SPACE42: Bayanat, Yahsat shareholders green-light merger

Bayanat, the AI-powered geospatial solutions provider, and Al Yah Satellite Communications Company (Yahsat), the UAE’s flagship satellite solutions provider, have approved their proposed merger.

The joining of the two Abu Dhabi-headquartered entities has created SPACE42, a global AI-powered space technology powerhouse.

Initiated by the respective boards of directors on December 18, 2023, the merger is slated to be finalised by mid-2024.

The new company will integrate Bayanat’s advanced geospatial artificial intelligence (AI) capabilities with Yahsat’s satellite communications expertise.

Mansoor Al Mansoori, chairman designate of SPACE42, said: “The new entity is poised to play a significant role in realising the ambitious objectives outlined by the National Space Strategy 2030 and the National Strategy for Artificial Intelligence 2031.

“SPACE42 will cultivate an AI-powered ecosystem that will further transform the sectors. Undoubtedly, the wider space community will benefit from the UAE’s space advancements,” he added.

Karim Sabbagh, managing director designate of the new entity, emphasised the disruptive potential of the merged entity in the space-tech industry. “With the combined expertise of both businesses, SPACE42 brings a unique offering to the market, merging satellite communications, geospatial intelligence and AI to pioneer innovative solutions,” he said.

SPACE42 to leverage the strengths of both entities

By leveraging the combined strengths of Bayanat and Yahsat, SPACE42 aims to offer innovative solutions that merge satellite communications, geospatial intelligence, and AI.

With a combined revenue of Dhs2.8bn and net income of Dhs639m based on recent 2023 financial results, SPACE42 is poised to become one of the world’s most valuable publicly listed space companies.

The strengthened financial position will drive investments in expansion and profitability.

SPACE42 will cater to diverse sectors, offering AI-powered geospatial and mobility solutions, Earth observation, satellite communications, IoT and business intelligence.

The merger is expected to unlock synergies, providing increased value to stakeholders while positioning the company as a global leader in space technology.

While the merger awaits further regulatory approvals in the UAE and internationally, both Bayanat and Yahsat will continue to operate independently until the merger is finalised.