Middle East Backer Boosts Virgin’s Spaceflight Dream | Aviation International News

Middle East Backer Boosts Virgin’s Spaceflight Dream

Global airlines are still suffering reduced demand for flights, but the Virgin Group’s dream of launching passenger flights into space has received a boost

By Charles Alcock • Managing Editor

July 30, 2009

Global airlines are still suffering reduced demand for flights, but the Virgin Group’s dream of launching passenger flights into space has received a boost in the form of significant new investment from Abu Dhabi’s Aabar Investments. The Middle East firm will invest about $280 million to take a 32-percent stake in Virgin Galactic, valuing the subsidiary at almost $900 million.

The development demonstrates that the Middle East financial community appears to have both the appetite and the resources to invest in aviation and aerospace businesses. Virgin has confirmed that it still holds 300 deposits of $40 million each from the first group of prospective space tourists.

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