Riyadh– Mubasher: The Public Investment Fund (PIF) has established a new company for the satellite and space industries under the name Neo Space Group (NSG).
The new entity aims to advance commercial space operations in Saudi Arabia by providing innovative satellite and space solutions locally and globally, according to a press release.
It will invest in local and international assets and venture capital opportunities to drive sector-specific expertise and localisation.
NSG will focus on developing and deploying cutting-edge technologies in four areas: satellite communications, earth observation and remote sensing, satellite navigation and IoT, and a satellite-focused venture capital fund.
Omar Al Madhi, Co-head of MENA Direct Investments at PIF, said: “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.”
“It will also drive economic expansion in Saudi Arabia within several related strategic sectors while advancing the localisation of vital industries,” Al Madhi added.
In April 2024, PIF signed a sale and purchase agreement (SPA) with Saudi Telecom Company (stc) for a stake acquisition in TAWAL.
