Saudi Arabia Invests $1 Billion in Virgin Group's Space Ventures
- Investment to accelerate plans for supersonic space travel
- Saudi Arabia may create ‘space-centric entertainment industry’
Outer Space Is About to Get a Whole Lot Closer
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Saudi Arabia’s sovereign wealth fund plans to invest about $1 billion in Virgin Group’s space companies, giving the ventures a welcome jolt of capital as the kingdom seeks to reduce its dependence on oil.
The country’s Public Investment Fund will invest in Virgin Galactic, The Spaceship Co. and Virgin Orbit and holds an option to invest an additional $480 million in space services, according to a statement on Thursday. Saudi Arabia plans to support the ventures’ plans for human spaceflight and launching satellites into orbit and may cooperate with Virgin to create a “space-centric entertainment industry” in the country.