The Strategist

Saudi investment fund sets up a space company

05/28/2024 - 06:46

According to a statement from the Public Investment Fund (PIF) of Saudi Arabia, which was cited by Al Arabiya TV, the fund made its first investment in the satellite and space industries when it formed Neo Space Group.

Public Investment Fund of Saudi Arabia
Public Investment Fund of Saudi Arabia
Neo Space Group, or NSG is the PIF's first space-related investment. It will concentrate on establishing and growing Saudi Arabia's commercial space operations and offering cutting-edge satellite and space solutions both domestically and internationally.

In an effort to promote economic diversification, the fund will also make investments in localization, technology, entrepreneurs, and information sharing in Saudi Arabia's space and satellite industry.

Saudi Arabia launched its first two astronauts into space last year, Rayyanah Barnawi being the first female astronaut from the kingdom.