Is water the new oil of space? It may be to Middle Eastern oil states such as Saudi Arabia and the United Arab Emirates, who are looking at space as a way to diversify out of the earthly benefits of fossil fuel. “Middle East oil states are investing in satellite technology and trying to transform their domestic economies into digital economies and knowledge-based economies,” said Tom James of Navitas Resources, an energy consultant based in London and Singapore. As space colonizers such as Elon Musk and Jeffrey P.