Saudi Crown Prince unveils National Red Sea Sustainability Strategy to drive blue economy 

Saudi Crown Prince unveils National Red Sea Sustainability Strategy to drive blue economy 
Saudi Crown Prince Mohammed bin Salman has launched the National Red Sea Sustainability Strategy, an initiative aimed at safeguarding the marine environment, supporting local communities, and advancing the Kingdom’s transition to a blue economy.  File
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Saudi Crown Prince unveils National Red Sea Sustainability Strategy to drive blue economy 

Saudi Crown Prince unveils National Red Sea Sustainability Strategy to drive blue economy 
  • Covering 186,000 sq. km and featuring 1,800 km of coastline, the area is home to diverse marine ecosystems, including the world’s fourth-largest barrier reef system and 6.2 percent of global coral reefs
  • The initiative reflects Saudi Arabia’s broader efforts to integrate environmental sustainability into its economic agenda while developing its marine-based industries

RIYADH: Saudi Crown Prince Mohammed bin Salman has launched the National Red Sea Sustainability Strategy, an initiative aimed at safeguarding the marine environment, supporting local communities, and advancing the Kingdom’s transition to a blue economy.  

The strategy is part of Saudi Vision 2030 and ties into national priorities for research, development, and innovation, particularly in environmental sustainability, the Saudi Press Agency reported. 

“The Kingdom of Saudi Arabia continues to unleash its enormous economic, geographical and cultural potential, and its pioneering efforts in sustainability and environmental conservation,” said the Crown Prince, who also serves as prime minister and chairman of the Council of Economic and Development Affairs.  

He added: “Through this strategy, the Kingdom positions the blue economy as a fundamental pillar of its diversified economy and aspires for the Red Sea region to become a global reference for leading blue economy activities, and for the Kingdom to become a global leader in the field of research, development and innovation in blue economy.”  

Covering 186,000 sq. km and featuring 1,800 km of coastline, the area is home to diverse marine ecosystems, including the world’s fourth-largest barrier reef system and 6.2 percent of global coral reefs.  

The strategy outlines measures to protect these resources while developing industries such as ecotourism, fisheries, renewable energy, and water desalination. 

By 2030, the plan seeks to expand marine and coastal protected areas from 3 percent to 30 percent, increase the share of renewable energy in the energy mix to 50 percent, and create new jobs in the blue economy. It also aims to protect investments in coastal tourism, which are expected to contribute to the national economy. 

The strategy focuses on five main objectives: environmental sustainability, economic development, social development, safety and security, and governance. It includes 48 initiatives designed to balance economic activity with environmental preservation and address climate challenges, the SPA added. 

The Crown Prince emphasized the Kingdom’s commitment to a sustainable future for the Red Sea, adding, “We look forward to everyone’s cooperation in protecting our Red Sea coast and the nature and communities that depend on it.” 

The initiative reflects Saudi Arabia’s broader efforts to integrate environmental sustainability into its economic agenda while developing its marine-based industries. 

​​Red Sea Project aligns with Saudi sustainability goals: CEO




John Pagano, CEO of Red Sea Global. AN photo by Huda Bashatah

Speaking in an interview with Arab News, John Pagano, CEO of Red Sea Global, emphasized that this strategy reinforces efforts already underway at the Red Sea Project, marking a significant milestone in cross-sector collaboration along the Saudi Red Sea zone.

“The strategy supports what we’ve been doing now for quite a number of years in terms of habitat, habitat creation, growing mangroves, planting mangroves, growing coral,” Pagano said.

He added: “We’ve already made significant announcements in the years leading up to the NRSSS being announced, by working with the likes of ACWA Power and EDF to produce a 100 percent renewable energy installation for the Red Sea.”

He underscored how the company’s renewable energy initiatives align with minimizing its carbon footprint, one of the key pillars of the NRSSS.

