MENASAT GULF GROUP PLC in Joint Venture with NASDRA to develop a USD $250M program for the design and build of "NIGERIA SAR 1", the first Nigerian SAR high-resolution earth observation satellite.

On Friday 26^th June 2015 , MENASAT GULF GROUP PLC entered into a Joint Venture agreement with The National Space Research and Development Agency of Nigeria (NASDRA) to develop a high resolution Earth Observation SAR satellite program which aims at the building of Nigeria`s first SAR high-resolution earth observation satellite to be launched by the year 2020.

The Nigeria SAR 1 is a five year program to enhance the NASDRA current satellite platform capabilities and technology skills. The program applications will have a major impact on the country`s economic development especially by improving security and the counter terrorism program.

Nigeria SAR 1 is budgeted at USD $250 Million. It will be part of the MENASAT GULF SATELLITE Program, which consists of a high-resolution earth observation Synthetic Aperture Radar (SAR) satellite constellation in a low inclination orbit.

The JV company named " Nigeria SAR LTD" will be active within the second quarter of 2015 and in full operation out of NASDRA facilities with a joint team from MENASAT and NASDRA and is expected to generate revenues from satellite imagery sales and value added services to various government and institutional clients in NIGERIA.

"MENASAT`s objective is to design, build and launch four SAR earth observation satellites dedicated for Africa within the coming five years. Today we achieved a crucial step in our program. Nigeria is the largest African country and one of its strongest economies. We see the huge economic value of our satellite system applications and services to Nigeria. This is the second Joint venture the company has achieved in Africa since the start of 2015 and we expect other agreements to be concluded before the end of the year," says Mr. Hani Salem, Menasat`s CEO and Chairman. "We are on the right path", adds Mr. Salem.

"I am very pleased with this partnership, NASDRA is a respected space agency and has all the capabilities we need to build a very solid technological capability for the Nigeria SAR satellites system" says Professor Riccardo Maggiora, MENASAT`s chief technology officer and Board Director.

"The "Nigerian market is among the largest and strongest in Africa and entering this market is definitely a great development for our company business"., Says Mr. Mervyn Clarke, Board Director  and  CFO.

For more information please visit our website at http://menasatgulfgroup.com

MENASAT GULF GROUP PLC

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Source: MENASAT GULF GROUP PLC via Globenewswire

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