Saudis create NEOSpace Group
July 9, 2024
By Chris Forrester
Saudi Arabia’s Public Investment Fund has created a new venture, the NEOSpace Group (NSG). The business says it aims to develop and enhance commercial activities related to the sector within Saudi Arabia by providing innovative solutions for satellite and space services both locally and internationally.
The new business unit is part of Saudi Arabia’s move away from its dependence on oil reserves and build new economies as part of the nation’s Saudi Vision 2030 plan.
The venture already has a commitment – although not specified as far as monetary value – in would-be global cellular communications company AST SpaceMobile.
Omar Al-Madhi, Head of Direct Investments for the Middle East and North Africa at PIF, stated: “The establishment of NSG is an important step in developing the growing capabilities of the satellite and space services sector in the Kingdom, and its ambitions to become a leading global provider of satellite services. The launch of the group also represents a qualitative step for PIF as it is the first investment fully focused on the space industries, which provides new opportunities for the Kingdom’s economy and the local private sector. It will stimulate local economic growth in many related sectors and support the localisation of many vital activities.”
The group will invest in local and international assets and capabilities, as well as promising investment opportunities to stimulate the development and localisation of specialised expertise.
Reportedly, NSG’s CEO Mohammed Alqahtani has told AST SpaceMobile that he hopes to be at the launch of AST’s next batch of five satellites, scheduled for Q4.