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.



Saudi Arabia Welcomes Macron’s Decision to Recognize Palestine as a State 

France's President Emmanuel Macron looks on as he waits for Lebanon's Prime Minister ahead of their working lunch at the presidential Elysee Palace in Paris, on July 24, 2025. (AFP)
France's President Emmanuel Macron looks on as he waits for Lebanon's Prime Minister ahead of their working lunch at the presidential Elysee Palace in Paris, on July 24, 2025. (AFP)
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Saudi Arabia Welcomes Macron’s Decision to Recognize Palestine as a State 

France's President Emmanuel Macron looks on as he waits for Lebanon's Prime Minister ahead of their working lunch at the presidential Elysee Palace in Paris, on July 24, 2025. (AFP)
France's President Emmanuel Macron looks on as he waits for Lebanon's Prime Minister ahead of their working lunch at the presidential Elysee Palace in Paris, on July 24, 2025. (AFP)

Saudi Arabia welcomed on Thursday French President Emmanuel Macron’s decision to recognize Palestine as a state.

The Saudi Foreign Ministry said the Kingdom hails “this historic decision, which underscores the international community’s consensus on the Palestinian people’s right to self-determination and to establish their independent state on the 1967 borders, with East Jerusalem as its capital.”

The Kingdom stressed “the importance of continued efforts by states to implement international resolutions and uphold international law.”

It reiterated its call for all countries that have not yet recognized the State of Palestine “to take similar positive steps and adopt serious positions that support peace and the legitimate rights of the Palestinian people.”

Macron said in a post on X that he will formalize the decision at the UN General Assembly in September. “The urgent thing today is that the war in Gaza stops and the civilian population is saved,” he wrote.

The mostly symbolic move puts added diplomatic pressure on Israel as the war and humanitarian crisis in the Gaza Strip rage. France is now the biggest Western power to recognize Palestine, and the move could pave the way for other countries to do the same. More than 140 countries recognize a Palestinian state, including more than a dozen in Europe.