“We’re happy that the NRSSS has been announced because it ultimately brings, you know, cross-sector, cross-stakeholder engagement, where everybody along the Red Sea is going to work together to realize the full potential of the Red Sea, the Saudi Red Sea zone, and really bring a thriving blue economy to Saudi Arabia,” Pagano said.

He also highlighted the global shift in consumer preferences, particularly within the travel and tourism industry.

Pagano emphasized how people are increasingly aware of the environmental impact of their choices and are seeking more sustainable travel options.

“I think it should be no surprise that the world is changing. People and consumer habits are changing. A recent survey by Booking.com showed that something like 86 percent of respondents want to travel more sustainably,” Pagano said.

He added: “Focusing on eco-tourism is really, you know, feeding into a very rich and growing market.”

Pagano added that the project’s vision aligns with Saudi Arabia’s Vision 2030 to create a diversified economy and a thriving tourism industry. He outlined several other initiatives that demonstrate Red Sea Global’s alignment with the NRSSS.

“We align with all five pillars across. Renewable energy is a key pillar. We’re doing that already. Habitat creation. We’re doing that through growing mangroves, through planting mangroves, through growing corals, seagrasses, etc.,” he said.

Pagano highlighted the ecological importance of mangroves and coral reefs, stating, “We’ve committed to plant 50 million mangrove trees. Now, mangroves are an amazing plant for a number of reasons.”

“They protect against sea level rise and erosion. They sequester carbon at three to 10 times more carbon than the equivalent area of trees on land,” according to the CEO.

“We’re building resilience. We’re fragmenting corals to make them grow faster. We created a coral regeneration lab which recreates the spawning events that occur once or twice a year. We can now have that occur multiple times throughout the year,” Pagano said.

He also emphasized the economic impact of the Red Sea Project on Saudi Arabia, stating, “I think there are great economic effects of eco-tourism and what we’re doing on the Red Sea. We’re going to contribute, at full capacity, SR33 billion into the Saudi economy. Each and every year, we’re going to create 120,000 jobs.”

Pagano concluded the interview by extending an invitation to the world: “Come visit the Red Sea. It’s real, it’s happening, and it’s setting a new global standard for regenerative tourism.”


Venture capital, banking key to driving sustainable finance

Venture capital, banking key to driving sustainable finance
Updated 04 December 2024
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Venture capital, banking key to driving sustainable finance

Venture capital, banking key to driving sustainable finance

RIYADH: Venture capital and the banking sector are key to advancing innovative solutions for environmental sustainability, according to the founder and CEO of KBW Ventures.

During a session titled “Redefining Sustainable Finance: From Competitive to Catalytic Impact,” on the second day of the fourth Saudi Green Initiative Forum in Riyadh, Prince Khaled bin Alwaleed explained the role of impact investing and how it is scalable, sustainable, and profitable.

This falls in line with the fact that sustainable finance is evolving from a competitive advantage to a catalyst for systematic change. With global environmental, social, and governance assets expected to reach $50 trillion by 2025, the focus is shifting toward driving large-scale impact.

“Venture capital is not competitive to traditional banking sector. The banking sector loves venture capital because they de-riskify concepts that haven’t been developed yet,” Prince Khaled said.

 “Really, it’s a marriage of different types of industries coming together harmoniously, and venture capital and banking complement each other really well,” he added.

The CEO went on to say: “For me personally, impact investing really plays a huge role, simply because it reflects a lot on the investor’s desire for financial return as well as being in fact positively impacting the environment, whether it’s people, whether it’s the environment, whether it’s social responsibility,” he added.

Prince Khaled also highlighted how venture capital is at the forefront of investing in ideas that haven’t yet materialized, bearing much of the risk in the process.

“Venture capital comes in and de-riskify these opportunities. And to fuel the growth and to fuel the scale, banks come in and feel that scale once the proven model is there once there’s profitability, once there’s product market fit,” he said.

The founder also shed light on how impact investing is yet to develop in the region.

“We’ve seen investing, but impact investing is starting to grow. We’ve seen that in the last three to four years, we haven’t seen much happening in that field, but it’s slowly going to happen simply because investors dictate ESG-driven models have to be implemented in certain companies or even in certain startups,” Prince Khaled said.

