• NSG will become the national champion for the satellite and space sector, supporting commercial satellite space operations locally and internationally
• The group will invest in localization, technology, start-ups, and knowledge in the space and satellite sector in Saudi Arabia
• The development of the aerospace sector is in line with PIF’s strategy to unlock the potential of promising sectors in Saudi Arabia

RIYADH, 27 May 2024 – PIF today announced the establishment of the Neo Space Group (NSG), a wholly owned PIF company that will become a national champion in the satellite and space sector. NSG will enhance the space and satellite sector by developing local capabilities and boosting its strategic position within the growing global space economy.

The group aims to develop and enhance commercial space operations in Saudi Arabia, providing innovative satellite and space solutions locally and globally. It will invest in local and international assets and capabilities, as well as promising venture capital opportunities, to catalyze the advancement and localization of sector-specific expertise.

NSG will contribute to the development and deployment of the latest cutting-edge technologies in the space industry through its 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.

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.”

The development of the aerospace sector is in line with PIF’s strategy to unlock the potential of promising sectors in Saudi Arabia and support the diversification of the Saudi economy, the growth of non-oil revenues and the realization of Saudi Vision 2030.

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ABOUT PIF

The Public Investment Fund (PIF) is one of the largest and most impactful sovereign wealth funds in the world. Since 2015, when the board was reconstituted and oversight transferred to the Council of Economic and Development Affairs, PIF’s board of directors has been chaired by His Royal Highness Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister, Chairman of the Council of Economic and Development Affairs, and Chairman of the Public Investment Fund. PIF plays a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as contributing to shaping the future of the global economy. Since 2017, PIF has established 94 companies. PIF is building a diversified portfolio by entering into attractive and long-term investment opportunities in 13 strategic sectors in Saudi Arabia and globally. PIF’s strategy, as set out in the PIF Program 2021-2025 – one of the Vision 2030 realization programs – aims to enable many promising sectors and contribute to increasing local content by creating partnerships with the private sector, in addition to injecting at least SAR150 billion annually into the local economy. PIF works to transfer technologies and localize knowledge to build a prosperous and sustainable economy domestically. As the investment arm of Saudi Arabia, PIF looks to make unique investments, and is building strategic alliances and partnerships with significant international institutions and organizations, which contribute to achieving real long-term value for Saudi Arabia, in line with the objectives of Vision 2030. PIF has also created an operational governance model that reflects its main tasks and objectives, in line with best international practices. Applying this model of governance enhances the level of transparency and effectiveness in decision-making and future progress.

More information about PIF can be found at: www.pif.gov.sa

Media Contact: [email protected]

This material is distributed by Teneo Strategy LLC on behalf of the PIF. Additional information is available at the Department of Justice, Washington, DC.