The Saudi Public Investment Fund (PIF) has recently unveiled the formation of the Neo Space Group (NSG), a company that will operate under its full ownership and serve as a powerhouse in the satellite and space industry. NSG is poised to bolster the space and satellite arena by fostering local talent and reinforcing its strategic positioning in the burgeoning space economy worldwide.
With its sights set on pioneering commercial space ventures within the Kingdom, NSG intends to offer state-of-the-art satellite and space services both domestically and internationally. To achieve this, the group will channel investments into local and global assets and capabilities, as well as into promising venture capital endeavors, thereby nurturing the growth and domestication of industry-specific skills.
NSG’s scope of work encompasses a suite of four specialized business units: satellite communications, earth observation and remote sensing, satellite navigation, as well as the Internet of Things (IoT). Additionally, it will oversee a venture capital fund dedicated to satellite and space initiatives.
This initiative is aligned with the PIF’s mission to tap into the potential of high-promise sectors within Saudi Arabia, bolstering the diversification of its economy beyond oil, fostering non-oil revenue streams, and contributing to the actualization of the nation’s Vision 2030.
The inauguration of NSG is a landmark event in nurturing the burgeoning satellite and space sector in Saudi Arabia and our goal to emerge as a formidable commercial entity in the international satellite realm. This marks PIF’s inaugural foray into the space industry, paving the way for novel opportunities for the Saudi economy and its private sector. Furthermore, it is expected to spur economic growth across multiple strategic industries while promoting the domestication of critical industries,
stated Omar Al-Madhi, Co-head of MENA Direct Investments at PIF.