Saudi Arabia’s PIF launches company to enter space sector
25/06/24
Saudi Arabia’s space and satellite sector is set to receive a strategic boost with the Kingdom’s wealth fund establishing the Neo Space Group.
The wholly owned Public Investment Fund (PIF) company aspires to become a national champion in the sector by developing local capabilities and boosting its strategic position within the growing global space economy. Moreover, the group aims to develop and enhance commercial space operations in Saudi Arabia, by providing innovative satellite and space solutions by investing in local and international assets.
The establishment of the Neo Space Group marks an important milestone in growing the burgeoning satellite and space sector in Saudi Arabia. Furthermore, it showcases the Kingdoms ambition to become a leading commercial player in the global space market. As a result, It is a unique milestone for the PIF as its initial space industry investment. Moreover, it is expected to drive economic diversification in Saudi Arabia within strategic sectors while also advancing the localisation of vital industries.
Neo Space Group will contribute to the development and deployment of the latest cutting-edge technologies in the industry. It will achieve this by operating four dedicated business segments. Notably in satellite communications, earth observation and remote sensing, satellite navigation and Internet of Things. Most importantly it will launch a satellite and space focused venture capital fund to encourage local and regional interest in the .
Most importantly, the development of the aerospace sector is in line with PIF’s strategy to unlock the potential of promising ventures in Saudi Arabia and support the diversification of the Saudi economy, the growth of non-oil revenues and the realisation of the Saudi Vision 2030.
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