PIF launches Neo Space Group to propel Saudi Arabia’s satellite and space industries – Saudi Gazette

PIF launches Neo Space Group to propel Saudi Arabia’s satellite and space industries – Saudi Gazette

Saudi Gazette reportRIYADH — The Public Investment Fund (PIF) has unveiled the Neo Space Group (NSG), a new wholly owned subsidiary set to lead Saudi Arabia’s aspirations in the satellite and space sectors.As a national champion, NSG is poised to enhance local capabilities and elevate Saudi Arabia’s strategic position within the global space economy.NSG will focus on developing commercial space operations, providing cutting-edge satellite and space solutions both locally and internationally.The initiative will see significant investments in local and international assets, capabilities, and promising venture capital opportunities, aiming to catalyze the advancement and localization of sector-specific expertise.This strategic move includes the development of four dedicated business segments within NSG: satellite communications, earth observation and remote sensing, satellite navigation and Internet of Things, and a venture capital fund focused on satellite and space technologies.Omar Al-Madhi, Co-head of MENA Direct Investments at PIF, commented on the milestone, stating, “The establishment of NSG marks an important milestone in the development of the growing satellite and space sector in Saudi Arabia and our ambition to be a leading commercial player in the global satellite sector. This is PIF’s first investment focused on the space industry, representing a series of new opportunities for the Saudi