PIF buys Airbus’ earth observation digital platform

A subsidiary of Saudi Arabia’s Public Investment Fund (PIF) is to acquire Airbus Defence and Space’s earth observation digital platform.

Riyadh-based Neo Space Group (NSG) was set up in May this year by PIF to lead efforts to develop the space industry in Saudi Arabia.

It is to acquire Berlin-headquartered UP42, which was launched by Airbus in 2019 and integrates data from more than 80 geospatial companies, such as satellite imagery and weather data, to identify objects, track changes and find patterns. 

This allows its customers across such industries as agriculture, urban planning, real estate, infrastructure monitoring and disaster management to address real-world challenges.

No financial details of the deal, which is subject to regulatory clearances, were given.

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The Saudi Communications, Space, and Technology Commission (CST) in July awarded NSG a permit to offer Earth observation (EO) services within Saudi Arabia.

Sean Wiid, CEO of UP42, said the company will play a key role in developing NSG’s EO division within the kingdom, which will benefit the government, agriculture, energy, travel and tourism sectors.