Saudi Arabia’s Taqnia secures financing

Saudi Arabia-based Taqnia Space has secured further finance through a long-term agreement with Bank Albilad. Taqnia Space says it aims to transfer and market satellite technology, support the sustainable development of GDP, diversify the economy, create high-quality jobs, and attract outstanding talent in related fields.

Taqnia, which is backed by Saudi Arabia’s Public Investment Fund, already has an agreement in place with Eutelsat to supply email, social networking and live streaming to passengers to Taqnia’s Saudia aircraft flying over the MENA regions and Mediterranean and European destinations.

Abdullah Al-Osaimi, CEO at Taqnia Space, added that the technical solutions that will be provided by the company are in the field of satellite communications and remote sensing, and is fully Saudi-owned. The satellite communications initiative will use high-speed space communications with High Throughput Satellite (HTS) technologies to provide voice communication and television reception services.

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