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Saudi PIF, Virgin Group Join Forces in Space-Linked Missions

The Crown Prince Says, during the Initiative for Future of Investment: the Will of the Saudi People, its Great Determination and Subtlety behind Pushing the Kingdom to New Horizons (SPA)
The Crown Prince Says, during the Initiative for Future of Investment: the Will of the Saudi People, its Great Determination and Subtlety behind Pushing the Kingdom to New Horizons (SPA)
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Saudi PIF, Virgin Group Join Forces in Space-Linked Missions

The Crown Prince Says, during the Initiative for Future of Investment: the Will of the Saudi People, its Great Determination and Subtlety behind Pushing the Kingdom to New Horizons (SPA)
The Crown Prince Says, during the Initiative for Future of Investment: the Will of the Saudi People, its Great Determination and Subtlety behind Pushing the Kingdom to New Horizons (SPA)

Saudi Arabia’s Public Investment Fund (PIF) and Virgin Group announced on Thursday a desire for forming a $1 billion partnership where PIF invests in Virgin Galactic, The Space Ship, and Virgin Orbit in addition to a possible $480 million for future investment in space services.

The investment was approved by PIF Chairman and Saudi Crown Prince Mohammed bin Salman bin Abdulaziz and Virgin Group Founder Richard Branson, reported the Saudi Press Agency(SPA).

The partnership between PIF and Virgin Group represents an effective platform to enhance modern technologies in the Kingdom's plan towards developing a modern and diversified economy in line with the Vision 2030.

The Chairman of the PIF Board of Directors stated: "The partnership with Virgin Group reflects the Kingdom's steps towards our vision to develop a diversified and knowledge-based economy. The Kingdom's future is an innovation-based future which is jumped out at the Future Investment Initiative (FII) Forum. We will work with companies at the level of Virgin Group to make effective achievements in sectors and technologies that accelerate progress at the global level."

For his part, Richard Branson, Founder of Virgin Group, said: "We welcome the Kingdom of Saudi Arabia to be a new partner for us at Virgin Galactic, Space Ship, and Virgin Orbit under the leadership of the Crown Prince Mohammed bin Salman. We are now just months away from Virgin Galactic sending people into space and Virgin Orbit placing satellites around the Earth. This investment will enable us to develop the next generation of human spaceflight, more economic satellite launches and accelerate our programme for trans-continental point-to-point space travel."

The memorandum of understanding was signed by Yasir Othman Al-Rumayyan, Managing Director of the Public Investment Fund (PIF), and Managing Director of Virgin Group Patrick McCall.

In accordance with regulations, this investment entails that PIF owns a stake in Virgin Galactic, The Space Ship, and Virgin Orbit in addition to other shareholders, including Virgin Group and Aabar Investments PJSC.

The companies and PIF will cooperate to implement a roadmap, to be agreed upon, to develop the sector of space in the Kingdom in accordance with existing legislation.

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Gulf

Saudi Crown Prince Receives Message on Bilateral Ties from President of Kazakhstan

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister. (SPA file)
Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister. (SPA file)
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Saudi Crown Prince Receives Message on Bilateral Ties from President of Kazakhstan

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister. (SPA file)
Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister. (SPA file)

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister, received on Tuesday a written message from President of Kazakhstan Kassym-Jomart Tokayev on bilateral relations between their two countries.

The message was received by Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah during a meeting with his Kazakh counterpart Yermek Kosherbayev in Riyadh.

Gulf

Princes and Officials Take Oath Before Custodian of the Two Holy Mosques

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and other officials are seen during the ceremony in Riyadh on Tuesday. (SPA)
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and other officials are seen during the ceremony in Riyadh on Tuesday. (SPA)
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Princes and Officials Take Oath Before Custodian of the Two Holy Mosques

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and other officials are seen during the ceremony in Riyadh on Tuesday. (SPA)
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and other officials are seen during the ceremony in Riyadh on Tuesday. (SPA)

Princes and officials appointed by royal orders to their new positions took the oath of office before Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud in Riyadh on Tuesday.

They included Deputy Governor of Al-Baha Region Prince Fahd bin Saad bin Abdullah bin Abdulaziz bin Turki; Member of the Shura Council Prince Dr. Saad bin Saud bin Mohammed bin Abdulaziz; Deputy Governor of Madinah Region Prince Saud bin Nahar bin Saud; Deputy Governor of Northern Borders Region Prince Mohammed bin Abdullah bin Abdulaziz; and Minister of Investment Fahd Al-Saif.

They swore to be faithful to their religion, then their King and country, not to reveal any of the state’s secrets, to preserve its interests and regulations, and to perform their duties with honesty, trustworthiness, and sincerity.

Gulf

Saudi Arabia Reiterates Its Categorical Rejection of Israel’s ‘State Land’ Decision in West Bank

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chairs the Cabinet meeting in Riyadh. (SPA)
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chairs the Cabinet meeting in Riyadh. (SPA)
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Saudi Arabia Reiterates Its Categorical Rejection of Israel’s ‘State Land’ Decision in West Bank

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chairs the Cabinet meeting in Riyadh. (SPA)
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chairs the Cabinet meeting in Riyadh. (SPA)

The Saudi government condemned on Tuesday Israel’s decision to West Bank lands as "state lands."

Reiterating its absolute rejection of these illegal measures, the Cabinet warned that they undermine peace efforts and violate the Palestinian people's inherent right to establish an independent, sovereign state within the 1967 borders, with East Jerusalem as its capital.

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chaired the Cabinet session that was held in Riyadh.

The Cabinet congratulated citizens and Muslims on the advent of the holy month of Ramadan, expressing gratitude for the Kingdom's honor in caring for the two holy mosques and their visitors.

The Cabinet highlighted the success of the Hajj and Umrah seasons, noting that the Kingdom welcomed 19.5 million international pilgrims and Umrah performers in 2025, setting new records that reflect rapid progress toward the goals of Vision 2030 and the Pilgrim Experience Program.

The Cabinet described the Kingdom's Founding Day celebration on February 22 as an expression of pride in the Saudi state's nearly three-century history, underscoring the foundations of justice, unity, and development established by leaders and citizens throughout history to ensure the nation remains a global leader in all fields.

The Cabinet was briefed on recent talks between Saudi Arabia and various nations, which focused on strengthening bilateral and multilateral cooperation and boosting coordination to foster regional and international security, stability, and prosperity.

The session further reviewed the Kingdom's economic, cultural, and social activities, stressing the state's commitment to social solidarity and giving. This includes continued support for the sixth National Campaign for Charitable Work, set to begin on Friday.

The Cabinet commended the success of the third World Defense Show held in Riyadh under the Custodian of the Two Holy Mosques' patronage, during which strategic partnerships, agreements, and memoranda of understanding were signed to localize military technologies and strengthen local supply chains in alignment with Vision 2030 objectives.