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Saudi Arabia Joins Global Framework for Close-Out Netting

RIYADH, Saudi Arabia, Nov. 11, 2025 (GLOBE NEWSWIRE) — The International Swaps and Derivatives Association (ISDA) has published its legal opinions that recognize the enforceability of close–out netting in Saudi Arabia, a move that provides global financial institutions with greater legal certainty when transacting in the Kingdom’s Derivatives Market. The decision follows the Capital Market Authority’s (CMA) issuance of the (Close–out Netting and related Collateral Arrangements Regulation) this year.

Close–out netting allows counterparties in a qualified financial contract to offset their obligations if one party defaults, leaving only a single net payment due. Thus, reducing systemic risk and ensures the orderly settlement of contracts. Additionally, its enforceability determines whether international investors can manage their exposures efficiently.

The CMA regulation that was published establishes a legal recognition of netting and related Financial collateral arrangements where one party is a capital market institution. It also aims to enhance the stability of the financial system and protect investors by ensuring the enforceability of a qualified financial contracts thereby safeguarding the rights of all parties involved.

Mr. Raed Alhumaid, CMA Deputy for Market Institutions, said that the development reflects Saudi Arabia’s ongoing effort to strengthen the foundations of its financial system. He added, “We welcome ISDA’s legal opinions that recognize the enforceability of close–out netting in the Kingdom of Saudi Arabia, following the issuance of our (Close–out Netting and Related Collateral Arrangements Regulation) this year.”

For international institutions, the recognition of enforceable netting in Saudi Arabia reduces counterparty uncertainty and supports broader participation in the local derivatives markets, creating the legal foundation necessary for market depth and liquidity growth.

It is worth noting that Saudi Arabia’s derivatives market was launched in 2020 with the MT30 Index Futures, followed by single stock futures (SSF) in 2022 and single stock options (SSO) in 2023. These instruments expanded investors’ ability to hedge and manage risk. The enforceable netting framework strengthens this market by ensuring greater legal certainty in derivatives transactions and supporting its continued growth and stability.

The CMA noted in its press release that the regulation includes a set of provisions governing close–out netting and associated collateral arrangements, defines its scope of application and the entities subject to it, and defines qualified financial contracts and transactions that would be exempt from the provisions of the Bankruptcy Law. This step is expected to contribute to enhancing the stability and sustainability of the Kingdom’s financial sector and the overall capital market framework.

Capital Market Authority

Communication & Investor Protection Division

+966114906009

+966557666932

[email protected]

www.cma.org.sa


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Space42 Expands Earth Observation Constellation, Foresight, with Launch of Three New SAR Satellites


  • Foresight Constellation grows to five satellites, up by three since January 2025
  • 25 cm SAR resolution enables GIQ platform to provide faster, sharper insights
  • Strengthens UAE’s sovereign Earth Observation capability and international collaboration

ABU DHABI, United Arab Emirates, Nov. 02, 2025 (GLOBE NEWSWIRE) — Space42 (ADX: SPACE42), the UAE–based AI–powered SpaceTech company with global reach, and ICEYE, the global leader in Synthetic Aperture Radar (SAR) satellite operations, today announced the successful launch of three SAR satellites in its Earth Observation (EO) constellation, Foresight–3, Foresight–4, and Foresight–5, into Low Earth Orbit (LEO). Launched via integrator Exolaunch, the Foresight satellites successfully lifted off aboard the Bandwagon–4 rideshare mission with SpaceX from Cape Canaveral Space Force Station in Florida, USA. The spacecraft has established communication, and early routine operations are underway.  

First launched in August 2024, followed by another launch in January 2025, the Foresight Constellation combines SAR imagery and Space42’s AI platform, GIQ, to accelerate the delivery of decision–grade geospatial intelligence to governments, industries, and partners worldwide.

