Aabar Investments announced it will buy a 32% stake of Virgin Galactic, the space tourism division of Virgin Group for $280 million (Dh1 billion). Aabar Investments is 71% owned by Abu Dhabi’s Petroleum Investment Company (IPIC). IPIC took over the company last February and since then has substantially increased investments in new technologies. Aabar Chairman Khadim Al Qubasi said the partnership is consistent with the government’s plans to promote technological research.
The agreement between the two companies was signed at an experimental airfield show in the United States. Regulatory approval in the US and other locations is required and will take between three and six months. Aabar will have exclusive regional rights to host VG tourism and scientific research space flights, and plans to build a facility in Abu Dhabi for the launch of space flights.
