Space42, the UAE-based AI-powered SpaceTech company that seamlessly integrates satellite communications, geospatial analytics, and artificial intelligence capabilities with global reach, and listed on the Abu Dhabi Securities Exchange, announced the signing of a $695.5m Export Credit Agency (ECA)-backed financing facility to fund the development of its next-generation geostationary satellites, Al Yah 4 and Al Yah 5.

The financing represents a pivotal step in Space42’s strategy to establish critical connectivity capabilities across multiple orbits. The facility, arranged by Crédit Agricole CIB, Santander CIB, Societe Generale, and Natixis and backed by Bpifrance Assurance Export, demonstrates the company’s continued appeal to leading international banks and will fund the satellites scheduled for launch in 2027 and 2028. The facility provides Space42 with cost-effective, long-term financing aligned with its satellite development timeline, whilst strengthening the company’s liquidity position to support future growth initiatives.

“The Al Yah 4 and Al Yah 5 programme is underpinned by a 17-year, $5.1bn government contract commencing in 2026 and advances our goal to become the trusted leader in secure connectivity by providing multi-path critical connectivity solutions,” said Andrew Cole, chief financial officer of Space42. “This strategic pillar focuses on enhancing secure communication capabilities across defense and civil domains through multi-orbit satellite networks that ensure uninterrupted connectivity for mission-critical applications. The ECA financing structure optimises our cost of funding and provides increased financial flexibility to execute our growth agenda.”

Read: Space42 inks Dhs18.7bn satellite contract with UAE govt

Advanced satellite capabilities

Al Yah 4 and Al Yah 5 feature software-defined architecture with fully flexible payloads that can be reconfigured in orbit. This technology enables real-time optimisation of coverage, bandwidth, and frequency allocation to meet evolving operational requirements across the Middle East, Africa, Europe, and Asia.

The satellites will complement and eventually replace Al Yah 1 and Al Yah 2, launched in 2011 and 2012 respectively.

Saudi Arabia’s venture capital ecosystem reached new heights in the first half of 2025, securing a record total VC investment of $860m (SAR3.2bn), according to the newly released “H1 2025 Saudi Arabia Venture Capital Report” by MAGNiTT and sponsored by Saudi Venture Capital (SVC). This represents a 116 per cent increase compared to H1 2024 and surpasses the Kingdom’s total VC funding for the entire year of 2024.

The report highlights that Saudi Arabia retained its position as the top recipient of venture capital in the MENA region, accounting for 56 per cent of the region’s total capital deployed. The achievement underscores the Kingdom’s growing appeal as a VC destination, supported by a competitive investment landscape and its status as the region’s largest economy.

Deal activity also hit a new milestone, with Saudi Arabia recording 114 VC deals in H1 2025—a 31 per cent increase from the same period last year. This figure represents 37 per cent of all deals across MENA, marking the Kingdom’s highest-ever share of regional deal flow.

Sectors

Sector-wise, e-commerce led the way in terms of capital raised, attracting $306m (SAR1.1bn) and accounting for 36 per cent of total VC deployment in the Kingdom. Fintech remained the most active sector by number of deals, with 30 transactions, representing 26 per cent of all VC deals during the first half of the year.

Commenting on the report, Dr. Nabeel Koshak, CEO and Board Member of SVC, said: “The steady growth of the Saudi VC ecosystem in recent years has enabled it to maintain its leading position in the MENA region and achieve a record VC funding and deal count in the first half of 2025. This growth directly results from the country’s commitment to realising the Saudi Vision 2030, which emphasises fostering entrepreneurship and stimulating investment in startups from early to later stages.”

Read: A VC’s perspective on the GCC’s future workforce

Established in 2018, SVC is a subsidiary of the SME Bank, which falls under the National Development Fund. The company plays a key role in supporting Saudi Arabia’s startup and SME sectors by investing in private capital funds such as venture capital, private equity, venture debt, and private credit, along with direct investments in startups and SMEs at various growth stages.

The Dubai Gold and Commodities Exchange (DGCX) recorded a strong first half of 2025, trading over one million contracts by the end of June. This marked a 30 per cent year-on-year increase in average daily volumes, reflecting rising demand for risk management tools amid global market uncertainty. Leading the growth were gold contracts and the exchange’s INR Quanto futures product.

A key highlight of the period was the performance of DGCX’s Shariah-compliant Gold Spot Contract (DGSG). The value of trades in DGSG jumped from $15.6m in H1 2024 to $46.8m in H1 2025, representing a 199.84 per cent year-on-year increase. Contract volumes also grew by 118 per cent over the same period.

Also driving volumes was the INR Quanto futures contract. This synthetic product allows market participants to hedge their Indian rupee exposure against the US dollar without needing access to Indian domestic markets. The contract continued to gain traction as a regional hedging solution amid persistent foreign exchange volatility.

