Ibadan, 29 May 2024. – The Saudi Arabian Public Investment Fund (PIF) has established the Neo Space Group (NSG), a wholly-owned PIF company to become a national champion in the Saudi satellite and space sector. The development of the aerospace sector aligns with PIF’s strategy to unlock the potential of promising sectors in Saudi Arabia.
NSG will consequently enhance the space and satellite sector by developing local capabilities and boosting its strategic position within the growing global space economy. The group aims to develop and enhance commercial space operations in Saudi Arabia, providing innovative satellite and space solutions locally and globally.
NSG will invest in local and international assets and capabilities, promising venture capital opportunities to catalyze the advancement and localization of sector-specific expertise. The group will also invest in localization, technology, start-ups, and knowledge in the space and satellite sector in Saudi Arabia.
Furthermore, 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.
Speaking on the new group, Omar Al-Madhi, Co-head of MENA Direct Investments at PIF, said, “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.”
Al-Madhi also added, “It is a unique milestone for PIF as it is PIF’s first investment focused on the space industry, which represents a series of new opportunities for the Saudi economy and private sector. It will also drive economic expansion in Saudi Arabia within several related strategic sectors while advancing the localization of vital industries.”
