United Arab Emirates company Aabar Investments and today announced that it would be taking a 32 percent stake in Richard Branson's Virgin Galactic space tourism venture, a deal worth about $280 million dollars. Though the deal has yet to be approved by US regulatory agencies, Aabar, which is an investment vehicle for Abu Dhabi's government, said that it plans to build a spaceport in the capital city, and that it's committed an addition $100 million to fund satellite launch capabilites. The deal gives Aabar the regional rights to host tourism as well as scientific research flights. When asked how they felt about having Richard Branson hanging around their city, reps from Aabar said, "King Crazy? We love that guy!"

[Image credit: David Schrubbe]

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Aabar Investments takes 32 percent stake in Virgin Galactic, we're still not cool enough to go to space