Neo Space Group (NSG), a subsidiary of the Public Investment Fund (PIF), has announced the appointment of Martijn Blanken its new Group CEO. Neo Space Group said on Monday that Martijn Blanken, CEO of the Group, will work through his global experience on the journey of transforming Neo Space Group towards its global endeavors by investing in startups, technology, knowledge and talent.

"It is a true honor to lead Neo Space Group at a time when the space industry is undergoing rapid transformations and ample opportunities for evolution and change, making the timing of the group's launch ideal," said Blanken. On May 27, 2024, the Public Investment Fund announced the establishment of Neo Space Group (NSG), wholly owned by the Fund, to be a leading national company in the space and satellite services sector. The company will work to stimulate satellite and space services in the Kingdom and develop capabilities that contribute to strengthening the position of the local sector in this growing field globally, according to the group's statement.

The company also aims to develop and enhance commercial activities related to the sector in the Kingdom, by providing innovative solutions for satellite and space services locally and internationally, and the group will invest in local and international assets and capabilities and promising investment opportunities to stimulate the development and localization of specialized expertise. The Group will focus on the development and use of the latest technologies in the space industries through four main business units: Satellite Communications; Earth Observation and Remote Sensing; Satellite Navigation and the Internet of Things; and a Venture Capital Fund to invest in satellites and space.