The UAE’s new space technology powerhouse has set itself ambitious goals. Earlier this month, Space42 officially started trading on the Abu Dhabi stock exchange, following the successful merger of Bayanat, a leading AI-powered geospatial solutions provider, and Al Yah Satellite Communications Company (Yahsat).
The resulting company is poised to become one of the world’s most valuable publicly listed space companies, boasting a combined revenue of Dh2.8 billion and a net income of Dh639 million based on the 2023 financial results.
“Space42 was created to meet the need for use cases that combine geospatial and satellite communications capabilities with AI,” said Hasan Al Hosani, CEO, of Bayanat Smart Solutions, Space42. “By integrating space and ground systems operations with AI, we are among the first to offer unique end-to-end solutions, significantly enhance efficiency, and advance technological offerings in the space industry.”
The global space economy, with a value that could reach $1.8 trillion by 2035, according to reports by the World Economic Forum, is set to be a key driver of economic development, particularly when powered by new AI and data analytics technologies. Currently, the UAE has the largest space sector in the region, in terms of investment size and diversity. With the Space42 merger, the country is poised to continue driving innovation in the sector.
The merger was initially proposed by the companies’ respective Boards of Directors on December 18, 2023, and confirmed in April of this year. It integrates Bayanat’s advanced geospatial analytics with Yahsat’s leading satellite communications and AI capabilities, positioning Space42 as a space technology leader.
The decision to merge the two firms was based on a desire to “strengthen companies in ways they could not achieve individually” said Al Hosani. In Space42’s example, Yahsat’s satellite communications capabilities and Bayanat Smart Solutions’ geospatial analytics “complement each other, and once combined, we provide customers with unique, comprehensive, data-driven AI insights”.
As the company embarks on its first year following the merger, it aims to hyperscale internally, as well as leverage its capabilities to democratise the space industry by improving access to space applications.
In August, the UAE launched its first SAR satellite, Foresight-1, which set to be part of Space42’s Foresight constellation, boosting the UAE’s Earth Observation capabilities and reducing the nation’s dependency on external sources. Nonetheless, Space42’s goals go beyond governmental initiatives and aim to support business growth across industries.
“The merger allows us to offer advanced solutions to governments, enterprises and communities, assisting with disaster management, public sector services, critical infrastructure, telecommunications, and sustainability initiatives,” added Al Hosani.
“As one company, we can leverage our comprehensive vertical value chain, meaning our solutions collect data from space to inform decisions on Earth.”
Space42 plans to launch next-generation mobility services centred on a new Thuraya 4 satellite later this year, with the Al Yah 4 and Al Yah 5 satellites scheduled to be launched in 2027 and 2028, respectively.  The company’s goal, Al Hosani said is “to operate on a multi-orbit level with a fleet of more than 200 satellites”.