NEOM Tech & Digital Holding Company and OneWeb have signed a $200 million joint venture agreement to bring high-speed satellite connectivity to NEOM, Saudi Arabia and beyond in the MENA region.
Both the companies will have exclusive rights to distribute OneWeb services in its target regions for seven years from the start of the satellite network, expected to commence in 2023.
NEOM Tech & Digital Holding Co. and OneWeb, the second largest LEO operator with 358 satellites and the only licensed operator in Saudi Arabia, expect to complete ground infrastructure in 2022.
The alliance 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 NEOM’s ecosystem of cognitive technologies, but also transform businesses and rural communities in the region where access to fiber-like internet was previously unimaginable, according to a statement.