Commenting on the exchange’s performance, Ahmed Bin Sulayem, Chairman and Chief Executive Officer, DGCX, said: “DGCX has seen exceptional momentum in the first half of the year, with nearly $47m traded through our spot gold contract alone – a 200 per cent year-on-year increase – and a 30 per cent rise in daily volumes across the exchange driven by demand for DGSG and INR Quanto futures. This performance not only places DGCX firmly on course to surpass its 2024 results but reinforces its role as a critical pillar in the region’s financial infrastructure. As global market conditions grow more complex, the exchange’s rising adoption by Shariah-based investors, bullion traders, and institutional participants alike highlights the growing demand and broad appeal for sophisticated, secure, and transparent hedging tools – a position we expect will get stronger as we continue to reinforce Dubai’s standing as a world-class centre for commodities and derivatives trading.”

Read: World Gold Council: Gold prices rise 26% in H1; see outlook for H2

DGCX plays a vital role in Dubai’s status as a leading global gold trading hub. Supported by DMCC’s broader ecosystem, it complements the activities of over 1,500 member companies engaged in precious metals trading.

The strong H1 results build on DGCX’s full-year 2024 performance, which saw 1.56 million contracts traded, with a notional value exceeding $37bn. The exchange is now on track to exceed that total in 2025, reinforcing its leadership as the Middle East’s top derivatives marketplace.

PayCargo, a leading digital logistics payment platform, has officially launched its services in the UAE, marking a major milestone in the digitisation of cargo operations in the region. Emirates SkyCargo is the first carrier in the UAE to adopt the solution, enabling customers to benefit from fast, secure, and seamless payment processing.

Read-Emirates SkyCargo launches new vertical: here are all the details

The integration allows Emirates SkyCargo customers in the UAE to make instant payments through credit card or direct debit, resulting in same-day or next-business-day cargo release. The collaboration signals a shift away from traditional, manual payment systems, such as cash transactions, that still dominate the cargo industry, a Dubai Media Office report said.

Improving efficiency and customer experience

“The next era of logistics, and of Emirates SkyCargo, will be defined by smart technology and digital solutions,” said Badr Abbas, Divisional Senior Vice President at Emirates SkyCargo. “This partnership with PayCargo ensures we are at the forefront of that evolution, providing faster and more secure transactions for our customers, streamlining processes for our internal teams, and solving industry-wide challenges of accessing air freight capacity.”

PayCargo’s online platform connects carriers, freight forwarders, and vendors, reducing delays and administrative burdens tied to manual payment methods. Eduardo Del Riego, President and CEO of PayCargo, emphasized the benefits of launching with a major regional partner: “We’re thrilled to begin our UAE operations with Emirates SkyCargo. By eliminating manual systems, we can provide a more efficient and reliable solution that saves customers valuable time. We look forward to further collaboration as Emirates SkyCargo leads the way in digital logistics.”

Strategic expansion backed by UAE vision

The UAE launch is a direct outcome of PayCargo’s 2022 strategic partnership with Seed Group, a company of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum. Seed Group was instrumental in introducing PayCargo to the region and supporting its growth across the Middle East and North Africa.

Already positioned as a global trade and logistics hub, the UAE has invested heavily in multi-modal infrastructure, digital innovation, and policy frameworks to enhance its competitiveness. The launch of PayCargo, in collaboration with the world’s largest international airline, underscores the nation’s commitment to resilient and future-ready logistics solutions powered by world-class digital infrastructure.

Gulf Business is issuing a final call for nominations for the Gulf Business Awards 2025, with the submission window set to close soon.

Now in its 13th year, the Gulf Business Awards is the region’s premier platform for recognising excellence, innovation, and leadership across the Gulf’s diverse economic sectors. This year’s edition will take place on September 24, 2025, in Dubai, and will once again bring together senior executives, entrepreneurs, and decision-makers for a high-profile evening of celebration and networking.

From banking and real estate to technology, healthcare, and tourism, the awards span both company and leadership categories, offering a rare opportunity for organisations—large and small—to be acknowledged for their impact on the regional business landscape.

Each nomination is carefully evaluated by an independent panel of judges comprising industry experts, business veterans, and editorial leaders from Gulf Business. The selection process is designed to ensure transparency and recognise genuine achievement across public and private sectors.

Read: Gulf Business Awards 2025: Nominations, registration details revealed

With just days left until nominations close, organisations are encouraged to submit entries only in the most relevant categories that reflect their core strengths and accomplishments.

Submit your nomination here
More about the awards

The Gulf Business Awards 2025 promises to be an inspiring evening, shining a spotlight on the people and companies driving progress, innovation, and transformation across the GCC.