the sovereign fund launches into the space industry

the sovereign fund launches into the space industry
the sovereign fund launches into the space industry

Saudi Arabia’s sovereign wealth fund announced the launch of the Neo Space Group (NSG) company which will provide “innovative satellite and space solutions on a local and global scale” and “invest in localization, technology, startups -up and knowledge”.

Saudi Arabia’s very wealthy sovereign wealth fund announced Monday the launch of the Neo Space Group (NSG), its first investment in the Gulf kingdom’s space industry. The Public Investment Fund (PIF) is known for its massive investments in sports, video games and Saudi megaprojects like Neom, a futuristic $500 billion megacity being built in the desert.

“The creation of the NSG marks an important step in the development of Saudi Arabia’s growing satellite and space sector, and its ambition to become a leading commercial player in the world,” said Omar Al-Madhi , one of the managers of the fund, quoted in a press release.

This is “the PIF’s first investment focused on the space industry,” he stressed. According to the press release, the company will provide “innovative satellite and space solutions on a local and global scale”, and “invest in localization, technology, start-ups and knowledge”.

The first two Saudi astronauts in space in 2023

Chaired by the crown prince and de facto ruler of the kingdom, Mohammed bin Salman, the PIF is at the heart of the diversification strategy of the world’s leading crude exporter. It holds more than $700 billion in assets, with investments in 90 companies in Saudi Arabia and abroad, where it has stakes in global companies like Uber, electric car maker Lucid and gaming company Activision Blizzard video.

He has also made a name for himself in the world of sport, buying English football club Newcastle in 2021, and spending millions of dollars to attract world football stars, such as Cristiano Ronaldo, to the kingdom. However, domestic investments constitute the vast majority of its portfolio. Saudi Arabia sent its first two astronauts into space last year, including Rayyanah Barnawi, the kingdom’s first female astronaut.

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