Saudi Arabia’s PIF launches Neo Space Group to strengthen satellite and space sector

The Public Investment Fund of Saudi Arabia (PIF) announced the establishment of Neo Space Group (NSG), a wholly owned company of PIF that will become the country’s leader in the satellite and space sector.

Neo Space Group aims to strengthen Saudi Arabia’s space and satellite sector by developing local capabilities and strengthening its strategic position in the growing global space economy. The group also aims to develop and enhance commercial space operations in Saudi Arabia, providing innovative satellite and space solutions locally and globally. Therefore, it will invest in local and international assets and opportunities, as well as promising venture capital opportunities.

PIF’s Neo Space Group will contribute to the development and implementation of the latest technologies in the space sector in its four business segments: satellite communications, Earth observation and remote sensing, satellite navigation and the Internet of Things. In addition, it will include a venture capital fund dealing with satellites and space.

“The establishment of NSG represents an important milestone in the development of Saudi Arabia’s growing satellite and space sector and its ambition to be a leading commercial player in the global satellite sector,” stated Omar Al-Madhi, co-head of MENA direct investments at PIF.

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A growing economy and private sector

Al-Madhi also noted that Neo Space Group is PIF’s first venture in the space sector, which will enable Saudi Arabia to seek new opportunities to develop its economy and private sector. Additionally, Neo Space Group will drive economic expansion in Saudi Arabia across several strategic sectors while supporting the localization of key industries.

PIF’s entry into the aerospace sector is in line with its strategy to unlock promising sectors in Saudi Arabia. Additionally, it supports the country’s efforts towards economic diversification and growth in non-oil revenues in line with Saudi Vision 2030.

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