Saudi Arabia’s Neo Space Group to Boost Kingdom’s Space and Satellite Sector
In a strategic move, Saudi Arabia’s wealth fund has established the Neo Space Group to elevate the Kingdom’s space and satellite sector to new heights.
As a wholly owned company of the Public Investment Fund, the Neo Space Group aims to position itself as a national champion in the industry by fostering local capabilities and strengthening its global presence within the expanding space economy, as per a press release issued on Monday.
The group’s mission is to revolutionize commercial space operations in Saudi Arabia by offering innovative satellite and space solutions both locally and internationally.
Omar Al-Madhi, co-head of MENA Direct Investments at PIF, expressed his excitement about the establishment of NSG, stating, “The establishment of NSG marks an important milestone in the development of the growing satellite and space sector in Saudi Arabia and the ambition to be a leading commercial player in the global satellite sector.”
Investing in the Future
NSG, a PIF company, will invest in local and international assets and capabilities, as well as promising venture capital opportunities to accelerate the advancement and localization of sector-specific expertise.
The company will focus on developing and deploying 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, and a satellite and space-focused venture capital fund.
Strategic Growth and Diversification
The development of the aerospace sector aligns with PIF’s strategy to unlock the potential of promising sectors in Saudi Arabia, support the diversification of the Saudi economy, boost non-oil revenues, and achieve the goals set out in Saudi Vision 2030.