Abu Dhabi's Aabar Investments on Tuesday said it will pay $280m (€196.1m) for a 32% stake in Virgin Group's commercial spaceline, Virgin Galactic, in a move that will advance the oil-rich emirate's plan to become a hub for scientific research and innovation.

The deal will see Aabar and Virgin enter into a strategic partnership to create the world's first commercial spaceline, the companies said in a joint statement.