Saudi Arabia’s Public Investment Fund (PIF) Neo Space Group will buy the UP42 digital platform from Airbus
Neo Space Group (NSG), a space services company owned by Saudi Arabia’s Public Investment Fund, has made a deal with Airbus to buy UP42, a Berlin-based earth observation platform. The purchase price has not been revealed.
UP42 Acquisition
UP42 will join NSG’s geospatial division after NSG’s recent purchase of Taqnia ETS in October.
UP42 is a platform that offers customers data and analysis from various geospatial companies. It was created by Airbus in 2019.
NSG’s CEO, Martijn Blanken, said the acquisition will support Saudi Arabia’s expanding space industry, which aligns with the goals of Vision 2030.
The deal will be finalized once standard conditions, like regulatory approvals, are met.
NSG Launch
In May, the Public Investment Fund (PIF) introduced NSG to help make Saudi Arabia a global leader in the satellite and space industries. This move aims to grow new businesses and reduce the country’s reliance on oil.
Space Exploration
Saudi Arabia is investing in space exploration to build a tech-driven economy and move away from oil dependence. In 2023, Saudi astronauts traveled to the International Space Station for the first time.
As part of Vision 2030, the country plans to develop its space industry with a $2 billion investment over the next 10 years. This investment will support scientific research and strengthen national security.
Big number
PwC predicts that the global space industry will grow to over $1 trillion by 2030, which is a 186% increase compared to 2020.
Published: 4th December 2024
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