Space42 Launches on Abu Dhabi Exchange After Bayanat and Yahsat Merger

Photo : Abu Dhabi Media Office

Space42 has officially launched on the Abu Dhabi Securities Exchange (ADX) after the successful merger of Bayanat with Al Yah Satellite Communications Company (Yahsat). This new entity, touted as the UAE’s AI-powered SpaceTech company, is set to redefine the industry by leveraging the combined strengths of both organizations.

Space42 integrates Bayanat’s advanced geospatial analytics with Yahsat’s leading satellite communications capabilities, employing artificial intelligence to address the rapidly changing needs of the global SpaceTech sector. The merger is expected to deliver cutting-edge business intelligence solutions to governments, enterprises, and communities, thereby reinforcing the UAE’s position as a leader in the global space economy.

At the helm of Space42 is Karim Michel Sabbagh, serving as the Managing Director. The company comprises two distinct business units: Yahsat Space Services and Bayanat Smart Solutions. Yahsat Space Services, led by CEO Ali Al Hashemi, focuses on upstream satellite operations, offering both fixed and mobility satellite solutions. Meanwhile, Bayanat Smart Solutions, under Managing Director Hasan Al Hosani, integrates geospatial data acquisition and processing with an AI-driven platform known as gIQ.

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The structure of Space42 allows for a cohesive operation where the expertise of each unit contributes to enhanced decision-making, improved situational awareness, and operational efficiency. The executive team also features Andrew Cole as Chief Financial Officer.

His Excellency Mansoor Al Mansoori, Chairman of Space42, highlighted the significance of the merger, stating, "The completion of the merger between Bayanat and Yahsat represents a significant leap forward for the AI and SpaceTech sectors in the UAE and beyond." He emphasized the UAE leadership’s commitment to technology and a knowledge-based economy, which paves the way for innovations like Space42 to thrive globally.

Karim Michel Sabbagh further elaborated, "Space42 transforms the SpaceTech industry by optimising Bayanat and Yahsat’s complementary strengths and scale. It reflects the UAE’s proactive approach to integrate AI and space technology to identify solutions that positively impact communities."

Abdulla Salem Alnuaimi, Group CEO of ADX, noted, "Innovation is a key driver of progress and sustainable development. The merger creating Space42, now listed on ADX, marks a major milestone for the UAE and the global space technology sector." He expressed enthusiasm for supporting Space42 in its journey as an AI-enabled company, emphasizing the fresh investment opportunities it brings.

Hasan Al Hosani remarked on the transformative nature of Space42, indicating that the merger creates a new frontier in innovation. He emphasized the organization's commitment to leveraging AI and space technology to meet and exceed industry needs.

Ali Al Hashemi stressed that the new chapter as Space42 would focus on disruptive innovations and advancing the SpaceTech industry through unparalleled solutions and services.

Space42 aims to solidify the UAE’s status as a global leader in AI and space industries, aligning with the National Space Strategy 2030 and the UAE National Artificial Intelligence Strategy 2031. The organization seeks to enhance local manufacturing capabilities, positioning the UAE as a crucial player in the space value chain. Additionally, Space42 is committed to developing national expertise and nurturing the next generation of space and AI engineers and experts.

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