As part of the partnership between Saudi Arabia and the US Virgin Group, the Kingdom announced plans to invest US $ 1 billion in Virgin Galactic, which includes several subsidiaries such as Spaceship Company and Virgin Orbit , And Richard Branson, the founder and CEO of Virgin Enterprises,
The agreement includes Saudi Arabia's support for Virgin's projects with a further future investment of $ 480 million, with current and future investments being invested in the development of the Virgin Satellite Program and supporting the development of the company's project to launch small vehicles capable of sending small satellites into space.
The agreement comes as part of the signing of a formal and non-binding memorandum of understanding between Saudi Arabia and the Virgin Group of Companies. The memorandum stipulates that the Kingdom will be invested by the Saudi General Investment Fund, which is responsible for Saudi internal and international investments, Are not binding because of the need for approval by the US government.
The terms of the memo did not reveal which companies would be injected with a billion dollars, but the agreement itself determined that a large proportion of these investments will be directed to two specific projects, namely the satellite tourism project and the launch of satellites as mentioned above, but the announcement of the remaining companies and projects to be supported In accordance with the Convention.
On the other hand, the benefits to the Kingdom of its investments in Virgin Enterprises were not disclosed, but they did not own a large share of the Group's investments in general. However, several reports indicated that Virgin may establish a space entertainment center on the Kingdom's territory, Richard Branson in a post posted on the company's website included an imaginative picture of what this center might be.
Richard Branson expressed his interest in the deal, which he described as an important step towards achieving Saudi Arabia's goal of relinquishing dependence on the oil economy and diversifying into a diversified economy by 2030. He described the Saudi Vision 2030 initiative, announced by Crown Prince Mohammed bin Salman Al Saud, as a remarkable step towards the progress of Saudi Arabia, and praised many of the social reforms in the Kingdom recently, and the project, which will cost $ 500 billion and will occupy areas between Saudi Arabia, Jordan and Egypt.
For his part, Crown Prince Mohammed bin Salman commented on the partnership between the Kingdom and the Virgin Group as a step that reflects the Kingdom's interests based on knowledge-based and public economies. He said that the future of the Kingdom depends on innovation and innovation, cooperation and partnership with major institutions in this field. Virgin will help the Kingdom to reach this future.
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