He also highlighted that policies don’t drive innovation; rather, innovation drives innovation.

“Blanket policies don’t necessarily translate really well internationally or worldwide. They work in a specific manner, and they have to be tailored for other areas in the world. And again, this is why I believe policy doesn’t necessarily dictate change. I think the market, I think innovation, I think private sector really dictates the way change is going to happen,” the CEO concluded.

This year’s edition of the Saudi Green Initiative Forum, held from Dec. 3-4 as part of COP16, aims to tackle pressing global environmental challenges, such as land rehabilitation, carbon reduction innovations, and sustainable financing. The gathering will also explore the role of natural solutions in helping communities adapt to climate change while emphasizing efforts to preserve the Kingdom’s rich biodiversity, according to an official statement.


Saudi Arabia’s economic diversification fuels 4.4% growth forecast for 2025: ICAEW

Saudi Arabia’s economic diversification fuels 4.4% growth forecast for 2025: ICAEW
Updated 04 December 2024
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Saudi Arabia’s economic diversification fuels 4.4% growth forecast for 2025: ICAEW

Saudi Arabia’s economic diversification fuels 4.4% growth forecast for 2025: ICAEW

RIYADH: Saudi Arabia’s economy is forecast to grow 4.4 percent in 2025, driven by strong non-oil sector momentum and easing oil production cuts, according to the projections.

The Institute of Chartered Accountants in England and Wales highlighted that this marks a rebound from the 1.4 percent growth expected in 2024, supported by a 5.8 percent increase in the non-oil sector. 

Similarly, the Organization for Economic Co-operation and Development projects Saudi Arabia’s gross domestic product growth at 3.6 percent in 2025 and 3.8 percent in 2026. 

ICAEW emphasized the non-oil sector as a key growth driver across the Gulf Cooperation Council, with industries like tourism, real estate, and finance at the forefront.

Regional outlook

GCC economies are expected to grow at an annual rate of 4 percent over the next five years, more than double that of advanced economies. 

Scott Livermore, ICAEW’s economic advisor, said: “The GCC’s projected 4 percent growth in 2025 highlights the success of the region’s diversification efforts amid global challenges.” 

He added: “Managing capacity constraints in these high-growth sectors and navigating global uncertainties will be critical to sustaining long-term economic stability.”

Strong investments in construction, tourism, and infrastructure, coupled with rising oil production from 2025, are anticipated to bolster growth. 

Saudi Arabia’s economy is undergoing a significant transformation, with Vision 2030 spearheading efforts to reduce oil dependence and diversify economic activities.

Reforms, including regulatory changes and infrastructure investments, are strengthening non-oil industries and attracting both domestic and foreign investments. This transformation is positioning the Kingdom for long-term economic stability, supported by growing oil production and a thriving non-oil sector.

The GCC region is also projected to experience robust growth, driven by government-led diversification initiatives that are accelerating economic expansion.

According to an ICAEW report, the regional Purchasing Managers’ Index remains in expansionary territory, indicating sustained momentum in non-energy sectors. This growth is expected to result in a 4 percent expansion in industries such as tourism, real estate, and finance in both 2024 and 2025.

These developments highlight the successful implementation of strategies aimed at reducing oil dependence and fostering sustainable, diversified economic growth across the region.

Oil production recovery 

ICAEW projects that Saudi Arabia’s oil production will rise by 3.4 percent in 2025, recovering from 2024’s production cuts, which reduced output to around 9 million barrels per day.

This rebound is expected to boost GDP growth in oil-dependent economies such as Kuwait and Oman. However, the region faces challenges from the global shift toward cleaner energy and the development of renewable projects, which add complexities to long-term oil strategies. 

OPEC+ members, including Saudi Arabia, have been withholding a combined 5.86 million barrels per day of oil output — around 5.7 percent of global demand — through a series of cuts initiated in 2022 to stabilize the oil market.

