The Neo Space Group of Saudi Arabia agreed to a strategic acquisition of the UP42 platform of Airbus in the further development of the space sector of the Kingdom, thus supporting its Vision 2030 objectives. NSG was announced as a key player in the development of earth observation services in Saudi Arabia with the transaction, which remains subject to customary closing conditions and includes certain regulatory approvals announced on December 3, 2024.

The PIF is collaborating with NSG in integrating UP42, the next-generation Earth observation digital platform, into Saudi Arabia’s rapidly evolving space ecosystem. This acquisition positions NSG for cutting-edge geospatial insights in various sectors across the Kingdom, including agriculture, urban planning, infrastructure monitoring, and disaster management.

By bringing UP42 to the Saudi ecosystem, we are better equipped to continue to innovate and bring best-of-class geospatial solutions to one of the world’s most rapidly expanding economies, according to NSG CEO Martijn Blanken.

This acquisition fits with the strategy of PIF to be supportive of the development of the non-oil sectors in the Kingdom and contribute to diversification of the economy in keeping with Vision 2030. The UP42 platform will be part of the emergent geospatial group within NSG, including TAQNIA ETS, a geospatial services provider based in Saudi Arabia, and each will contribute to growth in local capabilities while positioning Saudi Arabia as a leader in the global space economy.

It is UP42, a cloud-based platform Airbus launched in Germany back in 2019, where geospatial data and analytics will now become easy and straightforward for anyone to access and leverage; and it would even help the users of managing more than 80 of leading companies for geospatial services on one single interface. Functionality would help people resolve all their complex geospatial issues in government sectors, agricultural sectors, energy sectors, and tourism sectors.

The purchase of UP42 is part of NSG’s drive to establish a global leadership in service fields like satellite broadband communications, earth observation, and remote sensing. The initiatives will facilitate innovation, stimulate economic growth, and help achieve the goals laid down in Saudi Vision 2030.