Taqnia Space, Skyware & Crescent Join Forces to Form Joint Venture with KACST Saudi Arabia as the Technology Partner Aims to Be a Global Manufacturer of Satellite Equipment
By Business Wire News
By Business Wire News
NEW YORK & LONDON
TAQNIA SPACE, SKYWARE & CRESCENT have signed a joint venture agreement in Saudi Arabia with KACST as the technology partner. King Abdulaziz City for Science and Technology (KACST) is an independent Saudi scientific organization with a long experience in research and development. With its current invaluable scientific Saudi resources and technology experts, KACST is considered to be the main technology partner for the new venture in Saudi Arabia.
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Joint venture agreement signing. The person closest is Eng Adbullah Al-Osaimi followed by David McCourt, then HH Dr. Turki bin Saud and finally Prince Bandar M. Al-Saud (Photo: Business Wire)
This initiative is the product of a long standing relationship between Crescent Technologies founders Bandar M. Al-Saud and Omar A. Talib and Granahan McCourt Capital principal David McCourt, who have partnered together on multiple telecom, media and technology ventures.
The created JV (Joint venture) aims to be a global manufacturer of satellite equipment, with the initial focus on manufacturing an innovative HTS Ka terminal to provide high throughput for satellites fleets around the world. Through their investment, the JV company will establish, manufacture and market the first Saudi high throughput satellite terminals. The new terminal will be serving both satellite service providers and operators in the Middle East, North Africa and worldwide.
“With the expected cooperation between the new joint venture and KACST as its technology partner, the Joint Venture and satellite RF manufacturing facility will help to propel the Kingdom of Saudi Arabia to become a leader in advanced integrated terminal solutions,” said H.H. Dr. Turki bin Saud, President of KACST and Chairman of the Board of Directors for TAQNIA.
“With the contentious changes in satellite market dynamics and the increased demand for high-quality managed satellite services, it has become essential for satellite operators to build their organic engineering expertise that relates to service components and to have a better control on service cost,” said Eng. Abdullah Al-Osaimi, TAQNIA SPACE CEO.
“We are very pleased to be part of this joint venture with such highly-regarded partners as KACST, TAQNIA SPACE and CRESCENT,” said David McCourt, Skyware Technologies founder and CEO. “Skyware Technologies has a reputation for developing sophisticated satellite terminals for government and military use and has considerable experience partnering with major international defense agencies, governments and leading industry bodies, including the European Space Agency.”
Crescent Technologies’ spokesperson Abdullah Al-Bawardy said: “Crescent is very excited about this opportunity as it sits within our core objective of bringing world-class partners together to create long-standing businesses in the Kingdom of Saudi Arabia.”
About KACST: King Abdulaziz City for Science and Technology (KACST) is an independent scientific organization administratively reporting to the Prime Minister and led by Prince Turki bin Saud bin Mohammad Al Saud. KACST is both the Saudi Arabian national science agency and its national laboratories. The science agency function involves science and technology policy making, data collection, funding of external research, technology transfer, human capital development and services such as the patent office. KACST has currently over 4000 employees.
About TAQNIA SPACE: TAQNIA SPACE is a Saudi Company owned by Saudi PIF (Public Investment Fund). TAQNIA SPACE objectives are commercializing KACST technologies, operating national Saudi Satellite Assets, supporting sustainable growth of the GDP, diversifying the economy and creating high quality jobs.
About Skyware Technologies: Founded by David C. McCourt (Chairman and CEO of Granahan McCourt Capital), Skyware Technologies is a global leader in advanced integrated terminal solutions and satellite RF electronics, with operations on three continents and extensive expertise in the world’s most in-demand satellite communications technologies. Its winning combination of high technology and low-cost manufacturing makes its cutting-edge terminal solutions and RF electronics platforms unique in the market.
About Crescent Technologies: Founded in Riyadh, Crescent Technologies solves complex challenges across the communications, energy efficiency, healthcare, and security verticals. Crescent partners with the world’s leading providers of solutions, intelligence, and resources to bring evidence-based interventions to problems challenging the prosperity and wellbeing of society.
About Granahan McCourt Capital: Granahan McCourt Capital, LLC is a private investment firm focused on the technology, media and telecommunications industries.
For over 30 years, David C. McCourt, Chairman and CEO of Granahan McCourt Capital, has been an innovator, entrepreneur, and business leader across the technology, media and telecommunications industries. He has founded or bought 20 companies in 9 countries, and is widely recognized as a transformational force in the telecommunications business.
In addition to receiving the ‘Entrepreneur of the Year’ award from Ernst and Young LLP and the Harvard Business School Club of New York, he received the 2014 Award for Outstanding Alumni Entrepreneur from Georgetown University. McCourt was the first Resident Economist appointed by the USC Annenberg School for Communication & Journalism and is also an Emmy award-winning TV producer. The Economist has described him as having “impeccable credentials as a telecom revolutionary.”
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