OPEC+ is scheduled to meet on Dec. 5, with expectations of extending the current output cuts until the end of the first quarter of 2025 to maintain market support.  

Inflation and interest rates

ICAEW anticipates that interest rates in the GCC, which have been aligned with the US Federal Reserve’s monetary policy, will continue to ease into 2025.

After two years of aggressively tightening monetary policy to combat inflation, GCC countries lowered rates by 50 basis points in September and 25 basis points in November. 

While this easing of interest rates is expected to stimulate lending, it has also contributed to rising real estate prices, as lower borrowing costs make it easier for individuals and businesses to secure financing. 

However, the effects on the real estate market and corporate lending have been mixed. The lower rates have fueled increased demand, particularly in major cities like Riyadh, which has led to higher property prices and rents.

In Saudi Arabia, rental prices have been a key driver of inflation, particularly as the growing population and urbanization have intensified the demand for housing. As a result, inflation is forecast to rise from 1.7 percent in 2024 to 2.3 percent in 2025, with rents expected to remain a significant contributor, according to ICAEW.

State Street Global Advisors forecasts a “soft landing” in 2025, with the economy growing gradually without a sharp downturn, balancing inflation control with sustainable growth. This scenario aims to avoid major negative impacts such as high unemployment or a sharp decline in consumer spending.

Debt levels and fiscal flexibility

Saudi Arabia’s budget deficit is projected to persist, with ICAEW estimating a shortfall of 2.8 percent of GDP in 2024. However, the country's low government debt levels provide flexibility to fund key Vision 2030 initiatives and infrastructure projects.

The Kingdom’s 2025 budget, approved in early November, forecasts revenues of SR1.18 trillion and expenditures of SR1.28 trillion, resulting in a deficit of SR101 billion. 

These deficits are within manageable, planned levels, strategically designed to support the government’s expansionary spending on key projects aimed at diversifying the economy.

Saudi Arabia also maintains a strong credit rating from international agencies, reflecting its fiscal stability and investor confidence, which bolsters its capacity to finance these expansionary projects. 

Across the GCC, most countries are expected to maintain manageable debt levels, with sovereign wealth funds and other financial tools helping bridge budget gaps. 

According to State Street Global Advisors, the GCC’s economic diversification efforts have led to a significant increase in fixed income issuance, with outstanding bonds surpassing $1.35 trillion by September, more than tripling since 2019.

Notable growth in local currency bonds, sukuk, and green bonds reflects the region’s commitment to economic diversification and sustainability.

GCC bonds have outperformed the broader JP Morgan EMBI Global Diversified Index, offering lower volatility and drawdowns compared to other emerging market bonds, making them attractive to investors, according to their report.  

Capital market expansion

The GCC is undergoing a significant transformation in its capital markets, with Saudi Arabia at the forefront.

According to State Street Global Advisors, GCC equities have outperformed the broader emerging markets index over the past decade, despite global challenges. This outperformance is attributed to the region’s economic resilience and successful diversification efforts.

GCC equities also exhibit low correlation with oil prices and both developed and emerging markets, offering distinct sectoral exposure. The stability of dollar-pegged currencies further reduces currency risk, making GCC equities an attractive investment in volatile global markets.

Saudi Arabia’s stock market has grown to become the seventh-largest globally, reflecting the strength of the real economy.

Key reforms in the sector, including new regulatory frameworks, have increased liquidity and market accessibility.

Saudi Arabia’s inclusion in the MSCI Emerging Markets Index and the expansion of local equity offerings have been pivotal milestones. Additionally, the introduction of sukuk and green bonds has diversified the investment landscape, drawing international investors.

The ongoing integration of Saudi capital markets with global markets, coupled with Vision 2030 reforms, has positioned the Kingdom as an attractive destination for international investors, signaling a shift toward greater economic diversification and sustainability.


