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Aabar to buy 32pc stake in Virgin Galactic
Abu Dhabi-based Aabar Investments announced it will acquire a 32 percent stake worth $280 million in Virgin Galactic...
July 28, 2009 12:12 by Dana El Baltaji
Abu Dhabi-based Aabar Investments announced it will acquire a 32 percent stake worth $280 million in Virgin Galactic, Virgin Group’s space travel entity, according to a joint statement by both companies.
Aabar also announced it will invest a further $100 million to fund satellite launch capabilities, while Virgin Galactic said it will build a spaceport in Abu Dhabi.
“The partnership not only falls in line with Abu Dhabi’s larger plans to inculcate technology, research and science at a grassroots level but also complements its aim to be the international tourism capital of the region,” said Aabar chairman Khadem Al Qubaisi.