Saudi Arabia and Virgin Group announce $ 1 Billion partnership in space industry

On Thursday, the Saudi Public Investment Fund (PIF) and the International American Virgin Group, specialised in trips and development of Space Industry, announced that they are planning to form a partnership which is worth $ 1 billion that the Fund would invest in three companies specializing in space.

According to a statement by the Fund, Crown Prince Mohammed bin Salman, Chairman of the Fund, said that “the partnership with Virgin Group reflects the great steps that KSA is taking towards realizing our vision to develop a diversified and knowledge-based economy.”

The three companies are Virgin Galactic, The Space Ship and Virgin Orbit.

The fund will add investments of $ 480 million as an additional future investment option in the space services sector.

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The Saudi Crown Prince added, “We will work with companies that are at the same level of Virgin Group to make effective achievements in sectors and technologies that shall propel more winds into the sails of our desire for a global progress.”

Virgin Group’s founder, Richard Branson said, “We are only a few months away from launching Virgin Galactic’s human space flight. In addition, Virgin Orbit’s flight to space will launch a number of satellites around the earth.”

He added, “This investment will enable us to develop the next generation of satellite launch activities and accelerate our travel-to-space program at a faster speed than the sound.”

On Wednesday, the Saudi Public Investment Fund announced the launch of its program until 2020, which aims at raising its assets to 1.5 trillion riyals ($ 400 billion).

According to the program, the Fund aims to diversify global assets and investment in fixed income, public and private equity, debt, real estate and infrastructure.