Strategic Acquisition Strengthens NSG’s Geospatial Capabilities in Line with Saudi Vision 2030
Riyadh, Saudi Arabia – December 3, 2024: Neo Space Group (NSG), a leading commercial space services provider wholly owned by Saudi Arabia’s Public Investment Fund (PIF), has signed a definitive agreement to acquire UP42, a pioneering earth observation digital platform developed by Airbus Defence and Space in 2019. This acquisition is subject to regulatory clearances and customary closing conditions.
Enhancing NSG’s Geospatial Division
Upon completion, UP42 will integrate into NSG’s Geospatial division, complementing its earlier acquisition of Taqnia ETS. The platform simplifies access to diverse geospatial data from over 80 global providers, enabling seamless analysis and actionable insights across industries like agriculture, urban planning, infrastructure, disaster management, and energy.
Martijn Blanken, CEO of NSG, commented:
“Integrating UP42 into Saudi Arabia’s rapidly advancing ecosystem positions NSG as a leader in geospatial insights for one of the world’s most dynamic economies. This acquisition underlines our commitment to driving innovation locally and globally, fostering the space economy, and aligning with Vision 2030’s transformative goals.”
Global Impact and Local Growth
The acquisition reinforces NSG’s strategic importance in the Earth observation (EO) sector, further solidified by its permit from Saudi Arabia’s Communications, Space, and Technology Commission (CST) to provide EO platform services.
Sean Wiid, CEO of UP42, stated:
“Joining NSG is a thrilling opportunity to expand our international footprint while contributing to Saudi Arabia’s development of a robust Earth observation ecosystem. Together, we will support sectors like agriculture, tourism, energy, and government operations with advanced geospatial solutions.”
Positioned for Vision 2030
Established in May 2024, NSG was created to spearhead Saudi Arabia’s ambitions in the satellite and space industries. The group aims to diversify the Kingdom’s economy, foster technological innovation, and enhance Saudi Arabia’s standing in the global space sector. The acquisition of UP42 underscores NSG’s vision to become a world leader in geospatial and satellite services, contributing to a sustainable and diversified economic future for the Kingdom.
