Abu Dhabi, 20 December 2023: Further to the announcements made by Bayanat AI PLC ( Bayanat ) and Al Yah Satellite Communications Company P.J.S.C. ( Yahsat ) earlier this week on the recommendation to shareholders by their respective Board of Directors for a merger of the two Abu Dhabi-headquartered and ADX-listed entities, the enlarged entity will be named Space42 post-merger.
The proposed merger will create an AI-powered space technology champion in the MENA region with additional potential for significant global growth and synergies. With a strengthened financial position, enhanced AI-powered technological capabilities and a diversified product portfolio, the combined entity will be vertically integrated and optimally positioned to capture regional and international opportunities in geospatial and mobility solutions, satellite communications and business intelligence. It is expected to benefit from considerable revenue synergies and economies of scale that will best position the organization for innovation and profitable growth.
On completion of the merger, H.E. Mansoor Al Mansoori will assume the role of Chairman, Dr. Bakheet Al Katheeri as Vice Chairman and Karim Michel Sabbagh will join as Managing Director of Space42. Together, they will oversee the enlarged entity working closely with the existing management teams of Bayanat and Yahsat, as it seeks to capture regional and international opportunities in geospatial and mobility solutions, satellite communications and business intelligence. In addition, the proposed Board of Directors of Space42 will include H.E. Tareq Al Hosani, H.E. Maryam Al Mheiri, Ismail Abdulla and Kiril Evtimov.
H.E. Mansoor Al Mansoori is a member of Abu Dhabi Executive Council and the Chairman of the Department of Health in Abu Dhabi. He brings a diverse range of experience across government and the private sector including telecommunications, energy and technology. He was previously Chairman of Bayanat, overseeing its highly successful IPO as well as being Group Chief Operating Officer of G42.
Dr. Bakheet Al Katheeri is the Chief Executive Officer of Mubadala's UAE Investments platform and is responsible for the development of national world-class champions across multiple sectors, including aerospace, technology, infrastructure and more. He serves on various industry boards and committees in the UAE and globally, including Cepsa, Oil Search, Mubadala Energy, Emirates Global Aluminum (EGA), Abu Dhabi Future Energy Company (Masdar), and National Central Cooling Company (Tabreed).
Karim Michel Sabbagh has a track record of leadership in the global space industry. Until recently, he was the Managing Director and lead for Europe and the Middle East at E-Space with the mission to create a global space company focused on hyperscale IoT. He is also the former President and CEO of SES, Chairman of SES ASTRA and a member of the Board of Directors of O3b Networks, prior to its acquisition by SES. He joined SES from consulting firm Booz & Co., where he served as practice leader and advised global satcom and telecom operators.
H.E. Mansoor Al Mansoori said: As the proposed merger unites two leading home-grown companies to create the MENA region's first AI-powered space technology company with global reach, I am excited by the opportunity that an enlarged group can bring to our existing and potential customers globally. Furthermore, Karim's experience and track record will be invaluable in capturing our global potential and I look forward to working with him and the rest of the team to deliver for all of our stakeholders.
Karim Michel Sabbagh, said: I look forward to joining the proposed merged entity 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 geospatial 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.
The new board and management team will assume their new roles when the merger becomes effective in the second half of 2024. In the interim, Hasan Ahmed Alhosani and Ali Al Hashemi will continue to lead their companies independently as Managing Director and Group Chief Executive Officer of Bayanat and Yahsat, respectively.
OTHER INFORMATION
On 19 December 2023, Bayanat and Yahsat announced their proposed merger, subject to shareholder and regulatory approvals. More details about the proposed merger can be found on the dedicated transaction microsite: www.asharedambition.com
Middle East Stories
12/03/2025
Abu Dhabi, United Arab Emirates, and Copenhagen, Denmark: 12 March 2025: Space42...
11/03/2025
Abu Dhabi, UAE and Carlsbad, California 12 March 2025 Space42, (ADX: SPACE42...
03/03/2025
Abu Dhabi, UAE 3 March 2025 Thuraya, the satellite mobility arm of Space42, has Introduced Thuraya One, an Android 14 smartphone with built-in satellite cap...
27/02/2025
Abu Dhabi, UAE, 27 February 2025: Space42 PLC ( Space42 or the Company ), the UAE-based AI-powered SpaceTech company that seamlessly integrates satellite comm...
19/02/2025
Collaboration enables long-term testing and evaluation support for HAPS platform...
