RIYADH: Saudi Arabia’s space and satellite sector is set to receive a strategic boost with the Kingdom’s wealth fund establishing the Neo Space Group. The wholly owned company of the Public Investment Fund aspires to become a national champion in the sector by developing local capabilities and boosting its strategic position within the growing global space economy, said a press release issued on Monday. The group aims to develop and enhance commercial space operations in Saudi Arabia, providing innovative satellite and space solutions locally and globally. Commenting on the development, 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.” According to the press release, NSG 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 PIF company 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. 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.