Neom Tech & Digital Holding Company and, One Web, backed by Indian telecommunications tycoon Sunil Mittal, signed a $200 million joint venture agreement to deliver high-speed satellite connectivity to the Saudi megacity of Neom, the wider Middle East, and neighbouring East African nations.
The agreement “is a testament to Saudi Arabia’s promising future in the space technology sectors ... [and] will contribute to economic growth and accelerate digital and communications knowledge transfer to the kingdom", Saudi Arabia's Minister of Investment Khalid Al Falih said on Tuesday during the Future Investment Initiative summit being held in Riyadh.
Neom Tech & Digital Holding, the primary holding firm to be established as a subsidiary of Neom, and the new entity will have exclusive rights to distribute OneWeb services in its target regions for seven years from the initiation of the low earth orbit (LEO) satellite network, which is expected to commence in 2023.
Neom Tech & Digital Holding 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 launch of OneWeb's satellite network will "transform businesses and rural communities in the region where access to fibre-like internet was previously unimaginable", according to the statement.
The agreement also includes a long-term strategic partnership regarding research and development of future connectivity systems.
"We still have nine years to complete our journey and we are confident that we will meet all requirements so that Neom will be in the location that the Crown Prince [Mohammed bin Salman], chairman of the board of directors, wanted it to be an unprecedented event in the history of mankind," said Nazim Al Nasr, chief executive of the Neom project.
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UAE currency: the story behind the money in your pockets
The specs
Engine: 2x201bhp AC Permanent-magnetic electric
Transmission: n/a
Power: 402bhp
Torque: 659Nm
Price estimate: Dh200,000
On sale: Q3 2022
MATCH INFO
Chelsea 1
Alonso (62')
Huddersfield Town 1
Depoitre (50')
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Kibsons%20Cares
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Abu Dhabi Sustainability Week
RESULTS
6.30pm: Meydan Sprint Group 2 US$175,000 1,000m
Winner: Ertijaal, Jim Crowley (jockey), Ali Rashid Al Raihe (trainer)
7.05pm: Handicap $60,000 1,400m
Winner: Secret Ambition, Richard Mullen, Satish Seemar
7.40pm: Handicap $160,000 1,400m
Winner: Raven’s Corner, Richard Mullen, Satish Seemar
8.15pm: Dubai Millennium Stakes Group 3 $200,000 2,000m
Winner: Folkswood, William Buick, Charlie Appleby
8.50pm: Zabeel Mile Group 2 $250,000 1,600m
Winner: Janoobi, Jim Crowley, Mike de Kock
9.25pm: Handicap $125,000 1,600m
Winner: Capezzano, Mickael Barzalona, Salem bin Ghadayer
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Test series fixtures
(All matches start at 2pm UAE)
1st Test Lord's, London from Thursday to Monday
2nd Test Nottingham from July 14-18
3rd Test The Oval, London from July 27-31
4th Test Manchester from August 4-8
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
