PIF launches Neo Space Group to boost Saudi Arabia’s satellite and space industries

PIF (The Public Investment Fund) announced the establishment of the Neo Space Group (NSG). "NSG will enhance the space and satellite sector by developing local capabilities and boosting its strategic position within the growing global space economy", it says. 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.

The Saudi Space Agency, established in 2018, has several plans as part of the wider space push. Earlier in 2023, Saudi Arabia said it was collaborating with international partners, including VisionCosmos, having participated in a successful launch from Spaceport Nova Scotia in Canada. One of the challenges Saudi Arabia faces in establishing a space launch facility is its geographical location, particularly the latitude, which complicates missions requiring equatorial orbits. Saudi Arabia is exploring alternative solutions to address these challenges, such as sea launch platforms.