20240530
The Public Investment Fund (#PIF) has announced the establishment of NEO Space Group (NSG), a state-owned company aiming to become a leading entity in the space and satellite services sector. The company will focus on promoting satellite and space services in Saudi Arabia and enhancing the capabilities of the local sector to strengthen its position in this globally growing field.
The company aims to develop and enhance commercial activities related to the sector within Saudi Arabia and internationally by providing innovative solutions for satellite and space services.
he group will concentrate on developing and utilizing the latest space technologies through four main business units: satellite communications, Earth observation and remote sensing, satellite navigation and the Internet of Things, and a venture capital fund for investment in the satellite and space sector.
Omar Al-Madhi, Head of Direct Investments for the Middle East and North Africa at PIF, stated: "The establishment of NSG is an important step in developing the growing capabilities of the satellite and space services sector in Saudi Arabia, and it reflects the ambition to become a leading global provider of satellite services. The launch of the group also represents a qualitative leap for PIF as it is the first investment fully focused on the space industries, providing new opportunities for Saudi Arabia's economy and the local private sector. It will stimulate local economic growth in many related sectors and support the localization of many vital activities."