PIF Launches Neo Space Group to Power Saudi Arabia’s Satellite and Space Industry

Saudi Gazette report

RIYADH – The Public Investment Fund (PIF) has established Neo Space Group (NSG), a new wholly owned subsidiary to lead Saudi Arabia’s aspirations in the satellite and space sectors.

As a national leader, NSG is poised to enhance local capabilities and elevate Saudi Arabia’s strategic position in the global space economy.

NSG will focus on the development of commercial space operations, providing cutting-edge satellite and space solutions both locally and abroad.

The initiative will include significant investments in local and international assets, capabilities and promising venture capital opportunities with the aim of catalysing the development and localization of sector-specific expertise.

This strategic move includes the development of four dedicated business segments within NSG: satellite communications, Earth observation and remote sensing, satellite navigation and Internet of Things, and a venture capital fund focused on satellite and space technologies.

Omar Al-Madhi, Co-Head of MENA Direct Investments at PIF, commented on the event, stating: “The establishment of NSG represents an important milestone in the development of Saudi Arabia’s growing satellite and space sector and our ambition to be a leading commercial player in the global satellite sector. This is PIF’s first investment focused on the space industry, representing a range of new opportunities for the Saudi economy and private sector.

Al-Madhi further noted that NSG will drive economic expansion in Saudi Arabia across several strategic sectors while facilitating the location of key industries. This initiative is part of PIF’s strategy to unlock the potential of promising sectors in Saudi Arabia, support the diversification of the Saudi economy, increase non-oil revenues and realize the goals of Saudi Vision 2030.