Saudi fund launches new group to boost space industry

Saudi Arabia’s Public Funding Fund (PIF)on Monday launched the Neo Area Group to work on the dominion’s nascent satellite and space business, its first funding within the sector.

One of many world’s largest sovereign wealth funds, the PIF has already invested closely in sports activities, gaming and so-called Saudi giga-projects together with Neom, a $500-billion futuristic megacity below building within the desert.

The Neo Area Group or NSG is the “PIF’s first funding centered on the space industry“, the sovereign wealth fund stated in an announcement.

It “goals to develop and improve business space operations in Saudi Arabia, offering revolutionary satellite and space options regionally and globally”, the PIF stated.

It would additionally “spend money on localization, know-how, start-ups, and data within the space and satellite sector in Saudi Arabia” within the newest bid to spice up financial diversification.

Beneath Crown Prince Mohammed bin Salman, the de facto ruler, Saudi Arabia has sought each to open up and diversify its oil-reliant financial system.

From world-class footballers to a brand new nationwide airline and even a speciality store serving camel milk gelato, the PIF has splashed billions on acquisitions supposed to help diversification.

The fund has additionally made high-profile investments in international companies together with stakes in Uber, electrical automobile maker Lucid and online game firm Activision Blizzard.

Home investments represent the overwhelming majority of its portfolio, nevertheless.

“The institution of NSG marks an essential milestone within the improvement of the rising satellite and space sector in Saudi Arabia,” stated Omar Al-Madhi, PIF’s co-head of MENA Direct Investments.

Final 12 months, Saudi Arabia despatched its first two astronauts into space, together with Rayyanah Barnawi, the dominion’s first feminine astronaut.

© 2024 AFP