NEOM Tech & Digital Holding Company and OneWeb sign $200m JV for satellite network

Riyadh, Saudi Arabia (ots/PRNewswire) - OneWeb Low Earth Orbit (LEO) satellites
to service NEOM, the Kingdom and MEA, transforming connectivity to businesses
and rural communities

High-speed connectivity will be a vital enabler of groundbreaking ecosystem of
cognitive technologies

NEOM Tech & Digital Holding Company - the first holding company to be
established as a subsidiary of NEOM - and OneWeb, the global communications
network powered from space, have signed a $200 million (SAR 750m) joint venture
agreement to bring high-speed satellite connectivity to NEOM, Saudi Arabia and
the wider Middle East and neighboring East African countries.

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

It also builds on the relationship between OneWeb and the Ministry
Communications and Information Technology (MCIT) and Ministry of Investment of
Saudi Arabia (MISA). Established in 2017, they are focused on unlocking Saudi
Arabia's nascent orbital space technology sector for private investors. In
addition, it further strengthens ties between Saudi Arabia and the UK
Government, which is a major strategic investor in OneWeb.

NEOM Tech & Digital Hold 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. NEOM Tech & 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.

Joseph Bradley, CEO, NEOM Tech & Digital Hold Co., and Neil Masterson, CEO,
OneWeb, formalized the agreement at a signing ceremony at the Kingdom's flagship
Future Investment Initiative event. Also in attendance were: His Excellency
Khalid Al Falih, Minister of Investment, Saudi Arabia; His Excellency Abdullah
Alswaha, Minister for Communications & Information Technology, Saudi Arabia;
Lord Gerry Grimstone, Minister for Investment at Department for International
Trade and Department for Business Energy and Industrial Strategy, UK; Nadhmi Al
Nasr, CEO, NEOM; and Sunil Bharti Mittal, Executive Chairman, OneWeb.

H.E. Al-Falih said: "It is a great pleasure to witness the signing of the joint