The UAE will host a new combined entity in 2024 with a market cap estimated at over AED15bn ($4bn) following the announcement of a merger of Bayanat and Yahsat.
Announced this week, the combination will bring together complementary capabilities to create a UAE-based space technology champion under a new brand: Space42
Bayanat, an ADX-listed public company with majority shareholding by G42, provides comprehensive AI-powered geospatial solutions to a growing number of sectors such as Government Services, Environment, Energy & Resources, Smart Cities and Transportation. Its offering includes topographic, hydrographic and aeronautical products and charts, as well as spatial data surveying, analysis, management, modeling, visualization and cartography services. The data comes from a range of sources including various types of satellites such as Synthetic Aperture Radar (SAR) satellite, Optic Satellite, as well as High Altitude Pseudo Satellites (HAPS) and conventional mapping and surveying powered by AI to drive geospatial intelligence (gIQ).
Al Yah Satellite Communications Company PJSC (Yahsat) is a public company listed on the Abu Dhabi Securities Exchange (ADX) and a subsidiary of Mubadala Investment Company PJSC, offering multi-mission satellite solutions in more than 150 countries across Europe, the Middle East, Africa, South America, Asia and Australasia. Yahsat's fleet of five satellites reaches more than 80% of the world's population, enabling critical communications including broadband, broadcasting, backhauling and mobility solutions. In 2023, Yahsat commenced construction of two new software-defined telecommunication satellites, Al Yah 4 and Al Yah 5, which are expected to be launched in 2027 and 2028, respectively.
Karim Michel Sabbagh, who joins as managing director of Space42 in the first half of 2024, said: "I look forward to joining the proposed merged en6ty and am thrilled by the opportunity to create the first AI-powered space technology champion with global potential. I have known both businesses over the years, as they developed excellent capabilities covering geospa6al and mobility solutions, satellite communications and business intelligence. The proposed combination will yield an AI-powered platform for transformative technologies to enable space-based services with significant impact on societies and economies."
According to various analyses, the global satellite launch market is growing at a CAGR of 8-15% ongoing, while the overall satellite market could be more than $600bn by the early 2030s.
