Space, the final frontier for billionaire Richard Branson

Richard Branson and Jeff Bezos stand on the verge of lift-off, days apart, on the first crewed flights by Virgin Galactic and Blue Origin, both founded in the early 2000s. ( AFP / Virgin Galactic / Handout)
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Updated 09 July 2021
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Space, the final frontier for billionaire Richard Branson

  • Richard Branson dedicates drive to his mother who died of COVID-19
  • Branson, who was knighted in 2000 for his services to entrepreneurship, had hoped to join a commercial flight with Virgin Galactic as early as 2009

LONDON: As famous for his thrill-seeking lifestyle and publicity stunts as for his vast business empire, Richard Branson has set his sights on the stars as he prepares for liftoff on his first space flight.
Before this weekend’s mission on Virgin Galactic’s SpaceShipTwo Unity, the avowed Star Trek fan attributed his drive and taste for adventure to his mother Eve, who died from Covid in January.
“I’ve always been a dreamer. My mum taught me to never give up and to reach for the stars,” said the London-born 70-year-old.
The Virgin group boss, whose net worth amounts to $5.7 billion according to Forbes magazine, made his initial fortune in the record industry in the 1970s.
He has since launched a string of successful companies in sectors as diverse as railways and mobile phones, as well as Virgin Atlantic airlines.
But there have been plenty of missteps.
His failures include a short-lived attempt at Formula One racing, a stab at the soft drinks market with Virgin Cola, and a wedding company called Virgin Bride, which some said existed only because of the name.
Branson was said to have been a below-average student who suffered from dyslexia, his headmaster at private school in southern England apparently telling him he would either go to prison or become a millionaire.
He set up Virgin Records when he was just 20 and earned his first million pounds three years later, buying his own Caribbean island a few years afterwards.
The record label’s breakthrough came with “Tubular Bells,” a 1973 instrumental album by the British musician Mike Oldfield, which sold millions of copies.
His mother was an air stewardess, so perhaps he was following in the family footsteps when he set up his airline in 1984.
But his business practices and publicity stunts since then have irked many.
In 2006, it emerged Virgin Atlantic and British Airways had engaged in price fixing, though his firm avoided any punishment because they tipped off the authorities.
And last year, he asked the British government for £500 million to help Virgin Atlantic weather the economic fallout of the Covid lockdown, despite having paid no income tax in Britain for more than a decade.
Politicians accused him of “milking the system.”
In 2012, a columnist for The Guardian newspaper compared him to the WikiLeaks founder Julian Assange “in that both believe the world revolves around them.”
Ironic as Branson has tried and failed several times to become the first person to go around the world non-stop in a balloon.
At the age of 28, Branson bought Necker Island, where he has hosted lavish parties and getaways for celebrities and political leaders including former US president Barack Obama and his wife Michelle.
Much of Branson’s publicity over the years has been based around his adventuring, in which he has tackled a number of records in speedboats, balloons and even an amphibious car.
These exploits brought him close to tragedy in 1998 when he and his co-pilot were forced to ditch their balloon in the Pacific Ocean after low pressure forced the craft down.
His efforts in recent years have focused on his space tourism company, founded in 2004 and based in the Mojave desert in California.
Branson, who was knighted in 2000 for his services to entrepreneurship, had hoped to join a commercial flight with Virgin Galactic as early as 2009.
But its timeline has been hit by a series of delays including a tragic crash in 2014 that claimed the life of a test pilot.
“Space is hard — but worth it. We will persevere and move forward together,” he said following the crash.


Closing Bell: Saudi main index climbs to 10,485 

Updated 21 December 2025
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Closing Bell: Saudi main index climbs to 10,485 

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Sunday, gaining 34.32 points, or 0.33 percent, to close at 10,484.59. 

The total trading turnover of the benchmark index stood at SR2.59 billion ($690 million), with 168 listed stocks advancing and 87 declining. 

The Kingdom’s parallel market Nomu also gained 100.37 points to close at 23,454.65. 

The MSCI Tadawul Index advanced by 0.13 points to 1,377.44. 

The best-performing stock on the main market was Nama Chemicals Co., whose share price increased by 9.98 percent to SR22.38. 

The share price of Al Masar Al Shamil Education Co. rose by 9.15 percent to SR23.85. 

Saudi Paper Manufacturing Co. also saw its stock price climb by 8.42 percent to SR57.95. 

Conversely, the share price of Canadian Medical Center Co. dropped by 6.37 percent to SR6.03. 

The stock price of Kingdom Holding Co. also declined by 3.16 percent to SR8.28. 

In the parallel market, Alfakhera for Mens Tailoring Co. was the top performer, with its share price advancing by 16.40 percent to SR8.80. 

On the announcements front, Theeb Rent a Car Co. said it had signed a long-term vehicle leasing services contract valued at SR110.4 million with Hungerstation Co. 

Under the deal, Theeb will lease 2,000 vehicles to HungerStation for a period of four years starting from 2026, according to a Tadawul statement. 

The statement added that the vehicles will be delivered in batches within the first six months from the contract start date, taking into consideration global logistical circumstances and procedures beyond the control of both the agents and the company. 

The contract is expected to have a positive impact on the company’s financials from the first quarter of 2026. 

The share price of Theeb Rent a Car Co. declined by 0.79 percent to SR37.80.