Space42 has officially launched on the Abu Dhabi Securities Exchange (ADX) following the successful merger of Bayanat and Al Yah Satellite Communications Company (Yahsat).
As the UAE’s latest AI-driven SpaceTech enterprise with a global presence, Space42 merges Bayanat’s sophisticated geospatial analytics with Yahsat’s premier satellite communications and AI innovations. This integration equips Space42 to meet the fast-changing demands of the global SpaceTech landscape, providing advanced business intelligence solutions for governments, enterprises, and communities.
Under the leadership of Managing Director Karim Michel Sabbagh, Space42 is organized into two operational units: Yahsat Space Services and Bayanat Smart Solutions. Yahsat Space Services, headed by Yahsat CEO Ali Al Hashemi, specializes in upstream satellite operations for both fixed and mobile satellite applications. Meanwhile, Bayanat Smart Solutions, led by Managing Director Hasan Al Hosani, combines geospatial data acquisition and processing with an AI-enhanced multi-intelligence platform known as gIQ.
Read more: ADX confirms rebranding of Bayanat AI PLC to Space42 PLC after merger with Yahsat
Enhancing efficiency and decision-making
Functioning as a cohesive entity, the expertise from both units facilitates better decision-making, boosts situational awareness, and optimizes operational efficiency. The executive team also includes Andrew Cole serving as Chief Financial Officer.
Vision for the future
Mansoor Al Mansoori, chairman of Space42 and ADX, highlighted that the merger of Bayanat and Yahsat represents a pivotal advancement for the AI and SpaceTech sectors in the UAE and beyond. He noted that the UAE leadership’s dedication to technological progress and a knowledge-based economy empowers companies like Space42 to thrive on a global scale. He emphasized that through Space42’s distinctive technological solutions and future innovations, the company strengthens the UAE’s commitment and status as a leader in the global space economy.
Revolutionizing the SpaceTech sector
Karim Michel Sabbagh expressed that Space42 is poised to revolutionize the SpaceTech sector by leveraging the unique strengths of Bayanat and Yahsat. Sabbagh stated that this initiative exemplifies the UAE’s forward-thinking approach in merging AI with space technology to develop solutions that benefit communities. He emphasized that at the intersection of space and AI, Space42 aims to deliver innovative, reliable, and cost-effective products and services that cater to the increasing demands of its expanding clientele.
Milestone for innovation and investment
Abdulla Salem Alnuaimi, group CEO of ADX, remarked that innovation is essential for progress and sustainable development. Alnuaimi pointed out that the creation of Space42 through the merger of two leading entities, now listed on ADX, signifies a significant milestone for the UAE and the global space technology and AI sectors. Moreover, Alnuaimi expressed pride in having facilitated the success of Bayanat and Yahsat and excitement about supporting Space42 as it begins its journey as a newly-formed AI-enabled enterprise. He indicated that this public listing opens up new investment opportunities and substantial growth potential, driving Abu Dhabi’s space aspirations while contributing to the nation’s broader economic objectives. He welcomed Space42 as the newest member of the ADX family and affirmed the commitment to supporting all listed companies in their growth endeavors.
Pioneering a new frontier
Hasan Al Hosani, CEO of Bayanat Smart Solutions, stated that Space42 signifies a transformative milestone in the SpaceTech arena, merging the strengths of Bayanat and Yahsat to establish a new frontier in innovation. He noted that by harmoniously integrating the UAE’s visionary approach to AI and space technology, the company is set to roll out solutions that not only fulfill but surpass the evolving demands of the global industry. Additionally, AL Hosani affirmed that at the convergence of technology and exploration, Space42 is committed to pioneering advancements that inspire progress and foster positive change worldwide. Al Hosani stressed that the mission is to leverage the potential of space and AI to create a brighter future, bolstering the UAE’s position as a leader in the global space economy.
Commitment to growth and development
Ali Al Hashemi, CEO of Yahsat Space Services, conveyed that the journey as Space42 will be marked by groundbreaking innovations. He explained that Space42 provides unmatched solutions and services that significantly elevate the industry. Al Hashemi emphasized that the collaborative efforts of their teams drive innovation and establish new standards for excellence in SpaceTech, utilizing advanced satellite infrastructure that spans 80 percent of the world’s population. Additionally, he expressed pride in being part of this pivotal moment for both the UAE and the industry, embracing the challenge of being a force for positive change.
Advancing national objectives
Furthermore, Space42 is committed to enhancing the UAE’s stature as a global leader in the AI and space sectors, aligning with the National Space Strategy 2030 and the UAE National Artificial Intelligence Strategy 2031. The company aims to bolster in-country manufacturing, positioning the UAE as a key contributor across the space value chain, while developing national capabilities and fostering the next generation of space and AI engineers and professionals in the field.
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