Saudi SWF to invest $1b in Virgin Group's space ventures

Saudi SWF to invest $1b in Virgin Group's space ventures

The Virgin Galactic SpaceShipTwo stands outside the company's stand on the third day of the Farnborough International Air Show in Farnborough, U.K., on Wednesday, July 11, 2012. The Farnborough International Air Show runs from July 9-15. Photographer: Chris Ratcliffe/Bloomberg

Saudi Arabia’s sovereign wealth fund plans to invest about $1 billion in Virgin Group’s space companies, giving the ventures a welcome jolt of capital as the kingdom seeks to reduce its dependence on oil.

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