 markets. The venture aims to begin commercial service within three years.

The “space tower” model at Equatys is built on shared multi-tenant infrastructure covering both space and ground components. This setup is designed to cut redundant investment, improve spectrum utilisation, and reduce overall capital costs for operators. Licensed terrestrial and satellite operators will be able to tap into this infrastructure for D2D and next-generation MSS offerings.

Space42 was formed in 2024 through a merger combining the operations of Bayanat and Yahsat. Its business units include upstream satellite operations and geospatial analytics/AI-powered smart solutions. Major shareholders include G42, Mubadala, and IHC. Viasat, having acquired Inmarsat in 2023, operates globally in secure satellite communications, for government, enterprise, and consumer markets.

While financial terms of the venture were not disclosed, Equatys is expected to issue equity in phases, opening opportunities for strategic and financial partners as the system scales. The model is pitched as infrastructure-grade, aiming to offer returns tied to long-term deployment and spectrum utilisation rather than short-term hardware sales.

The project is subject to regulatory and customary conditions. It follows a Memorandum of Understanding signed in March 2025 between Space42 and Viasat which moved from exploratory technical and commercial studies to forming a jointly owned infrastructure company.

Experts are watching closely how spectrum harmonisation will be maintained across the many markets Equatys aims to cover. Nation-level telecom regulators often impose latency, licensing or usage constraints on MSS and NTN services, which can complicate global rollout. Also, implementing a shared infrastructure model across multiple orbits of satellites presents technical and operational challenges, from latency and hand-off between orbits, to ground station coordination, spectrum interference and service reliability.

Gold surged past levels not seen in over four months after growing confidence that the Federal Reserve will cut interest rates this month boosted demand for bullion, while silver climbed above $40 per ounce for the first time in over a decade.

Spot gold rose around 0.9% to roughly US$3,486.86 per ounce, reaching highs last marked in late April. US gold futures for December delivery also advanced, riding momentum from dovish comments by San Francisco Fed President Mary Daly and a U. S. appeals court decision that struck down most of former President Trump’s tariffs, which weighed on the dollar. Silver jumped about 2.2%, to near US$40.56, its best since September 2011. Other precious metals followed: platinum added 1.5% and palladium rose around 0.8%.

Investors have been digesting a weakening US dollar, cautious labour market indicators, and signals from policymakers suggesting the Fed could lower rates by 25 basis points. Some traders contemplate a larger cut, although forecasts remain varied. Demand for gold as a hedge has been reinforced by geopolitical uncertainty and concerns around the independence of central banking.

Analysts at ANZ and UBS have revised their forecasts for gold upward. ANZ now expects gold to average about US$3,800 per ounce by year-end, with upside toward US$4,000 by mid-2026. UBS similarly raised its year-end target, citing robust central bank buying, persistent inflation pressures, and the likelihood of further policy easing.

Silver’s rally, driven by industrial demand and tight supply, outpaces gold in percentage gains. ETF inflows have also favoured silver, reflecting investor appetite for high-beta exposure in the precious metals space.