New investment plan in SpaceX by Saudi Arabia, UAE
Badeel, a subsidiary of Saudi Arabia’s investment fund, and UAE’s Alpha Dhabi investment firm plan to invest in a multi-billion dollar funding round in SpaceX.
California-based spacecraft manufacturer, SpaceX was founded in 2002 by Elon Mask to cut the costs of space transportation.
According to media reports, the funding round is expected to value SpaceX at around US$140 billion.
Morgan Stanley’s representatives and the company have told investors that Saudi Arabia’s Water and Electricity Holding Company and United Arab Emirates Alpha Dhabi are part of the funding round. SpaceX secured $2 billion in 2022 and $2.6 billion in 2020, according to venture capital firm Space Capital.
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