PIF’s NEO Space Group acquires airbus’ UP42 platform

Logo of NEO Space Group (NSG)

NEO Space Group (NSG), fully owned by Saudi Arabia's Public Investment Fund (PIF), has signed an agreement to acquire UP42, a geospatial technology company from Airbus Defence and Space.

The deal, subject to regulatory approvals and standard conditions, expands NEOM's geospatial capabilities, the group confirmed in a statement to Argaam.

The acquisition will add UP42 to NEO’s growing portfolio, which recently included Taqnia Engineering and Technical Services (TaqniaETS).

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Established in 2019 by Airbus and based in Berlin, UP42 provides a cloud-based platform offering geospatial data and analytics. It aggregates data from over 80 providers, enabling industries like agriculture, urban planning, and disaster management to address key challenges, according to Argaam’s data.

PIF launched NSG in May as part of its strategy to position Saudi Arabia as a leader in space and satellite services. The group aims to develop local capabilities, invest in startups, and foster entrepreneurship, aligning with Vision 2030’s goals to diversify the economy, create jobs, and drive technological innovation.