Hasan Al Hosani, CEO of Smart Solutions at Space42, said: “Expanding the Foresight Constellation to five satellites in just over one year demonstrates our commitment to operating as a center of excellence for space innovation, and enhances the space ecosystem we are developing, that can scale globally from Abu Dhabi. By combining sovereign capability with global collaboration, together with ICEYE, we deliver intelligence that matters across industries and borders. Space42’s strategy is to lead the premium geospatial intelligence market, and today’s milestone is proof of execution at speed and scale.”

Rafal Modrzewski, CEO and Co–founder of ICEYE, said: “Working with Space42 demonstrates how ICEYE’s technology and operational expertise can help partners establish sovereign satellite capabilities. By launching mid–inclination SAR satellites, we are enabling Space42 to deliver persistent coverage across key regions at middle latitudes. We look forward to building even greater capabilities in the UAE and collaborating with our partners as they advance their space ambitions.”

Technology Edge

The Earth Observation constellation’s key differentiator is its geospatial intelligence capability. Operating at 25–centimeter resolution enables GIQ to convert continuous visibility into real–time insights, delivered directly into decision workflows, with daily revisit rates, sharper detection of change, and lower latency in intelligence delivery.

Across industries, the benefits of SAR constellations are tangible. SAR’s strategic value was demonstrated in Turkey in 2023, when it confirmed the safety of the Atatürk Dam after a major earthquake while all other monitoring systems failed, and in 2024 during the UAE’s historic flooding.

These real–world cases illustrate why demand is accelerating. The global SAR market is projected to grow from $5.8 billion to $9.8 billion by 2030. With SAR systems, governments can accelerate emergency response by up to 90%, infrastructure operators can reduce predictive maintenance costs by as much as 30%, and enterprises can reduce operational inefficiencies by a quarter.

International Collaboration

Partnership is central to the UAE’s model of progress and to how Space42 operates. The Foresight Constellation exemplifies distributed manufacturing and cross–border collaboration. The satellites were produced in Finland, tested and integrated for the first time in Abu Dhabi at Space42’s Space Systems’ Assembly, Integration and Testing (AIT) facility, and launched from the United States. This model accelerates innovation, reinforcing Space42’s role as a global player in the space industry.

Strengthening the UAE’s Leadership in Earth Observation

With Foresight–1 and Foresight–2 already in orbit, the addition of three new SAR satellites further strengthens decision accuracy and advances the Space42’s Earth Observation program towards full constellation maturity targeted for 2027.

The milestone supports the UAE’s National Space Strategy 2030 while reinforcing the country’s leadership in geospatial intelligence, satellite innovation, and advanced manufacturing. The Foresight EO Constellation places the UAE among only 20 countries worldwide that operate SAR space assets.

With Abu Dhabi now home to the region’s first SAR AIT facility, Space42 continues to strengthen the foundation of high–tech manufacturing and talent development within the UAE’s industrial base.

About Space42
Space42 (ADX: SPACE42) is a UAE–based AI–powered SpaceTech company that integrates satellite communications, geospatial analytics and artificial intelligence capabilities to enlighten the Earth from space. Formed in 2024 by the successful merger of Bayanat and Yahsat, Space42’s global reach allows it to address the rapidly evolving needs of its customers in governments, enterprises, and communities. Space42 comprises two business units: Space Services and Smart Solutions. Space Services focuses on upstream satellite operations for both fixed and mobility satellite services. Smart Solutions integrates geospatial data acquisition and processing with AI to inform decision–making, enhance situational awareness, and improve operational efficiency. Major shareholders include G42, Mubadala, and IHC.

For more information, visit: www.space42.ai; follow us on X: @space42ai

Legal Notice and Cautionary statement regarding forward–looking information 
This announcement may contain forward–looking statements based on current expectations and assumptions about future events. These statements—identified by terms such as “expect,” “will,” or similar—are subject to risks and uncertainties and may prove inaccurate. They reflect information available as of the date hereof, and the companies disclaim any obligation to update them. No assurance is given that any forward–looking statement will occur, and undue reliance should not be placed on them. This announcement does not constitute a financial promotion or an offer to buy or sell securities in any jurisdiction. 

A photo accompanying this announcement is available at:
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