The Neo Space Group (NSG) will focus on cutting-edge technologies in four dedicated business segments: satellite communications, earth observation and remote sensing, satellite navigation and Internet of Things, as well as a satellite and space-focused venture capital fund.
On the occasion of the launch of the newly established, Neo Space Group (NSG), Omar Al-Madhi, Co-head of MENA Direct Investments at PIF said:
“The establishment of NSG marks an important milestone in the development of the growing satellite and space sector in Saudi Arabia and the ambition to be a leading commercial player in the global satellite sector. 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. It will also drive economic expansion in Saudi Arabia within several related strategic sectors while advancing the localization of vital industries.”
He added that, It will also “invest in localization, technology, start-ups, and knowledge in the space and satellite sector in Saudi Arabia.”
Axiom Space trained and flew the first Saudi astronauts, Rayyanah Barnawi and Ali AlQarni, to the International Space Station in May 2023.
PIF led a $350 million investment in Axiom Space in August 2023, making it the second-most funded private space company that year.
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