Thursday, October 26, 2017

Virgin Galactic To Get $1 Billion From Saudi Arabia

Mojave-based commercial spaceflight developer Virgin Galactic said on Thursday that the Kingdom of Saudi Arabia will invest $1 billion into the company. The funding comes from the Public Investment Fund (PIF) of Saudi Arabia, which also has the option to invest an additional $480M in the company for future space services. The deal was announced by HRH Prince Mohammad bin Salman Al-Saud, Crown Prince of Saudi Arabia, Deputy Prime Minister, Chairman of the Council of Economic and Development Affairs and of the PIF, and Sir Richard Branson on thursday.