S. Arabia eyes investment in semiconductors, space industries

Saudi Arabia’s sovereign wealth fund is set to invest in semiconductors and space industries in 2024 to accelerate its efforts to diversify its economy away from oil, Bloomberg reported on Tuesday.

The Public Investment Fund is seeking to make a “sizable investment” into these industries, Saudi Minister of Communications and Information Technology Abdullah Alswaha said in an interview at the World Economic Forum in Davos.

“They plan to make an announcement on a particular champion within the space to lead the Saudi efforts,” he added without giving further details.

The minister also said that the fund is working on establishing a national space company to invest and acquire assets in that sector. The space industry is “ripe right now” for M&A, he explained.