JEDDAH: A significant step toward the Kingdom’s Vision 2030 objectives has been taken with the finalization of an agreement by Saudi Arabia’s Neo Space Group to purchase Airbus’ UP42 platform. The Public Investment Fund-owned NSG, the top commercial space services provider in Saudi Arabia, said on Dec. 3 that it has finalized a deal with Airbus Defence and Space to purchase the next-generation digital platform for Earth observation.
According to a press release from the company, the transaction is contingent upon standard closing requirements, such as regulatory approvals. “We are positioning NSG to deliver cutting-edge geospatial insights for one of the world’s fastest-growing economies by integrating the UP42 platform into the Saudi ecosystem,” stated NSG CEO Martijn Blanken.
Following the Communications, Space, and Technology Commission’s July approval of the platform’s operation within the Kingdom, this acquisition highlights NSG’s vital position in developing Earth observation services in Saudi Arabia.
The agreement, which is in line with PIF’s overarching strategy, is to increase Saudi Arabia’s non-oil earnings, support the country’s economic diversification in accordance with Vision 2030, and harness the potential of the country’s growing sectors.
According to NSG, UP42’s platform will help users address practical geospatial problems and provide useful solutions for a range of sectors, including agriculture, urban planning, real estate, infrastructure monitoring, and disaster relief.
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