PIF Launches Neo Space Group
NSG will strategically invest in local and international assets, along with venture capital opportunities, to stimulate sector-specific expertise and localization.
The Saudi Arabian Public Investment Fund (PIF) has established the Neo Space Group (NSG), a PIF subsidiary poised to lead Saudi Arabia's foray into the satellite and space sector. NSG’s mission encompasses the development of commercial space endeavors within Saudi Arabia, offering satellite and space solutions both domestically and internationally.[1]
NSG will strategically invest in local and international assets, along with venture capital opportunities, to stimulate sector-specific expertise and localization.
NSG will focus on four key business segments: satellite communications, earth observation and remote sensing, satellite navigation and Internet of Things, and a satellite and space-focused venture capital fund.
This move aligns with PIF's strategy to unlock the potential of several sectors in Saudi Arabia, fostering economic diversification, bolstering non-oil revenues, and advancing the objectives outlined in Saudi Vision 2030.