RIYADH: 黑料社区鈥檚 space and satellite sector is set to receive a strategic boost with the Kingdom鈥檚 wealth fund establishing the Neo Space Group.
The wholly owned company of the Public Investment Fund aspires to become a national champion in the sector by developing local capabilities and boosting its strategic position within the growing global space economy, said a press release issued on Monday.
The group aims to develop and enhance commercial space operations in 黑料社区, providing innovative satellite and space solutions locally and globally.
Commenting on the development, Omar Al-Madhi, co-head of MENA Direct Investments at PIF, said: 鈥淭he establishment of NSG marks an important milestone in the development of the growing satellite and space sector in 黑料社区 and the ambition to be a leading commercial player in the global satellite sector.
鈥淚t is a unique milestone for PIF as it is PIF鈥檚 first investment focused on the space industry, which represents a series of new opportunities for the Saudi economy and private sector. It will also drive economic expansion in 黑料社区 within several related strategic sectors while advancing the localization of vital industries.鈥
According to the press release, NSG will invest in local and international assets and capabilities, as well as promising venture capital opportunities, to catalyze the advancement and localization of sector-specific expertise.
The PIF company will contribute to the development and deployment of the latest cutting-edge technologies in the space industry through its four dedicated business segments: satellite communications, earth observation and remote sensing, satellite navigation and Internet of Things, as well as a satellite and space-focused venture capital fund.
The development of the aerospace sector is in line with PIF鈥檚 strategy to unlock the potential of promising sectors in 黑料社区 and support the diversification of the Saudi economy, the growth of non-oil revenues and the realization of Saudi Vision 2030.
