Saudi Arabia’s Public Investment Fund (PIF) announced the establishment of the Neo Space Group (NSG), a wholly owned PIF company that will become a national champion in the satellite and space sector.
Neo Space Group aims to enhance Saudi Arabia’s space and satellite sector by developing local capabilities and boosting its strategic position within the growing global space economy. The group also aims to develop and enhance commercial space operations in Saudi Arabia, providing innovative satellite and space solutions locally and globally. Therefore, it will invest in local and international assets and capabilities, in addition to promising venture capital opportunities.
PIF’s Neo Space Group will contribute to the development and deployment of the latest technologies in the space sector with its four business segments: satellite communications, earth observation and remote sensing, satellite navigation, and the Internet of Things. Moreover, it will include a satellite and space-focused venture capital fund.
“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,” stated Omar Al-Madhi, co-head of MENA direct investments at PIF.
Read: China’s Ant International seeks expansion in Saudi Arabia
Expanding economy and private sector
Al-Madhi also noted that Neo Space Group is PIF’s first venture into the space sector which will allow Saudi Arabia to seek new opportunities to expand its economy and private sector. Furthermore, Neo Space Group will drive economic expansion in Saudi Arabia in several strategic sectors while advancing the localization of vital industries.
PIF’s venture into the aerospace sector falls in line with its strategy to unlock promising sectors in Saudi Arabia. Moreover, it supports the country’s economic diversification efforts and the growth of non-oil revenues in line with Saudi Vision 2030.
For more news on technology, click here.
