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Saudi Arabia plans to invest $1B in Virgin Galactic

KOB.com Web Staff
October 26, 2017 08:43 PM

ALBUQUERQUE, N.M. -- In a huge announcement in the race to space, Saudi Arabia's crown prince says his country wants to invest $1 billion into Richard Branson's company, The Virgin Group. That group includes Virgin Galactic, a major tenant in New Mexico's Spaceport America where they could be launching people into space within months.

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The announcement arrived in a series of tweets Thursday morning with Branson telling the world that the Kingdom of Saudi Arabia plans to invest big-time in his U.S. based space companies.

That $1 billion investment will go to Virgin's space tourism, spacecraft and rocket manufacturing companies showing what Branson calls a sign of confidence from the international investment community in what they are doing to further space endeavors.

Space endeavors with strong ties to the New Mexico, Virgin Galactic has yet to see its first successful launch of a manned craft into space. But Branson said that could happen in as little as four months.

With the U.S. investment, Saudi Arabia's crown prince looks to further his country's in-house space ventures as well. A rendering shows a futuristic-looking space-centric entertainment center right in the heart of the Middle Eastern country.

While the investment includes the possibility of the Saudi space center, Virgin says their companies will remain "firmly rooted in Virgin brand values and based in Southern California and New Mexico."

The investment and partnership are subject to U.S. regulatory approval.

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KOB.com Web Staff

Copyright 2017 KOB-TV LLC, a Hubbard Broadcasting Company. All rights reserved

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