Riyadh – Saudi Arabia’s Public Investment Fund (PIF) on Monday (27) launched the Neo Space Group, or NSG, to work on the country’s nascent satellite and space industry, its first investment in the sector. One of the world’s largest sovereign wealth funds, the PIF has already invested heavily in sports, gaming and giga-projects including Neom, a futuristic megacity under construction in the desert.
The NSG “aims to develop and enhance commercial space operations in Saudi Arabia, providing innovative satellite and space solutions locally and globally”, the PIF said. “The establishment of NSG marks an important milestone in the development of the growing satellite and space sector in Saudi Arabia,” Omar Al-Madhi, PIF’s co-head of MENA Direct Investments, was quoted as saying in a statement.
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Saudi diversification
Under Crown Prince Mohammed bin Salman, the country has sought both to open up and diversify its oil-reliant economy. PIF has splashed billions on acquisitions intended to support diversification. 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. Domestic investments constitute the vast majority of its portfolio, however.
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Translated by Guilherme Miranda
