Neo Space Group marks first anniversary with key milestones
Neo Space Group (NSG), a PIF company and Saudi Arabias commercial satellite services provider, has celebrated its first-year anniversary, marking a year of major milestones and achievements. These encompass strategic acquisitions, the onboarding of new clients, expanded capabilities through key partnerships and business growth all within just 12 months.
Launched by the Public Investment Fund (PIF) on May 27, 2024, NSG has made significant strides toward its mandate of becoming the national champion of the space sector, supporting commercial satellite space operations both locally and internationally. Within its first year, the company expanded its portfolio of services, including satellite broadband, Earth observation and sensing, geospatial analysis, satellite navigation and IoT solutions.
Key milestones include the acquisition of TAQNIA ETS, a prominent Saudi provider of geospatial services and solutions, which has now been fully integrated and rebranded as NSG Geospatial Services under the NSG umbrella. This acquisition marks a pivotal step in NSGs strategic transformation, as the company evolves from a purely project-based model to a hybrid approach that combines both high-impact projects and scalable technology products driving innovation, sustainability, and long-term growth.
In addition, NSG acquired UP42, a next-generation Earth observation platform launched by Airbus in 2019. UP42 a pioneer in satellite digital imagery and geospatial data based in Berlin, Germany. Now fully integrated into NSG Geospatial Services, this acquisition grants NSG access to over 140 Earth observation data collections on a single platform, making it easier to source and analyze diverse geospatial insights from multiple providers via a seamless interface.
NSG has also entered into a collaboration agreement with ESRI, the global market leader in geographic information systems (GIS) mapping, and location intelligence. Additionally, NSG partnered with SuperMap Software to further enhance its GIS capabilities and technology offerings.
Through its partnership with global satellite communications provider SES, NSG has introduced the SES Open Orbits Inflight Connectivity network to international airlines, NSG also formed a strategic partnership with G&S SatCom, a leading satellite solutions company, to deploy G&S SatConnect® – a cutting-edge, cloud-based, real-time monitoring platform. This technology supports NSGs Network Operations Centre (NOC), ensuring 24/7 service monitoring and proactive management of in-flight connectivity (IFC) services.
In its first year, NSG secured three major international clients for its market-leading satellite-based inflight connectivity services: Thai Airways, Turkish Airlines, and Uzbekistan Airways. These airlines now offer seamless high-speed internet and personalized passenger experience powered by NSG technology.
Martijn Blanken, CEO of Neo Space Group, commented: I´m incredibly proud of the progress we have made in our first year, and the steps weve taken to become a national space champion. I would like to thank all the hard-working NSG employees for their dedication and efforts in our launch year, as well as the trust and support of PIF. At NSG we are truly honored to be shaping the future of commercial space operations in Saudi Arabia, while delivering innovative satellite solutions locally and globally.
This year, NSG became an official member of the prestigious King Abdullah University of Science and Technology (KAUST) Industry Collaboration Program (KICP)the first company in the space sector to do so. This milestone reinforces NSGs commitment to innovation and research, aligned with the goals of Saudi Vision 2030. As the national Space Champion, NSG also proudly sponsored the Spring and the Core Forum of Space and Astronomy workshops, organized by the King Abdulaziz and His Companions Foundation for Giftedness and Creativity (Mawhiba) in collaboration with the Ministry of Education. NSG was further represented at KAUST Employment Day as part of its talent outreach efforts.
