Neo Space Group (NSG), supported by Saudi Arabia’s sovereign wealth fund, aims to lease multi-orbit satellite capacity to strengthen its market presence before establishing its own constellation. CEO Martijn Blanken stated that the team is identifying key investment areas.
NSG, created by Saudi Arabia’s Public Investment Fund in May, focuses on commercial satellite activities, including communications, geospatial services, navigation, and IoT monitoring, although specific long-term plans remain undisclosed. The Saudi Space Agency handles non-commercial space activities, while the Communications, Space and Technology Commission oversees regulatory matters.
NSG is taking over commercial operations of the Saudi Geo Satellite 1/Hellas-Sat-4, a geostationary satellite launched in 2019, with the other half managed by Arabasat. Saudi Arabia owns nearly 37% of Arabasat and seeks to expand its space capabilities.
Blanken revealed plans to utilize SGS-1 and leased multi-orbit satellite capacity for communication services and expand geospatial services through the acquisition of Taqnia Space. NSG is also creating a venture capital fund for early-stage investments, leveraging PIF’s financial strength to acquire businesses and enhance its market footprint.
Inflight connectivity is a key focus, with NSG collaborating with SES and other operators to provide seamless airline services. Additionally, an Earth Observation wholesaler platform is set to launch next year.
Blanken highlighted the sector’s challenges, such as regulatory issues, cybersecurity, and high costs, but emphasized NSG’s advantage of being free from legacy problems and supported by PIF. He noted that the market is poised for disruption both technologically and financially, with capital becoming harder to secure.
Saudi Arabia’s space industry is projected to grow significantly, reaching $2.2 billion by 2030, while the global space economy is expected to triple to $1.8 trillion by 2035, according to recent forecasts.