Neo Space Group will focus on investing in startups and promoting technology in the space sector. The company’s goal is to develop commercial activities in the Kingdom by providing innovative solutions for satellite and space services.
In a step towards developing the growing capabilities of the satellite and space services sector in the Kingdom, he announced Public Investment Fund About founding New Space Group (NSG), wholly owned by the Fund.
The new company aims to enhance and develop satellite and space services in the Kingdom, and to contribute to raising the status of the local sector in this growing global field.
Neo Space Group will focus on investing in startups and localizing activities and technology related to the space sector. The company intends to develop and enhance commercial activities related to this sector in the Kingdom by providing innovative solutions for satellite and space services, both locally and internationally.
This will be done through the group’s investment in local and international assets and capabilities, in addition to exploring promising investment opportunities to stimulate the development and localization of specialized expertise.
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Main business units :
Neo Aerospace Group will operate through four main business units:
- Satellite communications .
- Earth observation and remote sensing .
- Satellite navigation and the Internet of Things .
- A venture capital fund to invest in the field of satellites and space .
Supporting national and international ambitions
On this occasion, Omar Al Madi, Director of Direct Investments in the Middle East and North Africa at the Public Investment Fund, said: “The establishment of NSG represents an important step in developing the growing capabilities of the satellite and space services sector in the Kingdom, and its ambitions to be a leading global provider in the field of satellite services.
The launch of the group also represents a qualitative step for the Public Investment Fund, as it is the first investment to focus entirely on space industries that provide new opportunities for the Kingdom’s economy and the local private sector. It will stimulate local economic growth in many relevant sectors, and will support the localization of many vital activities.
