KSA Business: Neom JV seals $200m satellite network deal with OneWeb – Gulf Digital News

KSA Business: Neom JV seals $200m satellite network deal with OneWeb – Gulf Digital News

Neom Tech & Digital Holding Company, the first holding company to be established as a subsidiary of Saudi Arabia's futuristic $500-billion new city Neom, has signed a $200 million joint venture agreement with OneWeb, the global communications network powered from space, to bring high-speed satellite connectivity to Neom, Saudi Arabia and the wider Middle East and neighboring East African countries. 

 

The partnership will see the deployment of OneWeb’s Low Earth Orbit (LEO) satellite constellation, which will not only provide the rapid and reliable connectivity to enable the Saudi city’s ecosystem of cognitive technologies, but also transform businesses and rural communities in the region where access to fiber-like internet was previously unimaginable. 

 

The agreement also includes a long-term strategic partnership regarding research and development of future connectivity systems, it stated.

 

It also builds on the relationship between OneWeb and the Ministry Communications and Information Technology (MCIT) and Ministry of Investment of Saudi Arabia (MISA). 

 

Established in 2017, they are focused on unlocking Saudi Arabia’s nascent orbital space technology sector for private investors. In addition, it further strengthens ties between Saudi Arabia and the UK Government, which is a major strategic investor in OneWeb.

 

As per the JV deal, Neom Tech & Digital Hold Company and OneWeb,