Saudi Arabia continues to invest in the space industry. The Kingdom has announced its intention to cooperate with Elon Musk's rocket and satellite company SpaceX.
According to The Information, the authorities of Saudi Arabia and the UAE are planning to participate in a multibillion-dollar funding round for the well-known private space firm. The information has been confirmed by sources familiar with the matter.
In particular, investors will be a subsidiary of Saudi Arabia’s investment fund and an Abu Dhabi-based investment firm. It refers to Saudi Arabia’s Water and Electricity Holding Company (Badeel), which is part of the country's sovereign Public Investment Fund (PIF), and United Arab Emirates-based conglomerate Alpha Dhabi, the news agency reported.
