Saudi Arabia aims to increase its share of the global space pie. Its sovereign wealth fund, Public Investment Fund, which manages around $700 billion, has launched a new company, Neo Space Group (NSG), to boost the space and satellite sector, develop local capabilities, and build its strategic position within the growing global space economy. 

NSG will develop the local space industry via four dedicated business segments, including satellite communications, earth observation and remote sensing, satellite navigation and Internet of Things (IoT,) as well as a satellite and space-focused venture capital fund. 

“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,” said Omar Al-Madhi, co-head of MENA Direct Investments at PIF.

Al-Madhi also noted that Neo Space Group is PIF’s first venture into the space sector, allowing Saudi Arabia to seek new opportunities to expand its economy and private sector. Furthermore, Neo Space Group will drive economic expansion in Saudi Arabia in several strategic sectors while advancing the localization of vital industries.