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.
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