The Public Investment Fund (PIF) has announced the establishment of the first Saudi space company, named “Neo Space Group.” (NSG)
This move aims to focus on the space industries and satellite services, marking the fund’s “first investment” in this sector.
Space Ambitions
NSG will work to enhance satellite and space services in the Kingdom.
Additionally, it aims to “elevate the local sector’s status” in this globally growing field.
So What
The NSG aims to develop and utilize the latest technologies in the space industries through four main business units:
- Satellite communications.
- Earth observation and remote sensing.
- Satellite navigation and Internet of Things (IoT).
- Establishing a venture capital fund to invest in the satellite and space sector.
Some Context
Developing the space sector aligns with the “Public Investment Fund’s strategy” to unlock the potential of promising sectors in the country.
It also “significantly contributes” to diversifying the Saudi economy, growing non-oil revenues, and achieving “Vision 2030.”
Notably, “one of the world’s largest sovereign wealth funds” has already invested in several fields, including sports and electronic games.
It also leads major national projects, most notably “NEOM,” the futuristic mega-project worth around $500 billion, currently under construction in the northwestern Saudi desert.
Finally, the announcement of the NSG comes a year after a mission saw the launch of the “first Saudis” to the International Space Station, including “Rayyanah Barnawi,” the first Saudi female astronaut.
