Bayanat AI, a leading AI-powered geospatial solutions provider, and Al Yah Satellite Communications Company, the UAE’s flagship satellite solutions provider, announced that their shareholders have approved the proposed merger of the two Abu Dhabi-headquartered entities.
The merger will create SPACE42, a global AI-powered space technology champion based in the Middle East North Africa (MENA) region with global reach.
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 that will have a significant positive impact on societies and economies.
Bayanat, Yahsat SPACE42 to provide an expanded scope of service offerings
The merged entity, SPACE42, is to provide an expanded scope of service offerings and vertical integration opportunities, enabling it to offer a differentiated value proposition, utilize economies of scale and improve profitability across the value chain.
The merger was initially proposed by the respective Boards of Directors on December 18, 2023, and is expected to become effective by mid-2024.
Mansoor Al Mansoori, Chairman Designate of SPACE42, said 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.
“Building upon its enormous capabilities, the new entity is poised to play a significant role in realizing the ambitious objectives outlined by the National Space Strategy 2030 and the National Strategy for Artificial Intelligence 2031,” he said
Al Mansoori said SPACE42 will cultivate an AI-powered ecosystem that will further transform the sectors.
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.
With a combined revenue of AED 2.8 billion and net income of AED 639 million based on the recent 2023 financial results, SPACE42 is well positioned to bring increased value to all stakeholders with the potential for significant synergies.
The merger is subject to further regulatory approvals in the UAE and internationally.
Both companies will continue to operate independently until the merger is effective.
Follow us on
