The Saudi Arabian Public Investment Fund (PIF) has established the Neo Space Group (NSG), a wholly owned PIF company whose mission will be to become a national champion in the Saudi satellite and space sector.
NSG will develop local capabilities and boost the strategic position of the space and satellite sector within the growing global space economy. The group aims to develop and enhance commercial space operations in Saudi Arabia, providing innovative satellite and space solutions locally and globally.
Specifically, NSG will invest in local and international assets and capabilities and promising venture capital opportunities to catalyse the advancement and localisation of sector-specific expertise. The group will also invest in localisation, technology, start-ups, and knowledge in the space and satellite sector in Saudi Arabia.
The PIF says NSG will also contribute to the development and deployment of the latest cutting-edge technologies in the space industry through four dedicated business segments: satellite communications; earth observation and remote sensing; satellite navigation; and Internet of Things. There will also be a satellite and space-focused venture capital fund.
As the SpaceWatch.Global digital magazine explains, the development of the aerospace sector aligns with PIF’s strategy to unlock the potential of promising sectors in Saudi Arabia.
It quotes Omar Al-Madhi, co-head of MENA direct investments at PIF, who describes this as “PIF’s first investment focused on the space industry, which represents a series of new opportunities for the Saudi economy and private sector”. He adds: “It will also drive economic expansion in Saudi Arabia within several related strategic sectors while advancing the localisation of vital industries.”
