Abu Dhabi - Mubasher: Space42 commenced trading on the Abu Dhabi Securities Exchange (ADX) following the successful merger completion of Bayanat AI and Al Yah Satellite Communications Company (Yahsat).
Space42, which was announced in December 2023, is the UAE’s new AI-powered SpaceTech company with a global reach, according to a press release.
Integrating Bayanat’s advanced geospatial analytics and Yahsat’s leading satellite communications with AI capabilities enables Space42 to address the rapidly evolving needs of the global SpaceTech industry. The combined capabilities deliver advanced business intelligence solutions to governments, enterprises, and communities.
Space42 aligns with the UAE’s accelerating efforts to achieve the objectives of the National Space Strategy 2030 and the AI Strategy 2031.
Mansoor Al Mansoori, Chairman of Space42, commented: "By integrating the strengths of Bayanat and Yahsat, we are expanding the horizon of what’s possible.”
Karim Michel Sabbagh, Managing Director of Space42, said: "Space42 transforms the SpaceTech industry by optimizing Bayanat and Yahsat’s complementary strengths and scale. It reflects the UAE’s proactive approach to integrate AI and space technology to identify solutions that positively impact communities.”
Abdulla Salem Alnuaimi, Group CEO of ADX, highlighted: “This public listing brings fresh investment opportunities and significant growth potential that will drive Abu Dhabi’s space ambitions while contributing to the nation’s broader economic strategy.”
Hasan Al Hosani, CEO of Bayanat Smart Solutions, indicated: “Our mission is to harness the power of space and AI to empower a brighter future, reinforcing the UAE's role as a beacon of excellence and leadership in the global space economy.”