Saudia teams up with Air France-KLM to strengthen local MRO services

Saudia teams up with Air France-KLM to strengthen local MRO services
Updated 04 December 2024
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Saudia teams up with Air France-KLM to strengthen local MRO services

Saudia teams up with Air France-KLM to strengthen local MRO services
  • Partnership demonstrates shared commitment to advancing Kingdom’s aviation sector
  • Air France-KLM revealed plans to expand its presence in Saudi Arabia

JEDDAH: The Kingdom’s national carrier, Saudia, has entered into a strategic partnership with Air France-KLM to expand and localize its maintenance, repair, and overhaul capabilities. This collaboration aims to enhance the Kingdom’s aviation infrastructure and contribute to its economic growth.

The agreement was formalized during a signing ceremony on Dec. 3, which was attended by French President Emmanuel Macron, Saudi Arabian Airlines Corp. Chairman Saleh Al-Jasser, Saudia Group Director Gen. Ibrahim Al-Omar, and several other dignitaries and ministers, as per a statement from Saudia.

Al-Omar said the partnership is in line with Saudi Arabia’s Aviation Strategy, led by the General Authority of Civil Aviation, and demonstrates a shared commitment to advancing the country’s aviation sector.

Benjamin Smith, the CEO of Air France-KLM, highlighted the long-standing relationship between Saudia and the Air France-KLM Group, noting: “In the context of Saudi Arabia’s rapid development, we see great mutual benefit in expanding our commercial cooperation and combining our expertise, especially in the strategic area of MRO services.”

He added that Air France-KLM Engineering and Maintenance, a leader in the field, is well-positioned to deepen its collaboration with Saudia to unlock additional opportunities in Saudi Arabia and across the region.

This agreement is also part of Saudia’s broader effort to increase local content and develop local talent and capabilities in aviation, aligning with Saudi Vision 2030’s objectives to build a strong national economy.

The deal supports Saudi Arabia’s National Aviation Strategy, which aims to position the Kingdom as a global leader in tourism, business travel, and logistics. Key goals include enhancing interconnectivity, expanding the market share of national carriers, and improving airport infrastructure.

The agreement was signed by Fahd Cynndy, managing director of Saudia Technic, and Anne Brachet, executive vice president of engineering and maintenance at Air France-KLM.

The partnership marks a significant milestone in Saudia’s efforts to enhance its technical operations within the Kingdom and solidify both parties’ commitment to mutual growth in the aviation sector.

Under the terms of the agreement, Saudia will take on the assembly and disassembly of GE90 engines, which are used in Boeing 777 aircraft. Saudia will also allocate at least 50 percent of GE90 work orders to Air France-KLM in exchange for the localization of these processes.

Additionally, the partnership explores the creation of a joint venture to support GEnx engines, which power Boeing 787 aircraft. This will further bolster Saudia’s growing MRO capabilities, which already include servicing CFM LEAP-1A engines used on the Airbus A320neo family of aircraft.

On the commercial front, the agreement also focuses on strengthening the codeshare relationship between Saudia and Air France-KLM, both members of the SkyTeam alliance. This will allow for expanded reciprocal codesharing across a broader range of domestic and international routes, improving connectivity and increasing flight frequency.

Coinciding with this announcement, Air France-KLM revealed plans to expand its presence in Saudi Arabia. The group will launch a new route between Paris-Charles de Gaulle and Riyadh in the summer of 2025, operated by Air France. This follows a recent agreement between Air France-KLM and Saudi Arabia’s Air Connectivity Program, signed in the presence of Deputy Minister of Tourism for International Affairs Sultan Al-Musallam.

In addition to the new Paris-Riyadh route, Transavia, the low-cost carrier of Air France-KLM, will begin flights to Jeddah from Paris-Orly and Lyon. With these new services, all three airlines in the Air France-KLM Group — Air France, KLM, and Transavia — will operate in Saudi Arabia. KLM currently serves Riyadh and Dammam from its hub at Amsterdam Schiphol.

