Saudi Arabia's Public Investment Fund (PIF)on Monday launched the Neo Space Group to work on the kingdom's nascent satellite and space industry, its first investment in the sector.

The Neo Space Group or NSG is the "PIF's first investment focused on the space industry", the sovereign wealth fund said in a statement.

It "aims to develop and enhance commercial space operations in Saudi Arabia, providing innovative satellite and space solutions locally and globally", the PIF said.  It will also "invest in localisation, technology, start-ups, and knowledge in the space and satellite sector in Saudi Arabia" in the latest bid to boost economic diversification.

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