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
|
|
Thursday, August 6
Your chance to run software in deep space on ESA's asteroid mission
ESA — 6:28 am ET (1028 GMT) Space Force Awards Three New Vendors for Sensing, Targeting Tech
Air and Space Forces Magazine — 6:24 am ET (1024 GMT) Boeing-Lockheed Rocket Joint Venture Taps Private Bond Market
Bloomberg News — 6:23 am ET (1023 GMT) SpaceX moon crash is a perfect metaphor for rocket maker’s share price, analysts say
CNBC — 6:21 am ET (1021 GMT) Discarded SpaceX rocket crashes into moon
Los Angeles Times — 6:21 am ET (1021 GMT) |
