Bayanat AI PLC and Al Yah Satellite Communications Company P.J.S.C. have received shareholder approval for a merger that will birth SPACE42, a new AI-powered space technology company based in the MENA region with global reach. Initially proposed on December 18, 2023, the merger aims to combine Bayanat’s geospatial AI expertise with Yahsat’s satellite communications prowess to enhance services and catalyze economic and societal advancement. This amalgamation aligns with the UAE’s strategic vision as outlined in the National Space Strategy 2030 and National Strategy for Artificial Intelligence 2031. It positions the UAE as an innovative force, promoting economic growth, development of talent, and scientific exploration. SPACE42, expected to be one of the most valuable publicly listed space companies, reported combined revenues of AED 2.8 billion and a net income of AED 639 million in 2023. The new entity will focus on geospatial and mobility solutions, Earth Observation, and IoT, eyeing expansion to Government and international commercial markets. A robust Financial Framework will support SPACE42’s growth and profitability. Remaining regulatory approvals pending, Bayanat and Yahsat will operate independently until merger completion in mid-2024. Bayanat, majority-owned by G42, delivers AI-driven geospatial solutions, while Yahsat, a Mubadala Investment Company subsidiary, offers satellite services worldwide with its fleet of 5 satellites, expanding its reach through strategic partnerships and planned launches. Both firms endeavor to maintain shareholder value, leveraging their current market positions and technical abilities for SPACE42’s future growth.

Aerospace & Defense, Artificial Intelligence, Information Technology,United Arab Emirates, Global

https://www.zawya.com/en/press-release/companies-news/bayanat-and-yahsat-shareholders-approve-merger-to-create-space42-xq90217e