Leo Satellite Market Growth in Saudi Arabia
Growing Collaborations for technological advancement of space systems to boost Saudi Arabia's LEO satellite market growth
Saudi Arabia is making tremendous strides in the Low Earth Orbit (LEO) satellite market. This is in line with the country's Vision 2030, which focuses on the diversification of the economy and technological capabilities. One of the biggest events was the formation of Neo Space Group (NSG) by PIF in May 2024. This intends to become a national market leader in the satellite and space industry, specializing in communications, Earth observation, navigation, and the Internet of Things. The group intends to put investments in both international and local assets to develop and localize the relevant competencies in the sector.
In October 2023, a significant partnership was made by Tonomus, the technology subsidiary of NEOM, with STC Group, a leading digital transformation entity in the region. Under this multi-year deal, STC Group will get access to the LEO satellite capacity offered by Tonomus to provide high-speed broadband internet and data services in all of Saudi Arabia. It aims to connect critical industries, including oil and gas, mining, agriculture, health, education, and finance, while improving connectivity in remote areas and bridging the digital divide.
The Kingdom is also drawing in considerable foreign investment in manufacturing satellites. In October 2023, ASPACE in Hong Kong announced a SAR 1 billion investment (about USD 266.6 million) for the development of an advanced satellite manufacturing facility in the Kingdom. The program will provide the design, production, and integration of components, subsystems, and complete satellites, thus strengthening Saudi Arabia's competitiveness in the world space market.
Continuing with further capabilities, NSG announced the acquisition of geospatial solution platform, UP42 from Airbus Defence and Space in December 2024. It is said to bolster the geospatial division within NSG to further develop advanced earth observation and geospatial solutions as the demand increases across Saudi Arabia and the rest of the world.
International collaborations also help contribute to the satellite infrastructure of the Kingdom. Eutelsat OneWeb, with STC Group, has developed the first Satellite Network Portal in the MENA region in Tabuk. It started operating at the beginning of 2024, expanding LEO satellite connectivity services in support of regional digital transformation.
Collectively, this is a reflection of Saudi Arabia's efforts to further develop LEO satellite industries. They are doing this through strategically positioned partnerships, foreign direct investments, and developing local expertise such that the Kingdom is at the forefront of the global marketplace in terms of satellites, achieving economic diversification, and facilitating technological innovation.
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