Space42 has officially started trading on the Abu Dhabi Securities Exchange (ADX) today, following the successful merger of Bayanat, a leading AI-powered geospatial solutions provider, and Al Yah Satellite Communications Company (Yahsat), the UAE’s premier satellite solutions provider.
The merger was initially proposed by the companies’ respective Boards of Directors on December 18, 2023, and confirmed in April of this year. It aims to integrate Bayanat’s advanced geospatial analytics with Yahsat’s leading satellite communications and AI capabilities, positioning Space42 as a space technology leader.
The company is led by Karim Michel Sabbagh as Managing Director and consists of two business units: Yahsat Space Services and Bayanat Smart Solutions.
Yahsat Space Services, led by Yahsat CEO Ali Al Hashemi, focuses on upstream satellite operations for fixed and mobility satellite solutions. Bayanat Smart Solutions, managed by Hasan Al Hosani, integrates geospatial data acquisition and processing with an AI-driven multi-intelligence platform, gIQ.
Mansoor Al Mansoori, Chairman of Space42, commented, ” The launch of Space42 represents a bold step forward, not just for our company, but for the UAE’s vision of becoming a global leader in AI and space technology. By integrating the strengths of Bayanat and Yahsat, we are expanding the horizon of what’s possible. Space42 is set to redefine the future of SpaceTech, and we invite the world to join us in this journey of imagination, collaboration, innovation, and boundless opportunity.
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 formation of Space42 aligns with the UAE’s National Space Strategy 2030 and AI Strategy 2031, boosting local manufacturing and nurturing new generations of space and AI engineers.
