Riyadh-based Neo Space Group (NSG), a subsidiary of Saudi Arabia’s Public Investment Fund (PIF) is set to acquire Airbus Defence and Space’s earth observation digital platform, UP42.
Founded in 2019, Berlin-based UP42 offers a cloud-based platform for geospatial data and analytics, sourcing data from over 80 providers to support sectors like agriculture, urban planning and disaster management.
NSG was set up in May this year by PIF to lead efforts to develop the space industry in the Kingdom. The company recently welcomed Taqnia Engineering and Technical Services (TaqniaETS) to its portfolio, as part of its expansion plan.
In July, the Saudi Communications, Space, and Technology Commission (CST) awarded NSG a permit to offer Earth observation (EO) services within Saudi Arabia.
The deal is still subject to regulatory approval. The terms of the acquisition have not been disclosed.
