Neo Space Group (NSG), a Public Investment Fund (PIF) company and Saudi Arabia’s leading commercial space services provider, has completed the acquisition of UP42 GmbH, the Earth Observation (EO) platform formerly owned by Airbus Defence and Space GmbH.
Following the initial announcement in December 2024, UP42 is now officially part of the NSG ecosystem.
This strategic acquisition enhances NSG’s global EO capabilities, expands its market reach, and accelerates UP42’s international growth, serving a growing customer and partner base worldwide.
Martijn Blanken, CEO of Neo Space Group, stated that the acquisition marks a pivotal moment in positioning NSG as a global geospatial leader, delivering innovative solutions for critical industries across Saudi Arabia and beyond.
Sean Wiid, CEO of UP42, emphasized that services and customer commitments will remain unchanged, while the merger will allow UP42 to streamline access to EO data and scale impact globally.
The acquisition directly supports Saudi Arabia’s Vision 2030, aiming to strengthen national space infrastructure, localize high-tech expertise, and foster a vibrant commercial space economy.
Neo Space Group, established in May 2024, is a Saudi leader in satellite and remote sensing services and operates a dedicated venture capital fund to invest in space and satellite technologies.
