The IHC had first bought a stake in SpaceX in 2020. So far, developing spacecraft and rockets, SpaceX is central to Musk’s ambitions of colonizing Mars. The company is competing with other space tech giants, such as Amazon founder Jeff Bezos’ Blue Origins and Richard Branson’s Virgin Galactic, to launch flights for Mars.
SpaceX is also creating a constellation of 4000 low orbit satellites to beam internet onto Earth, a service that has been deployed for Ukrainians in times of war. IHC has invested in 30 entities and over 300 subsidiaries in sectors such as healthcare, emerging tech, and real estate. It had also picked up a 45% stake in Alpha Dubai last year.
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What's an ultra app? Does the Middle East need it?