Saudi Arabia's PIF Launches Neo Space Group To Boost Satellite And Space Industries

Saudi Arabia’s Public Investment Fund (PIF) has announced the establishment of the Neo Space Group (NSG). The wholly owned PIF company is introduced to boost Saudi Arabia's space and satellite industries. By strengthening local capabilities and solidifying its strategic position in the rising global space economy, NSG is expected to make a significant contribution to the growth of the space industry.

According to a statement released by PIF on May 27, the Neo Space Group aims to develop and enhance Saudi Arabia's commercial space operations. The company will deliver innovative satellite and space solutions globally and locally. NSG will also invest in local and international assets and capabilities. NSG will mainly contribute to the space industry through its four business segments. This includes satellite communications, earth observation and remote sensing, satellite navigation and the Internet of Things, and satellite and space-focused venture capital fund.

#PIF today announced the establishment of @NeoSpaceGroup, #aPIFcompany that will become a national champion in the satellite and space sector.

— Public Investment Fund (@PIF_en) May 27, 2024

Omar Al-Madhi, Co-head of MENA Direct Investments at PIF, said that the NSG's establishment marks an important milestone in the development of the growing satellite and space sector in the Kingdom. "It is a unique milestone for PIF as it is PIF’s first investment focused on the space industry, which represents a series of new opportunities for the Saudi economy and private sector," added Omar Al-Madhi in the statement.