Bharti backed OneWeb, Neom Tech form $200 million JV for satellite network

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Bharti Group backed satellite company OneWeb and Saudi Arabia's Neom Tech and Digital Holding Company have signed a pact for a $200 million joint venture to provide satellite-based services to Middle East and East African countries, a joint statement said Tuesday.

The joint venture firm will see the deployment of OneWeb's Low Earth Orbit (LEO) satellite constellation to provide connectivity to enable Neom's ecosystem of cognitive technologies.

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Neom Tech and Digital Hold Co and OneWeb, the only licensed operator in Saudi Arabia, expect to complete ground infrastructure in 2022. "Neom Tech and Digital Hold Co and the new JV entity will have exclusive rights to distribute OneWeb services in its target regions for seven years from the initiation of the LEO satellite network, which is expected to commence in 2023," the statement said.

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