NSG was awarded a permit by the Communications, Space and Technology Commission (CST) of Saudi Arabia to provide Earth Observation (EO) platform services. Most recently, NSG won the Best Next Generation Satellite Application Award for its inflight connectivity solution at the BroadcastPro ME/SatellitePro ME Manufacturer Awards 2025.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Middle East Eye
an hour ago
- Middle East Eye
Saudi Arabia to allow foreign property ownership in Riyadh and Jeddah
Saudi Arabia approved a new law allowing foreigners to own real estate as part of the kingdom's plan to diversify its economy and open it to foreign investment. The long-awaited reform, passed on Tuesday, allows foreigners to buy property in specific areas in Riyadh and the Red Sea coastal city of Jeddah. Ownership in Mecca and Medina, the two holiest cities in Islam, is subject to special requirements. The move prompted a rally in Saudi real estate stocks. Saudi Arabia's Real Estate General Authority is expected to issue more specifics on the rules and implementation. The law is expected to take effect in January 2026. Opening Saudi Arabia's property market to foreign investment is a crucial part of the kingdom's Vision 2030 plan, which places a strong emphasis on tourism, particularly along Saudi Arabia's Red Sea coast. Some projects have faced setbacks after years of high spending and slumping oil prices. The kingdom has already had to scale back the futuristic city of Neom. Instead of 1.5 million people living in the city by 2030, Saudi officials now anticipate fewer than 300,000 residents. Meanwhile, only 2.4km of the city will be completed by 2030. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters Still, Saudi Arabia is undergoing a construction boom. In 2024, the kingdom began construction of the Mukaab, a cube-shaped attraction in Riyadh, which is set to be the world's largest structure. The building will be the main centrepiece of New Murabba, a major development project in downtown Riyadh. The kingdom is also pressing ahead with Red Sea resorts, some of which, like the Ritz-Carlton Reserve, have already opened. Saudi Arabia's real estate and tourism goals are twofold, experts say. Mega-yachts versus sailboats: Saudi Arabia's quest to conquer Red Sea tourism Read More » The kingdom aims to encourage middle class and wealthy Saudis to spend their money at home rather than abroad. However, by allowing foreign real estate ownership, Saudi Arabia is also seeking to tap a lucrative market alongside other Gulf states, such as Oman and Qatar, for vacation homes and second residences. The UAE remains the leader in this space, with Dubai and even Abu Dhabi experiencing double-digit residential property price growth in recent years. According to a report in June by real estate firm Frank Knight, Dubai residential home prices surged 19 percent in 2024. Demand for Dubai real estate remains highest among high-net-worth Saudi citizens, followed by UK citizens and East Asians. Notably, the trading for homes priced at $10m and above in Dubai now matches London and New York City combined, Frank Knight said. Although western media has focused on Saudi Arabia's efforts to push through liberalising social reforms to attract tourists, some research suggests there is also pent-up demand in corners of the global south, including among high-net-worth Muslim individuals. A Frank Knight report in 2024 found that 79 percent of wealthy Muslim respondents wanted to make their residential property purchase in Mecca or Medina, with budgets above $4m.
Gulf Today
3 hours ago
- Gulf Today
Markets thirsty for oil despite boosts in Opec+ output: UAE
Markets are thirsty for oil because they are absorbing Opec+ production increases without building inventories, United Arab Emirates Energy Minister Suhail Al Mazrouei said on Wednesday. Opec+, which pumps about half of the world's oil, has been curtailing production for several years to support the market. But it has reversed course this year to regain market share and as US President Donald Trump demanded the group pump more to help keep gasoline prices lower. Opec+ began to unwind cuts of 2.17 million barrels per day in April with a boost of 138,000 bpd. Hikes of 411,000 bpd followed each month in May, June and July. On Saturday, the group approved a 548,000-bpd jump for August. Mazrouei said he was not worried about supply overhang even after the latest production rises. 'You can see that even with the increases for several months we haven't seen a major buildup in inventories, which means the market needed those barrels,' he said. 