RIYADH — 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 economy and private sector." Al-Madhi further noted that NSG will drive economic expansion in Saudi Arabia across several strategic sectors while advancing the localization of vital industries. This initiative aligns with PIF's strategy to unlock the potential of promising sectors in Saudi Arabia, support the diversification of the Saudi economy, increase non-oil revenues, and realize the goals of Saudi Vision 2030.
