October 26, 2017 / 3:12 PM / a year ago

Saudi fund agrees plan to invest in Virgin space ventures-SPA

RIYADH, Oct 26 (Reuters) - Saudi Arabia’s Public Investment Fund and Virgin Group agreed to form a partnership in which the fund plans to invest about $1 billion in Virgin Galactic, The Spaceship Company and Virgin Orbit, a joint statement said on Thursday.

The non-binding memorandum of understanding includes an option for $480 million of future additional investment in space services, the statement carried by the official Saudi Press Agency said.

“This investment will enable us to develop the next generation of satellite launches and accelerate our programme for point to point supersonic space travel,” Virgin Group founder Richard Branson said. (Reporting by Katie Paul, Editing by William Maclean)

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