Space technology is moving beyond deep-space exploration and futuristic visions of Mars colonies. Today, it is a powerful enabler of real-world industries, from telecommunications to geospatial intelligence and in-flight connectivity.
Neo Space Group (NSG), backed by Saudi Arabia’s Public Investment Fund, is positioning itself at the forefront of this transformation.
The Fintech Times sat down with NSG CEO Martijn Blanken at LEAP 2025 in Riyadh to discuss the company’s ambitions, his transition from the telecoms industry to the space sector and how NSG is building a commercially viable space business.
A telecoms leader’s leap into space
Blanken is the first to admit he was new to the space industry. “I Sometimes joke that I’m ‘lost in space‘ because I’ve never worked in the space or satellite industry before,” he said.
Having spent most of his career in telecommunications and data infrastructure, the move to NSG was unexpected. “My last role was CEO of a fibre-optic data centre connectivity company, handling terrestrial and submarine fibre networks, data centres, and telecom facilities across Europe and the US,” he explained.
That changed in late 2023 when he got a phone call about a new challenge. “They said, ‘Would you be interested in leading a satellite and space company? It’s in the Middle East, in Riyadh. And it’s a startup.’”
Initially, he questioned whether he was the right fit. “There were a lot of new components I hadn’t done before,” he admitted. “I lacked experience in the region, in the industry, and I hadn’t built a company from scratch.”
But as discussions progressed, his perspective shifted. While space was new, its business and operational models weren’t entirely foreign. “The business models tested and optimised in telecoms largely apply to satellites. That background is certainly valuable,” he said.
The rare opportunity to build something from the ground up ultimately convinced him. “It’s not often you get the chance to start a company from scratch, backed by a well-funded, visionary investor. So, I thought, why not? Let’s take the plunge.”
Commercial space: what actually makes money?
Blanken is clear that NSG’s focus isn’t on speculative space exploration but on industries that are already commercially viable or will be in the near future.
“The role of Neo Space Group is to focus on those subdomains within the broader space industry that are already commercially viable or will be in the near future.” he explained.
This means prioritising satellite communications, geospatial services (earth observation, remote sensing), satellite navigation (GNSS), and space-based IoT – all areas where business models already exist and continue to grow.
“There are many subdomains in space, among others human space travel, like putting a man on the moon, that may not get to a point where it is economically viable,” Blanken said. “But human space travel is likely one of the domains where you see more and more commercial parties becoming active, just like space logistics or space manufacturing.”
However, other areas – such as deep space exploration and astrophysics – are likely to remain in the realm of research, development, and scientific institutions for the foreseeable future.
Why Saudi Arabia?
NSG’s launch is closely tied to Saudi Arabia’s Vision 2030, which aims to diversify the economy beyond fossil fuels and invest in high-growth industries, including space.
“As part of Vision 2030, the Kingdom is actively diversifying its economy. That means being less dependent on fossil fuels and fossil fuel-related industries, while actively investing in new industries – financial services, tourism, logistics, but also aerospace and defence,” Blanken said.
Space fits directly into this strategy. “Saudi Arabia already is a relatively heavy spender on space and space technologies,” he said. “Yet at this particular point in time, the overwhelming majority of the money is spent overseas with companies that are not physically located in Saudi Arabia. And that is a bit of a missed opportunity.”
This is where NSG comes in – not only as a national space champion but as a catalyst for localising the industry. “If you then add a third dimension to it, which is the need for a level of sovereignty – in particular in geospatial and satellite communications, where each country would like to rely on technology that is operated and controlled by parties they can trust – then you have those three things,” he said.
Blanken sees NSG’s role as twofold: investing in commercially viable space technologies while also ensuring that Saudi Arabia develops its own space ecosystem. “It’s our job to be a catalyst in that new industry and help it grow, as well as to localise as many of these technologies and jobs here in the Kingdom.”
Buy versus build?
Unlike most startups, NSG hasn’t just been building from scratch, it has been making strategic acquisitions to accelerate its growth.
“Saudi Arabia is known for its audacious ambitions,” Blanken said. “They’re setting up this company not to be a small, niche player but a meaningful global force in five to ten years.”
To scale quickly, NSG is balancing acquisitions, partnerships and organic investments. A key example is its recent acquisition of UP42, a geospatial marketplace providing access to satellite imagery. “That company took seven years to build, employing 100 people. We could have started from scratch, but that would take time, money and effort. In some cases, it’s better to buy and accelerate market entry.”
At the same time, NSG is developing in-house capabilities where full control is critical, particularly in defence and intelligence. “Some things you can partner on, but in areas like national security, countries want to rely on technology they fully control,” Blanken explained.
Beyond connectivity
One of NSG’s biggest growth areas is in-flight connectivity and passenger experience, where satellite communications play a role, but not the only one.
“We are a provider of a very compelling passenger experience, and we so happen to use a mixture of technologies to provide that,” Blanken explained. “One of these technologies happens to be satellite connectivity, but that’s just one. You also need antenna technologies, a traffic management platform, and user interface technologies to deliver the best experience.”
For airlines like Turkish Airlines, NSG is helping it go beyond basic connectivity by integrating digital services into the airline’s ecosystem. “Some airlines want to go well beyond just providing access to the internet in the sky,” Blanken said. “If you’re Turkish Airlines, and you’re a member of their frequent flyer programme, you may want to use their app to access content, browse duty-free shopping, or even purchase products with frequent flyer points, all seamlessly integrated into the airline’s digital experience.”
AI and the future of space data
With NSG handling massive volumes of satellite data, AI plays an important role, but Blanken is pragmatic about its place.
“Everyone wants to hear about an AI strategy,” he said, “but AI isn’t an end in itself. It’s a tool to extract insights from data faster and more effectively.”
For example, in geospatial intelligence, AI is used to identify patterns, track changes, and generate predictive insights. “Let’s say you have satellite images tracking oil tankers,” Blanken outlines. “If AI can detect how deep they are in the water, that’s a proxy for how much crude oil is in the tanker. That, in turn, is a proxy for how much short-term supply will be stored on the ground, which impacts oil prices.”
The real challenge, he said, isn’t just collecting data, it’s translating it into commercially valuable insights that customers are willing to pay for.
NSG’s global ambitions
As NSG continues to expand, Blanken highlighted the importance of commercial viability and industry relevance in shaping its long-term strategy. Rather than pursuing space for the sake of exploration, NSG is focused on delivering practical applications that meet market demand.
“Any business that is asset-heavy, and space is an asset-heavy business, means that you spend a lot of capital upfront that you then aim to monetise over time,” Blanken explained. “It’s a scale business, so volume matters.”
This approach is guiding NSG’s investment decisions, whether through acquisitions, partnerships, or developing its own capabilities. “Some things you can partner on, but in areas like national security, countries want to rely on technology they fully control,” he noted.
As Saudi Arabia looks to establish itself as a global space player, NSG is positioning itself as a key enabler of commercial space technology, not just in the Kingdom, but on the world stage.
