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Editor in Chief Mohamed Wadie

Saudi Arabia Launches New Company to Boost Space Industry Investment


Mon 27 May 2024 | 11:19 PM
By Ahmad El-Assasy

On Monday, the Saudi Public Investment Fund (PIF) announced the launch of a new entity, "New Space Group," aimed at investing in the satellite industry and emerging space sectors within the Kingdom.

In a formal statement issued today, the sovereign wealth fund described the initiative as "the first PIF investment focused on the space industry." The project is set to develop and enhance commercial space operations in Saudi Arabia, providing innovative solutions for satellites and space both locally and globally.

This investment will include efforts in technology localization, startups, and knowledge within the Saudi satellite and space sector, marking the latest attempt to bolster the diversification efforts of the Middle East's largest economy.

Omar Al-Mahdi, Co-Head of Direct Investments for the Middle East and North Africa at the Fund, stated, "The establishment of the group is a significant milestone in the development of the growing satellite and space sector in the Kingdom of Saudi Arabia."

The Public Investment Fund has heavily invested in various fields including sports, esports, and what are known as major Saudi projects such as the futuristic city of "NEOM." Additionally, the fund has made substantial investments in high-profile foreign companies, including stakes in the ride-sharing company "Uber," electric car manufacturer "Lucid Motors," and video game company "Activision Blizzard."