PIF launches space company

Saudi Arabia’s sovereign wealth fund the Public Investment Fund (PIF) has announced a strategy to invest in the aerospace and satellite sectors.

To this end, the PIF has launched Neo Space Group (NSG), a wholly-owned subsidiary designed to develop the local space industry.

The new business will have four business segments – satellite communications, earth observation and remote sensing, satellite navigation and Internet of Things.

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In addition, NSG will also launch a satellite and space-focused venture capital fund.

According to the PIF, the move is in line with the fund’s strategy to invest in ‘promising sectors’ within the Saudi market and to lessen the reliance on oil-based revenues.

“The establishment of NSG marks an important milestone in the development of the growing satellite and space sector in Saudi Arabia and the ambition to be a leading commercial player in the global satellite sector,” said Omar Al-Madhi, co-head of Mena direct investments at PIF.

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