The UAE’s Bayanat and Yahsat have confirmed their shareholders have approved their plans to merge to form SPACE42
SPACE42 has been described as 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.
The merger was initially proposed by the companies’ respective Boards of Directors on 18 December 2023, and it is expected to become effective in mid-2024.
The new entity will consolidate Bayanat’s advanced Geospatial Artificial Intelligence (AI) capabilities with Yahsat’s advanced Satellite communications capabilities to create new space-based services, including vertical integration opportunities.
“The creation of SPACE42 exemplifies the forward-thinking vision of the UAE’s wise leadership, which emphasises innovation as a key driver of advancement and sustainable development,” said HE Mansoor Al Mansoori, Chairman Designate of SPACE42.
“By combining two of the country’s leading space titans, the UAE continues to make major strides on a global scale to push the boundaries of this sector, foster economic growth, develop world-class talent, and advance scientific exploration.”
SPACE42 has significant potential for growth, both regionally and globally, and is poised to
become one of the world’s most valuable publicly listed space companies. The company will have a combined revenue of Dh2.8 billion and a net income of Dh639 million based on the recent 2023 financial results.
The merger is subject to further regulatory approvals in the UAE and internationally.
