The New Space Group (NSG), a fully owned subsidiary of the Public Investment Fund (the Fund), has been established to become a prominent national player in the satellite services and space industry. The business will endeavour to promote satellite and space services in the Kingdom and build capacities that support the local industry’s developing standing in this rapidly expanding field on a worldwide scale.
The organization offers innovative local and worldwide solutions for satellite and space services with the goal of growing and improving the commercial activities associated with the sector in the Kingdom. To encourage the growth and localization of specialist skills, the organization will invest in both domestic and foreign resources and capabilities as well as prospective investment prospects.
The medium of four main business units—satellite communications; Earth observation and remote sensing; satellite navigation and Internet of Things—the group will concentrate on creating and utilizing the newest technologies in the space industries. A venture capital fund will also be established to make investments in the satellite and space industries.
The creation of NSG is a significant step in realizing the Kingdom’s aspirations to become a preeminent worldwide supplier of satellite services, as well as toward enhancing the sector’s expanding capabilities in space and satellite services. The group’s founding also marks a significant advancement for the Public Investment Fund because it is the first investment to exclusively concentrate on sectors of the space industry that offer prospects. It will open up new doors for the private sector in the area and the economy of the Kingdom. It will encourage the localization of numerous essential operations and promote economic growth in numerous connected areas.” Omar Al-Mady, Head of the Public Investment Fund’s Direct Investments Division in the Middle East and North Africa.
