Following Bayanat and Yahsat’s announcement of the proposed merger, the two ADX-listed entities confirmed on Tuesday that the enlarged entity will be named Space42.
The merger aims to establish a prominent AI-driven space technology leader in the MENA region, poised for significant global expansion and synergies. The newly formed entity will possess fortified financial strength, augmented AI-powered technological capabilities, and a diversified product range.
It intends to become vertically integrated and strategically positioned to capitalise on regional and international opportunities in geospatial and mobility solutions, satellite communications, and business intelligence. The merger is anticipated to generate substantial revenue synergies and economies of scale, fostering innovation and profitable growth.
“As the proposed merger unites two leading home-grown companies to create the MENA region’s first AI-powered space technology company with global reach, I am excited by the opportunity that an enlarged group can bring to our existing and potential customers globally,” said HE Mansoor Al Mansoori.
Following the merger’s completion, HE Mansoor Al Mansoori will assume the role of Chairman, with Dr. Bakheet Al Katheeri as Vice Chairman and Karim Michel Sabbagh joining as Managing Director of Space42. Together, they will collaborate closely with the existing management teams of Bayanat and Yahsat to pursue opportunities in geospatial and mobility solutions, satellite communications, and business intelligence. The proposed Board of Directors for Space42 will include HE Tareq Al Hosani, HE Maryam Al Mheiri, Ismail Abdulla, and Kiril Evtimov.
“I have known both businesses over the years, as they developed excellent capabilities covering geospatial and mobility solutions, satellite communications and business intelligence,” said Karim Michel Sabbagh. “The proposed combination will yield an AI-powered platform for transformative technologies to enable space-based services with significant impact on societies and economies.”
The new board and management team are set to assume their roles upon the merger’s completion, slated for the second half of 2024. Meanwhile, Hasan Ahmed Alhosani and Ali Al Hashemi will continue leading Bayanat and Yahsat independently as Managing Director and Group Chief Executive Officer, respectively.
