Skip to content Skip to Search
Skip navigation

Abu Dhabi firms invest $25m each in Elon Musk’s SpaceX

By Pramod Kumar
Person, Human, Face REUTERS/Mike Blake
SpaceX founder Elon Musk after the SpaceX Falcon 9 rocket lifted off from the Kennedy Space Center in Cape Canaveral, Florida, in 2019

Two Abu Dhabi-listed firms have invested $25 million each in California-based rocket manufacturer SpaceX, which was founded by Elon Musk, the world’s richest man.

International Holding Company first invested in SpaceX in 2020 through private equity fund Falcon CI IV and yesterday confirmed it had put in an additional $25 million.

“We are pleased to announce that IHC has decided to increase the investment in SpaceX through IHC West Investment — sole proprietorship (a subsidiary of the company) for a value of $25 million,” IHC said in a statement posted to the Abu Dhabi Securities Exchange (ADX).

Abu Dhabi-based conglomerate Alpha Dhabi Holding also revealed it had invested $25 million in SpaceX.

“We are pleased to announce that the Company has decided to invest in SpaceX through Alpha Dhabi Partners Holding LLC – a subsidiary of the Company for a value of USE25 million,” it said in a separate ADX filing.

“The management is currently working on the completion of all necessary procedures, subject to obtaining the regulatory approvals.”

Founded by Musk in 2002, SpaceX designs, manufactures and launches rockets and is also aiming to set up a base on planet Mars.

In June, it announced it had raised $1.68 billion through equity financing.

The company’s Starlink satellite unit has launched around 2,600 satellites to space since 2019, as it aims to provide broadband internet worldwide, Reuters reported earlier this month.

Latest articles

Mubadala Brazil Brazilian biofuel

Mubadala to invest $13.5bn in sustainable biofuels in Brazil

Mubadala Capital is to invest $13.5 billion in biofuels in Brazil.  Its chief investment officer and head of Brazil Oscar Fahlgren told the Financial Times that the scheme to produce renewable diesel and aviation kerosene using mainly non-food plant matter is “a very important capital project”.  Mubadala is the second-biggest sovereign wealth fund in Abu […]

Saudi budget deficit Sky Bridge in Riyadh

Saudi budget deficit rises fourfold in Q1 2024

Saudi Arabia recorded a budget deficit in the first quarter of 2024 of SAR12.4 billion ($3.3 billion), four times higher than a year ago – confirming a revenue squeeze that has raised doubts about the funding of some of the kingdom’s giga-projects.  The Q1 deficit in 2023 was SAR2.92 billion, the finance ministry’s quarterly budget […]

Investors monitor prices at the Saudi stock exchange. Its operator, Tadawul Group, reported profit of SAR201.5m in Q1

Profit doubles in Q1 for stock exchange operator Tadawul

The operator of the Saudi stock exchange has reported that its profit more than doubled in the first quarter of 2024, with higher revenues across all business segments. The net earnings of Saudi Tadawul Group Holding Company stood at SAR201.5 million ($53.7 million) in the three months to March 2024, compared to SAR90.8 million a […]

Rasan, a fintech company, owns Tameeni, the first and largest insurance aggregator in Saudi Arabia by gross written premiums

Saudi fintech Rasan to sell 30% stake in IPO

Saudi Arabia’s Rasan will be the first fintech to sell a 30 percent stake in an initial public offering (IPO) on the local stock exchange. The company will sell 22.7 million shares in the flotation, which includes 5.3 million new shares.  Book building for institutional investors will start on May 12 to 16, while bids […]