Posted: Tue, Jul 28, 2009, 8:09 AM ET (1209 GMT)
An investment fund based in Abu Dhabi has agreed to by a 32% stake in Virgin Galactic for $280 million, the companies announced Tuesday morning. In addition to the investment, Aabar Investments will also provide $100 million to develop a small satellite launcher capability, using the WhiteKnightTwo carrier aircraft already developed as part of Virgin's suborbital space tourism system. Aabar also plans to develop unspecified "spaceport facilities" in Abu Dhabi, part of the United Arab Emirates, for Virgin Galactic. The announcement came one day after WhiteKnightTwo flew cross-country from Mojave, California to Oshkosh, Wisconsin, as one of the centerpieces of the EAA AirVenture air show.

Related Links:

•  AP article
•  Financial Times article
•  Wall Street Journal article
•  Reuters article
•  Aabar/Virgin press release