Abu Dhabi backs Branson’s space tourism push

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Aabar, an Abu Dhabi state-linked investment vehicle, plans to acquire a 32 per cent stake in Virgin’s commercial space venture in the latest sign of the oil-rich emirate’s rising ambitions.

Aabar will pay $280m for the holding in Virgin Galactic, which was launched by Sir Richard Branson, the British entrepreneur, in 2004 to develop commercial vehicles that will enable wealthy individuals to travel into space.

The Abu Dhabi company has also committed to invest $100m to fund a “small satellite development capability”, a statement said.