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JEDDAH: ����ֱ��’s Neo Space Group has finalized an agreement to acquire Airbus’ UP42 platform, a move that marks a key milestone in the Kingdom’s efforts to achieve its Vision 2030 goals.

On Dec. 3, NSG, a company owned by the Public Investment Fund and ����ֱ��’s leading commercial space services provider, announced that it had reached a definitive agreement with Airbus Defence and Space to acquire the next-generation Earth observation digital platform.

The deal is subject to customary closing conditions, including regulatory approvals, as stated in a company release.

NSG CEO Martijn Blanken said: “By integrating the UP42 platform into the Saudi ecosystem, we are positioning NSG to deliver cutting-edge geospatial insights for one of the world’s fastest-growing economies.”

This acquisition underscores NSG’s strategic role in advancing Earth observation services in ����ֱ��, following the permit granted in July by the Communications, Space, and Technology Commission to operate the platform within the Kingdom.

Aligned with PIF’s broader strategy, the deal aims to unlock the potential of emerging sectors in ����ֱ��, boost the country’s non-oil revenues, and support the diversification of its economy in line with Vision 2030.

NSG emphasized that UP42’s platform will enable customers to tackle real-world geospatial challenges, offering valuable solutions across industries such as agriculture, urban planning, real estate, infrastructure monitoring, and disaster management.

The company also reiterated its commitment to fostering local expertise and strengthening the Kingdom’s position within the global space economy, with the goal of supporting the diversification of the Saudi economy and advancing Vision 2030.

Blanken further highlighted the significance of the acquisition: “This is a pivotal move in advancing our vision to drive both local and global innovation in the geospatial sector while contributing to the growth of ����ֱ��’s space economy.”

Launched in 2019 by Airbus in Germany, UP42 is a leader in simplifying access to and deriving insights from geospatial data through its cloud-based platform. It is set to become an integral part of NSG’s growing geospatial division, which already includes the Saudi-based geospatial services provider, TAQNIA ETS.

UP42’s digital platform offers customers access to data and analytics from more than 80 of the world’s top geospatial companies, enabling users to manage and source diverse data from multiple providers through a single interface.

UP42 CEO Sean Wiid commented: “Joining NSG is an exciting step for UP42. Our continued international growth will help support NSG’s ambition to become a global leader in geospatial innovation.”

Wiid added that the collaboration will play a key role in establishing a robust Earth observation ecosystem within ����ֱ��, benefiting sectors including government, agriculture, energy, and tourism.

Launched in May, NSG aims to become a global leader in the satellite and space sectors. The company provides a wide range of services, including satellite broadband communications, in-flight connectivity, Earth observation, and remote sensing. It is also a prominent investor in cutting-edge space technologies.

NSG plays a vital role in helping achieve Vision 2030 goals, which focus on economic diversification, industrial development, innovation, and job creation.

UP42’s platform revolutionizes how organizations access, manage, and analyze geospatial data. By simplifying data management and enabling large-scale imagery processing, it facilitates the creation of innovative geospatial solutions.