Saudi Investment Fund says created company to develop space industry

MOSCOW, May 28 (Sputnik) – Saudi Arabia’s Public Investment Fund (PIF) said that it had created the Neo Space Group to develop the country’s satellite and space industry.

“PIF today announced the establishment of the Neo Space Group (NSG), a wholly owned PIF company that will become a national champion in the satellite and space sector. NSG will enhance the space and satellite sector by developing local capabilities and boosting its strategic position within the growing global space economy,” the fund said in a statement on Monday.

The fund will invest in local and international companies, technologies and startups, the statement added.

“NSG will contribute to the development and deployment of the latest cutting-edge technologies in the space industry through its four dedicated business segments: satellite communications, earth observation and remote sensing, satellite navigation and Internet of Things, as well as a satellite and space-focused venture capital fund,” the statement read.

Last year, Saudi Arabia sent its first two astronauts into space, including the country’s first female astronaut, Rayyanah Barnawi.