Riyadh – Mubasher: Saudi Arabia will pump about $1 billion into Virgin space companies, according to the Saudi Press Agency (SPA).
This allocation will be invested in Virgin Galactic, the Space Ship, and Virgin Orbit via the Public Investment Fund of Saudi Arabia (PIF).
The deal also includes an option of $480 million of additional investment in the space services sector in the future.
“The partnership between PIF and Virgin Group is an effective platform for enhancing the status of new technologies in the Kingdom’s plan to develop a modern and diversified economy in line with Vision 2030,” the news agency highlighted.
Both the Saudi Crown Prince Muhammad Bin Salman and founder of Virgin Group Sir Richard Branson approved the agreement, the SPA noted.
Commenting on this deal, the Crown Prince said “The partnership with the Virgin Group reflects the steps that the Kingdom is taking towards our vision to develop a diversified and knowledge-based economy.
“The future of the Kingdom is an innovation-based future, as demonstrated by the Future Investment Initiative Forum.”
Upon this agreement, the PIF will acquire large stakes in Virgin Galactic, the Space Ship, and Virgin Orbit.
Moreover, Branson said: “The Virgin Galactic voyage will take us to space for only a few months. Virgin Orbit’s flight to space will launch a number of satellites around the Earth. This investment will enable us to develop the next generation of satellite launch activities and speed up our travel-to-space program.”
The Virgin space companies and the PIF will collaborate to develop the space services sector in Saudi Arabia in accordance with the current laws.