Benjamin Smith expressed his excitement about the expansion, saying, “Saudi Arabia is rapidly becoming a world-class destination and a key gateway. We are thrilled to support the Kingdom’s growth by expanding our network and strengthening our existing routes.”

Majid Khan, CEO of the Saudi Air Connectivity Program, welcomed the addition of Air France services to the Kingdom, emphasizing that this move is part of broader efforts to enhance air connectivity to vital international destinations and streamline travel to Saudi Arabia.

“Air connectivity plays a critical role in driving tourism development. The new direct flights between Riyadh and Paris, set to launch in summer 2025, will facilitate a stronger flow of tourism between our two nations,” Khan said.


Saudi Arabia positioned to lead global hydrogen production, say experts

Saudi Arabia positioned to lead global hydrogen production, say experts
Updated 04 December 2024
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Saudi Arabia positioned to lead global hydrogen production, say experts

Saudi Arabia positioned to lead global hydrogen production, say experts
  • SABIC, in collaboration with its parent company Aramco, plans to produce low-carbon ammonia
  • COP16 panelists cautioned hydrogen alone will not solve global decarbonization challenges

RIYADH: Saudi Arabia is poised to become one of the world’s leading producers of hydrogen, capitalizing on its abundant renewable energy resources and robust infrastructure, experts say.

At the Saudi Green Initiative Forum in Riyadh, Abdulrahman Al-Fageeh, CEO and executive board member of SABIC, outlined the Kingdom’s unique advantages in the hydrogen sector.

“Saudi Arabia, by the way, as a country, is going to be the best competitive in terms of the economics of producing hydrogen from any source by having the solar, by having the wind and also by having the gray hydrogen that we have in our systems,” he said. 

Al-Fageeh underscored that the Kingdom’s hydrogen ambitions would depend on close collaboration across the entire value chain, as well as strong regulatory support.

“Collaboration across the value chain is key, and regulators will play a crucial role,” he emphasized, highlighting the importance of coordinated efforts to scale production and integrate hydrogen into fuel systems and broader decarbonization strategies.

As part of its hydrogen strategy, SABIC, in collaboration with its parent company Aramco, plans to produce low-carbon ammonia.

“We have committed to advancing our decarbonization efforts using hydrogen and will collaborate with Aramco to produce low-carbon ammonia, which will play an important role in the fuel systems of the future,” Al-Fageeh added.

Sanjiv Lamba, CEO of Linde, also spoke positively about Saudi Arabia’s potential, describing hydrogen as a vital link in the global energy transition.

“Low-carbon hydrogen offers a cost-effective, scalable solution with mature technologies today, ensuring safe and reliable hydrogen production,” he said, adding that Saudi Arabia is particularly well-positioned to produce green hydrogen at globally competitive prices.

Kholoud Al-Otaibi, a clean hydrogen analyst at the Saudi Ministry of Energy, highlighted the Kingdom’s ongoing progress in building the necessary infrastructure for hydrogen production and export.

“The Kingdom is already taking deliberate steps to develop the protection and capacity, as well as the export infrastructure needed for hydrogen,” she said, underscoring the potential of hydrogen to support a sustainable energy future.

Despite the optimism, panelists cautioned that hydrogen alone will not solve global decarbonization challenges.

“It is one of many solutions. To address this pragmatically, we need to answer three key questions: where, what, and how,” said Al-Fageeh.

Francois Jackow, CEO of Air Liquide, noted that the energy transition is at a critical “scale-up phase,” requiring substantial investment and industrial innovation to unlock its full potential.

The forum also tackled broader challenges in climate finance, with experts stressing the urgent need to bridge the funding gap for climate adaptation, particularly in low- and middle-income countries.

Mohammed Ayoub, lead climate finance negotiator at the Saudi Ministry of Energy, warned that macroeconomic factors, such as unsustainable debt levels and foreign exchange risks, are restricting access to capital for developing nations.

“This is driving up the cost of capital due to lower sovereign ratings,” Ayoub said, explaining that it limits critical investments in climate adaptation measures that save lives and improve quality of life in vulnerable regions.