'What we want is stability and you cannot be short-sighted just by looking at the price. We need the price to be right for investments to happen,' he said, adding that many countries with large oil reserves were still not investing enough. Mazrouei was speaking on the sidelines of a biennial Opec seminar, which brings together ministers and executives from oil majors. Opec has withheld media access to reporters from Reuters and several other news organisations to cover the seminar, reporters and several people familiar with the matter said. Saudi Energy Minister Prince Abdulaziz bin Salman spoke at the seminar about the need for a flexible energy transition guided by data and technology, including oil and gas and not at the cost of affordability, participants told Reuters. Opec+ will likely approve an increase of around 550,000 bpd for September when it convenes on August 3, sources told Reuters. That will complete the return to the market of 2.17 million bpd of voluntary cuts from eight OPEC+ members and allow the UAE to also complete an additional 300,000 bpd output jump. Opec+ still has separate cuts of 3.65 million bpd in place, consisting of 1.65 million bpd in voluntary cuts by eight members and some 2 million bpd across all members. The cuts expire at the end of 2026. Oil prices rose on Wednesday, maintaining their highest levels since June 23, lifted by attacks on shipping in the Red Sea and a forecast for lower US oil production while uncertainty over US tariffs loomed in the background. Brent crude futures gained 10 cents, or 0.1%, to $70.25 a barrel by 1057 GMT. US West Texas Intermediate crude was up 15 cents, or 0.2%, to $68.48 a barrel. After months of calm in the Red Sea, attacks in the major global shipping lane were renewed in the past week, which sources attribute to Yemen's Iran-allied Houthi militia. A mission was under way on Wednesday to rescue the crew from a cargo ship which sank in the Red Sea following an attack that killed at least four crew members. The Houthis have not claimed responsibility for the attack. Oil prices were also buoyed by an Energy Information Administration forecast on Tuesday that the US will produce less oil in 2025 than previously expected, as declining oil prices have prompted US producers to slow activity. On Tuesday, US President Donald Trump said he would announce a 50% tariff on copper, aiming to boost US production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods. The announcement came as Trump delayed a deadline for some tariffs to August 1, providing some hope to major trade partners that deals to ease duties could still be reached, though that left many companies still uncertain on the path forward. While there is concern that the tariffs could curb demand for oil, more immediately there was strong travel demand during the US July 4 holiday weekend, while data also showed possible crude inventory builds in the US of around 7.1 million barrels. With the Red Sea strikes and higher US holiday fuel consumption during summer, 'the idea of ample future supply must give way to short-term considerations,' said a research note from oil broker PVM. Official inventories data from the US Energy Information Administration is scheduled for release at 1430 GMT. Opec+ oil producers were set for another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members, and the United Arab Emirates' move to a larger quota, five sources said. This followed a Saturday announcement from the group approving a 548,000 barrels per day supply increase for August. 'Oil prices have stayed surprisingly resilient in the face of accelerated Opec+ supply additions,' said DBS Bank's energy sector team lead Suvro Sarkar. Reuters
Zawya
7 hours ago
- Zawya
Saudi real estate stocks climb after Cabinet endorses foreign ownership
Real estate stocks on the Saudi Exchange (Tadawul) reached a new high on Wednesday, the highest since May 2025, following the Cabinet's approval of a law regulating property ownership by non-Saudis. The Real Estate Management and Development Company's index recorded the highest gain in the past 11 sessions. Umm Al Qura for Development and Construction Company (Masar), Saudi Real Estate Company (Al Akaria) and Retal Urban Development Company rose between 7 percent and 9 percent. Jabal Omar Development Company, Dar Alarkan Real Estate Development Company, Emaar The Economic City rose between 2 percent and 4 percent. The new law will be effective in January 2026, Saudi Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail said. According to the updated law, the Real Estate General Authority is responsible for proposing the geographic area within which non-Saudis may own real estate or acquire other property rights, Saudi Gazette newspaper reported. The minister has previously stated that the real estate sector has attracted investments of nearly 900 billion Saudi riyals since the launch of Vision 2030, as reported by Al Sharq Business. In December 2024, Zawya Projects had reported that PIF-owned developer ROSHN is looking to expand its digital capabilities to enable sales outside the Kingdom and to non-Saudi residents in 2025. (Editing by Anoop Menon) (
