Virgin announces billion-dollar Saudi investment in space companies
Posted: Sun, Oct 29, 2017, 11:43 AM ET (1543 GMT)
Saudi Arabia's sovereign wealth fund has agreed to invest $1 billion into the Virgin Group's space companies. The agreement, announced Thursday and at this point still a non-binding memorandum of understanding, would have the Public Investment Fund of Saudi Arabia invest $1 billion in Virgin Galactic, Virgin Orbit and The Spaceship Company in exchange for a "significant" but minority stake. The funding would accelerate current suborbital and orbital vehicle programs and support Virgin's long-term plans for point-to-point high-speed travel. It also includes "the possibility to develop a space-centric entertainment industry" in Saudi Arabia.
Saudi Arabia's sovereign wealth fund has agreed to invest $1 billion into the Virgin Group's space companies. The agreement, announced Thursday and at this point still a non-binding memorandum of understanding, would have the Public Investment Fund of Saudi Arabia invest $1 billion in Virgin Galactic, Virgin Orbit and The Spaceship Company in exchange for a "significant" but minority stake. The funding would accelerate current suborbital and orbital vehicle programs and support Virgin's long-term plans for point-to-point high-speed travel. It also includes "the possibility to develop a space-centric entertainment industry" in Saudi Arabia.
| <<previous article | next article>> |
|
news in brief
|
|
|
|
news links
|
|
Tuesday, June 23
A spacecraft is falling to its doom — can NASA save it?
Nature News — 4:20 am ET (0820 GMT) SpaceX stock tumbles 23% from its high as average investor sees gains wiped out
NBCNews.com — 4:18 am ET (0818 GMT) NASA’s Webb Finds Clues to Ancient, Distant Origin of Comet 3I/ATLAS
NASA/GSFC — 4:18 am ET (0818 GMT) NASA to Cover US Spacewalk 95, Host Preview News Conference
NASA — 4:17 am ET (0817 GMT) Crew Starts Week with Bioengineering, Space Manufacturing, and Spacewalk Preps
NASA — 4:17 am ET (0817 GMT) |