Florent Baarsch, founder and CEO of finres, highlighted the scale of the shortfall, pointing out that current overseas development assistance stands at $220 billion annually, far below the $300 billion to $500 billion needed each year for climate adaptation.

“Even if we allocated the entire ODA to adaptation, it would still fall short,” Baarsch said.

Rachel Kyte, the UK special representative on climate, said that adaptation finance must prioritize the most vulnerable populations and combine public and private funding to meet the scale of the challenge.


Saudi Arabia advances space industry with acquisition of Airbus’ UP42

Saudi Arabia advances space industry with acquisition of Airbus’ UP42
Updated 04 December 2024
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Saudi Arabia advances space industry with acquisition of Airbus’ UP42

Saudi Arabia advances space industry with acquisition of Airbus’ UP42
  • Deal is subject to customary closing conditions, including regulatory approvals
  • It aims to unlock the potential of emerging sectors in Saudi Arabia

JEDDAH: Saudi Arabia’s Neo Space Group has finalized an agreement to acquire Airbus’ UP42 platform, a move that marks a key milestone in the Kingdom’s efforts to achieve its Vision 2030 goals.

On Dec. 3, NSG, a company owned by the Public Investment Fund and Saudi Arabia’s leading commercial space services provider, announced that it had reached a definitive agreement with Airbus Defence and Space to acquire the next-generation Earth observation digital platform.

The deal is subject to customary closing conditions, including regulatory approvals, as stated in a company release.

NSG CEO Martijn Blanken said: “By integrating the UP42 platform into the Saudi ecosystem, we are positioning NSG to deliver cutting-edge geospatial insights for one of the world’s fastest-growing economies.”

This acquisition underscores NSG’s strategic role in advancing Earth observation services in Saudi Arabia, following the permit granted in July by the Communications, Space, and Technology Commission to operate the platform within the Kingdom.

Aligned with PIF’s broader strategy, the deal aims to unlock the potential of emerging sectors in Saudi Arabia, boost the country’s non-oil revenues, and support the diversification of its economy in line with Vision 2030.

NSG emphasized that UP42’s platform will enable customers to tackle real-world geospatial challenges, offering valuable solutions across industries such as agriculture, urban planning, real estate, infrastructure monitoring, and disaster management.

The company also reiterated its commitment to fostering local expertise and strengthening the Kingdom’s position within the global space economy, with the goal of supporting the diversification of the Saudi economy and advancing Vision 2030.

Blanken further highlighted the significance of the acquisition: “This is a pivotal move in advancing our vision to drive both local and global innovation in the geospatial sector while contributing to the growth of Saudi Arabia’s space economy.”

Launched in 2019 by Airbus in Germany, UP42 is a leader in simplifying access to and deriving insights from geospatial data through its cloud-based platform. It is set to become an integral part of NSG’s growing geospatial division, which already includes the Saudi-based geospatial services provider, TAQNIA ETS.

UP42’s digital platform offers customers access to data and analytics from more than 80 of the world’s top geospatial companies, enabling users to manage and source diverse data from multiple providers through a single interface.

UP42 CEO Sean Wiid commented: “Joining NSG is an exciting step for UP42. Our continued international growth will help support NSG’s ambition to become a global leader in geospatial innovation.”

Wiid added that the collaboration will play a key role in establishing a robust Earth observation ecosystem within Saudi Arabia, benefiting sectors including government, agriculture, energy, and tourism.

Launched in May, NSG aims to become a global leader in the satellite and space sectors. The company provides a wide range of services, including satellite broadband communications, in-flight connectivity, Earth observation, and remote sensing. It is also a prominent investor in cutting-edge space technologies.

NSG plays a vital role in helping achieve Vision 2030 goals, which focus on economic diversification, industrial development, innovation, and job creation.

UP42’s platform revolutionizes how organizations access, manage, and analyze geospatial data. By simplifying data management and enabling large-scale imagery processing, it facilitates the creation of innovative geospatial solutions.