NSG aspires to develop local capabilities and boost the Kingdom's strategic position in the global space economy.

The company plans to enhance commercial space operations in Saudi Arabia and provide innovative satellite and space solutions locally and globally.

Omar Al-Madhi, co-head of MENA Direct Investments at PIF, described the establishment of NSG as 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.

The Public Investment Fund (PIF) of Saudi Arabia has made its first investment in the space industry through a new company named NSG.

This investment marks a new opportunity for the Saudi economy and private sector, driving economic expansion in related strategic sectors and advancing localization of vital industries.

NSG will invest in local and international assets, capabilities, and venture capital opportunities to catalyze the advancement of sector-specific expertise.

The company will focus on four business segments: satellite communications, earth observation and remote sensing, satellite navigation and Internet of Things, and a satellite and space-focused venture capital fund.

NSG aims to contribute to the development and deployment of the latest technologies in the space industry.

The aerospace industry's growth in Saudi Arabia aligns with the Public Investment Fund (PIF)'s goals to foster promising sectors, diversify the economy, increase non-oil revenues, and achieve Saudi Vision 2030.