Imagine a future where Saudi Arabia stands as a vanguard in the global space industry. This vision is fast becoming a reality with the establishment of the Neo Space Group (NSG) by the Kingdom’s Public Investment Fund (PIF). As a fully owned PIF entity, NSG aims to become a national leader in the satellite and space sector, enhancing local capabilities and elevating Saudi Arabia’s strategic role in the burgeoning global space economy.
Revolutionizing the Space Sector
NSG is set to transform the commercial space operations landscape in Saudi Arabia by delivering innovative satellite and space solutions both domestically and internationally. The group plans to invest in a blend of local and global assets and capabilities, while also exploring promising venture capital opportunities to accelerate the growth and localization of space industry expertise.
Through its four specialized business segments—satellite communications, Earth observation and remote sensing, satellite navigation and the Internet of Things (IoT), and a dedicated satellite and space-focused venture capital fund—NSG will drive the adoption of cutting-edge technologies within the space industry.
Aligning with Vision 2030
This initiative aligns seamlessly with the PIF’s broader strategy to unlock the potential of promising sectors within Saudi Arabia. By supporting the diversification of the economy away from oil dependence, NSG is contributing to the realization of the ambitious Saudi Vision 2030.
The establishment of NSG signifies a pivotal moment for Saudi Arabia’s satellite and space sector as we strive to become a leading commercial force in the global market. This is PIF’s inaugural investment focused on the space industry, heralding a myriad of new opportunities for the Saudi economy and private sector. It will propel economic growth across several strategic sectors while advancing the localization of essential industries,
stated Omar Al-Madhi, Co-head of MENA Direct Investments at PIF.
