Saudi Arabia to invest in Branson’s Virgin as part of plan to reshape kingdom’s economy


Striving to diversify its oil-dependent economy, Saudi Arabia is turning to innovative and emerging technologies, bringing huge investment to projects developed by one of the world’s richest men, Richard Branson.

At the end of last year, Saudi Arabia’s sovereign wealth fund reportedly made financial arrangements to invest over $1 billion in Virgin Group’s space companies.The step is reportedly pending regulatory approval from the United States government. The investment is aimed at boosting the capacity of the oil-rich kingdom to cope with low prices for crude.

source: https://www.rt.com/business/423719-saudi-prince-branson-virgin-economy/

Author: Rayan M

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