Saudi Arabia’s sovereign wealth fund launches new group to boost space industry

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The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, on Monday launched the Neo Space Group to work on the Kingdom’s satellite and space industry, its first investment in the sector.

The Neo Space Group or NSG is the “PIF’s first investment focused on the space industry,” the sovereign wealth fund said in a statement.

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It “aims to develop and enhance commercial space operations in Saudi Arabia, providing innovative satellite and space solutions locally and globally,” the PIF said.

It will also “invest in localization, technology, start-ups, and knowledge in the space and satellite sector in Saudi Arabia” in the latest bid to boost economic diversification.

“The establishment of NSG marks an important milestone in the development of the growing satellite and space sector in Saudi Arabia,” said Omar al-Madhi, PIF’s co-head of MENA Direct Investments.

Last year, Saudi Arabia sent its first two astronauts into space, including Rayyanah Barnawi, the Kingdom’s first female astronaut.

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With AFP

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