\n <\/p>\n<\/section>\nOne of the world’s largest sovereign wealth funds, the PIF has already invested heavily in sports, gaming and so-called Saudi giga-projects including Neom, a $500-billion futuristic megacity under construction in the desert.<\/p>\n
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.<\/p>\n
It “aims to develop and enhance commercial space operations in Saudi Arabia, providing innovative satellite and space solutions locally and globally”, the PIF said.<\/p>\n
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.<\/p>\n
Under Crown Prince Mohammed bin Salman, the de facto ruler, Saudi Arabia has sought both to open up and diversify its oil-reliant economy.<\/p>\n
From world-class footballers to a new national airline and even a speciality shop serving camel milk gelato, the PIF has splashed billions on acquisitions intended to support diversification.<\/p>\n
The fund has also made high-profile investments in foreign firms including stakes in Uber, electric car maker Lucid and video game company Activision Blizzard.<\/p>\n
Domestic investments constitute the vast majority of its portfolio, however.<\/p>\n
“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.<\/p>\n
Last year, Saudi Arabia sent its first two astronauts into space, including Rayyanah Barnawi, the kingdom’s first female astronaut.<\/p>\n
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\n\t\t\t\t\t\t\t\t\t\t\t\tCitation<\/strong>:
\n\t\t\t\t\t\t\t\t\t\t\t\tSaudi fund launches new group to boost space industry (2024, May 27)
\n\t\t\t\t\t\t\t\t\t\t\t\tretrieved 27 May 2024
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