Neo Space Group to Acquire UP42, Enhancing Geospatial Capabilities

Neo Space Group (NSG), a company owned by Saudi Arabia’s Public Investment Fund (PIF), has announced the acquisition of UP42, a next-generation earth observation platform developed by Airbus Defence and Space. The agreement, subject to regulatory clearances and customary closing conditions, marks a significant step in advancing NSG’s geospatial capabilities.

UP42, launched by Airbus in 2019 in Berlin, Germany, simplifies access to geospatial data and analytics through a cloud-based platform. The platform enables customers to source and manage data from over 80 global geospatial companies, supporting industries such as agriculture, urban planning, real estate, disaster management, and infrastructure monitoring. The acquisition will integrate UP42 into NSG’s Geospatial division, which recently added Taqnia ETS to its portfolio.

NSG’s CEO, Martijn Blanken, highlighted the strategic value of this acquisition, stating it aligns with Saudi Vision 2030 by positioning NSG as a leader in geospatial innovation. The move is expected to support Saudi Arabia’s fast-growing economy and contribute to the nation’s efforts to develop its space economy.

UP42 CEO, Sean Wiid, expressed excitement about the acquisition, emphasizing that joining NSG will support international growth while building a robust Earth observation ecosystem in Saudi Arabia. The acquisition also builds on NSG’s permit to provide Earth Observation Platform services, granted earlier this year by Saudi Arabia’s Communications, Space, and Technology Commission (CST).

NSG was established in May 2024 by PIF to advance Saudi Arabia’s space and satellite capabilities. With a mission to foster innovation, diversify the economy, and enhance the Kingdom’s position in the global space industry, NSG plays a key role in realizing Saudi Vision 2030. The acquisition of UP42 underscores NSG’s commitment to leveraging cutting-edge technologies to drive growth in the geospatial and satellite sectors.