Saudi Arabia invests in private space travel

The Saudi Arabian Public Investment Fund (PIF) has reached an agreement with Richard Branson, founder of the Virgin Group, to invest at least one billion dollars in its venture to create the world’s first commercial space travel service.

Riyadh (AsiaNews / Agencies) - The Saudi Arabian Public Investment Fund (PIF) has reached an agreement with Richard Branson, founder of the Virgin Group, to invest at least one billion dollars in its venture to create the world’s first commercial space travel service.

The project envisages the manufacture and launch of spacecraft for private passengers from bases in the United States.

Under the agreement - announced by Branson (pictured) and Prince Mohammed bin Salman - Virgin could also help the Kingdom develop a space-based leisure facility in one of Saudi Arabia's new resorts.

A joint statement said: “The PIF and Virgin partnership creates a strong platform to enhance the role of innovative technology within the Kingdom’s blueprint for a modern, diversified economy, which is a central part of Vision 2030.”

"The future of Saudi Arabia - said Prince Mohammed bin Salman - is one of innovation, as showcased at this week’s FII, and it’s through partnerships with organizations like Virgin that we will make active contributions to those sectors and technologies that are driving progress on a global scale.”

Richard Branson, for his part, argued that " This investment will enable us to develop the next generation of satellite launches and accelerate our program for point to point supersonic space travel.”

• Saudi Arabia
• Virgin
• Branson
• economy
• space travel