Question: Recently Bharti backed OneWeb and Saudi Arabia’s Neom Tech & Digital Holding Company have signed a joint venture (JV) agreement of which of the following value?
a) $200 million.
b) $400 million
c) $300 million
d) $100 million
Answer: (a)
Related Facts:-
- Bharti backed OneWeb and Saudi Arabia’s Neom Tech & Digital Holding Company have signed a $200 million joint venture (JV) agreement.
- The agreement between the two comes in the existence to bring high-speed satellite connectivity to Saudi Arabia and the wider West Asia and neighboring East African countries.
- It should be noted that NEOM Tech & Digital Holding Company – the first holding company to be established as a subsidiary of NEOM.
- It should be noted that OneWeb is the second-largest LEO operator with 358 satellites and the only licensed operator in Saudi Arabia.
- Neom Tech & Digital Hold as well as OneWeb expects to complete ground infrastructure in 2022.
- Neom Tech & Digital Hold and the new JV entity will have exclusive rights to distribute OneWeb services in its target regions.
- Initially it will provide services for seven years from the initiation of the LEO satellite network, which is expected to commence in 2023.
- The partnership will see the deployment of OneWeb’s Low Earth Orbit (LEO) satellite constellation.
- It will provide the rapid and reliable connectivity to enable Neom’s ecosystem of cognitive technologies.
- According to statement from Bharti it will ultimately 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,