The Public Investment Fund (PIF) has unveiled the establishment of the New Space Group (NSG) to be a pioneering company in the Kingdom’s space sector, reported Saudi Press Agency (SPA).
The new formed company, wholly owned by the PIF, aims at enhancing satellite and space services and strengthening the Saudi capabilities in the space industry.
NSG is mainly designed to provide innovative solutions to the local and international satellite services and target promising investment opportunities to further boost Saudi Arabia’s position in this growing sector.
With a bold vision to revolutionize the space industry, the group will include four main business units:
- Satellite communications
- Earth observation and remote sensing
- Satellite navigation and Internet of Things
- A capital fund to capture new investment initiatives
Commenting on the launch, Omar Al-Madhi, Director of Direct Investments in the Middle East and North Africa at the PIF stated that the newly established group is an obvious representation of Saudi Arabia’s endeavors to acquire a prestigious position worldwide in space industry.
“The establishment of NSG represents the Kingdom’s ambitions to be a leading global provider in the field of satellite services,” Al-Madhi said.
He described NSG as “a qualitative step” for PIF, marking the first investment to focus entirely on space industry and satellite services.
Therefore, it will foster Saudi Arabia’s economy and motivate local economic growth in many relative sectors to diversify the economy and accelerate the implementation of Saudi Vision 2030.
Related Topics:
Saudi Arabia Transfers 8% of Aramco to PIF
BlackRock Signs MoU with PIF Worth up to $5.Bln
‘Beyond Earth: Journeys to the Star’: Saudi Space Agency, NASA Discuss Space Exploration
