Branson in space travel deal
A Middle East investment company is to take a 32% stake in Sir Richard Branson's commercial space travel company Virgin Galactic, it has been announced.
Abu-Dhabi based Aabar Investments will invest around 280 million US dollars (about £170 million) in Virgin Galactic.
Also, Aabar has committed 100 million dollars (about £61 million) to fund a small satellite launch capability and also plans to build spaceport facilities in Abu Dhabi.
Sir Richard said: "We are delighted to partner with Aabar in a strategic deal that is a first for Virgin Galactic.
"The initiative will leverage the solid financial backing of Aabar and the pioneering technology and strong global relationships of Virgin Galactic."
The deal between the two companies was signed at an Experimental Aircraft Association air show in Oshkosh, Wisconsin, USA where Virgin Galactic's new WhiteKnightTwo launcher plane has flown in public for the first time with Sir Richard among the crew.
Virgin's SpaceShipOne has already flown safely to space and back three times.
A new spacecraft, SpaceShipTwo, will commence a test flight programme before the end of this year.
No start date for the first Virgin Galactic paying customers to go into space has yet been given.
But the company has already taken deposits from about 300 people, worth nearly 40 million dollars (about £24 million).
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