Space42 is a new, UAE-based AI-powered SpaceTech company with a global reach, integrating satellite communications, geospatial analytics, and artificial intelligence capabilitiesSpace42 advances the UAE's Space and AI Strategies and will be a strategic asset in diversifying the nation's economy
Peng Xiao, Group CEO of G42 rang the ADX market opening bell to celebrate this significant milestone
Space42 will trade on ADX under the SPACE42 ticker
Abu Dhabi, UAE, October 01, 2024 Space42 (ADX: SPACE42) made its trading debut on the Abu Dhabi Securities Exchange (ADX) today following the successful merger completion of Bayanat, a leading AI-powered geospatial solutions provider, and Al Yah Satellite Communications Company P.J.S.C. (Yahsat), the UAE's flagship satellite solutions provider. Space42 is the UAE's new AI-powered SpaceTech company with a global reach.
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.
Led by Karim Michel Sabbagh as Managing Director, Space42 comprises two business units: Yahsat Space Services and Bayanat Smart Solutions. The Yahsat Space Services unit, led by Yahsat CEO Ali Al Hashemi, focuses on upstream satellite operations for fixed and mobility satellite solutions. The Bayanat Smart Solutions unit, led by Bayanat Managing Director Hasan Al Hosani, integrates geospatial data acquisition and processing with an AI-driven multi-intelligence platform, gIQ. Operating as one integrated company, the expertise of each unit aids in decision-making, enhances situational awareness, and improves operational efficiency. The executive team also includes Andrew Cole as Chief Financial Officer.
To celebrate this milestone, His Excellency Mansoor Al Mansoori, Chairman of Space42, commented: The launch of Space42 represents a bold step forward, not just for our company, but for the UAE's vision of becoming a global leader in AI and space technology. By integrating the strengths of Bayanat and Yahsat, we are expanding the horizon of what's possible. Space42 is set to redefine the future of SpaceTech, and we invite the world to join us in this journey of imagination, collaboration, innovation, and boundless opportunity.
Karim Michel Sabbagh, Managing Director of Space42, commented: 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. At the intersection of space and AI, Space42 harnesses innovative, reliable, and cost-effective products and services that meet the expanding demands of our growing customer base.
Abdulla Salem Alnuaimi, Group CEO of Abu Dhabi Securities Exchange (ADX), said, Innovation is a key driver of progress and sustainable development. The merger of two leading entities to create Space42, which is now listed on ADX, represents a major milestone not only for the UAE but also for the global space technology and AI sectors. ADX is proud to have supported the successes of Bayanat and Yahsat, and we are now excited to support Space42 as it embarks on its journey as a newly formed, AI-enabled company. 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. We warmly welcome Space42 as the newest member of the ADX family and remain committed to supporting all our listed issuers in their growth and development.
Hasan Al Hosani, Chief Executive Officer of Bayanat Smart Solutions, said: Space42 marks a transformative moment in the SpaceTech landscape, uniting Bayanat and Yahsat to forge a new frontier in innovation. By seamlessly blending the UAE's visionary approach to AI and space technology, we are set to unveil solutions that not only meet but exceed the evolving needs of the industry worldwide. At the crossroads of technology and exploration, Space42 is dedicated to pioneering breakthroughs that inspire progress and drive positive change on a global scale. Our mission is to harness the power of space and AI to empower a brighter future, reinforcing the UAEs role as a beacon of excellence and leadership in the global space economy.
Ali Al Hashemi, Chief Executive Officer of Yahsat Space Services, added: Our next chapter as Space42 will be filled with disruptive innovations. Space42 offers unparalleled solutions and services that advance the industry significantly. The unified efforts of our teams drive innovation and set new benchmarks for excellence in the SpaceTech industry, leveraging our advanced satellite infrastructure covering 80% of the world's population. We are proud to be part of a milestone moment for the UAE and the industry and rise to the challenge of being a change agent for good.
As the UAE positions itself firmly in the AI and Space industries, Space42 will contribute to advancing these technologies and solidify the country's position as a regional leader and a significant player globally. Space42 aligns with the UAE's accelerating efforts to achieve the objectives of the National Space Strategy 2030 and the AI Strategy 2031. The business is dedicated to boosting in-country manufacturing, positioning the UAE as a key provider across the space value chain. This commitment enhances national capabilities and strengthens efforts to nurture new generations of space and AI engineers and experts in a dynamic and rapidly evolving sector.
