Saudi Arabia's Neo Space Group Acquires UP42 Platform from Airbus
Neo Space Group (NSG), a company of Saudi Arabia's Public Investment Fund (PIF) and a leading commercial provider of space services, has announced the completion of its full acquisition of UP42, a specialized Earth Observation (EO) platform previously owned by Airbus Defence and Space.
By the Numbers
May 2024: The month the acquirer, Neo Space Group, was founded.
December 2024: The date of the initial acquisition announcement.
A Strategic Move to Bolster Saudi's Space Ambitions
This acquisition directly contributes to the goals of Saudi Vision 2030 by significantly strengthening the Kingdom's national space infrastructure. The move aims to localize advanced technical capabilities and support the growth of a thriving commercial space economy in Saudi Arabia. The deal enhances NSG's capabilities in the space-based observation field on a global scale.
Enhancing Global Earth Observation Capabilities
While strengthening Saudi Arabia's local ecosystem, the acquisition is also set to accelerate the growth of the UP42 platform, enabling it to better serve its diverse clients and partners around the world. Maarten Blanken, CEO of Neo Space Group, emphasized the company's commitment "to developing this important sector and providing effective solutions that support businesses and serve vital industries in the Kingdom of Saudi Arabia and around the world."
Leadership and Vision for UP42
Sean Wiid, CEO of UP42, confirmed that all existing services and commitments to customers will remain unchanged. He added, "This merger supports our mission to facilitate access to Earth observation data and its analysis on a large scale, which helps our clients solve complex problems and achieve a positive global impact."
About the Companies
Neo Space Group (NSG): Founded in May 2024, NSG is a leading Saudi company owned by the PIF. It focuses on the space sector, satellite services, and remote sensing, and has a dedicated venture capital fund for space-related investments.
UP42: A leading platform and marketplace that provides access to Earth observation data and analytics, enabling clients to build and scale geospatial solutions.
Looking Ahead
This acquisition positions Neo Space Group as a major new player in the global space and data intelligence market. It demonstrates the PIF's strategy of using strategic international acquisitions to build national champions in future-focused, high-tech industries.
Source: Jawlah