(MENAFN) An agreement has been announced by the Virgin Group with the Saudi government for a billion-dollar investment into space travel company Virgin Galactic and a number of related businesses.
Founder of the Virgin Group, British Entrepreneur Richard Branson, said in a statement, "I'm pleased to announce the intention of the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia (KSA), pending approval by the U.S. government, to invest approximately USD1 billion into our U.S. based space companies, Virgin Galactic, The Spaceship Company and Virgin Orbit".
The non-binding Memorandum of Understanding (MoU) between the Virgin Group and the PIF covers a partnership whereby the investment will take a "significant stake" in Virgin Galactic, Virgin Orbit and The Spaceship Company.
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