18/02/2025
The AED 378 million contract between Space42's Bayanat Smart Solutions and EDGE's FADA will enhance the nation's geospatial capabilities over the ne...
17/02/2025
The joint venture will leverage Space42's and FADA's advanced technologi...
11/02/2025
Space42's debut at IDEX highlights AI-powered space technologys role in modern defense and security
The Space42 stand will have live demonstrations of mult...
15/01/2025
Foresight-1 and Foresight-2 will boost UAE's earth observation capabilities
Comprising the latest SAR technology in cooperation with ICEYE
Abu Dhabi, U...
04/01/2025
Thuraya 4 will provide more secure capacity, faster speeds, and wider coverage across Africa, Europe, Central Asia and the Middle East
Launching the busines...
04/01/2025
Abu Dhabi, 04 January, 2025 :
Thuraya 4 will provide more secure capacity, faster speeds, and wider coverage across Africa, Europe, Central Asia and the M...
17/12/2024
Abu Dhabi, UAE, 17 December 2024: Space42 (ADX: SPACE42), the UAE-based AI-power...
10/12/2024
Abu Dhabi, UAE - 10 December 2024 Space42's Thuraya 4 telecommunications satellite, built by Airbus, has reached its destination at the Kennedy Space Cent...
09/12/2024
- The strategic joint venture addresses the growing demand for SAR satellite ima...
21/11/2024
Construction is underway at First Westlake Logistics Park
Construction on First Gulfs latest industrial development First Westlake Logistics Park in Ja...
19/11/2024
The appointment reflects Space42s commitment to building a dynamic market enviro...
11/11/2024
Space42 and the Ministry of Education launch SpaceTech educational campaign for ...
30/10/2024
The launch follows the successful implementation on 27 oil wells using an oil an...
28/10/2024
The multi-design, state-of-the-art Space42 Arena in Al Raha Beach, Abu Dhabi w...
15/10/2024
Dubai, 15 October, 2024 : Space42 and nybl unveil revolutionary AI solution to ...
01/10/2024
Space42 is a new, UAE-based AI-powered SpaceTech company with a global reach, in...
05/09/2024
In a milestone for Bronte Station Business Park, Element Materials Technology, a global leader in materials and product qualification testing, inspection, and ...
30/07/2024
Resilient first half performance with stable Normalised EBITDA and net income
Revenue, profitability and cash flow guidance reiterated for the full year
Abu D...
18/07/2024
Yahsat accelerates efforts to expand in Zimbabwe following agreement with Satcom...
10/06/2024
- Fully flexible, software-defined payloads will allow in-orbit reconfiguration of coverage area, capacity and communication frequencies
- Full programme cost...
29/05/2024
Marrakech, Morrocco, 29 May, 2024 : Marrakech, Morrocco, 29 May 2024: Al Yah Sa...
24/05/2024
The certification underscores world-class standards of services at Yahsat's Abu Dhabi Teleport
Abu Dhabi, United Arab Emirates, 21 May 2024: Al Yah Satelli...
22/05/2024
EUTELSAT KONNECT satellite will enhance Yahsat's satellite network with mult...
15/05/2024
Abu Dhabi, 15 May, 2024 : IP NEO is a Thuraya 4-ready lightweight portable sate...
15/05/2024
Abu Dhabi, 15 May, 2024 : IP NEO is a Thuraya 4-ready lightweight portable sate...
14/05/2024
Highest ever Q1 revenue with Normalised EBITDA growth of 7%
Profitability, cash flow and capital expenditure guidance reiterated
Abu Dhabi, United Arab Emirat...
10/05/2024
Abu Dhabi, 10 May 2024: Further to our previous communications about the unexpec...
10/05/2024
Abu Dhabi, 10 May, 2024 : Abu Dhabi, 10 May 2024: Further to our previous commu...
09/05/2024
The visit discussed potential for Yahsat to expand its presence in South Africa ...
25/04/2024
Bayanat AI PLC (ADX: BAYANAT), a leading AI-powered geospatial solutions provider, and Al Yah Satellite Communications Company P.J.S.C. (ADX: YAHSAT), the UAE&#...
23/04/2024
The merger will provide vertical integration potential and enhanced product offerings to capture regional and international opportunities for revenue growth and...
23/04/2024
Abu Dhabi, 23 April, 2024 : Partnership delivers greater cybersecurity to Thura...
02/04/2024
Abu Dhabi, 02 April, 2024 : Abu Dhabi, United Arab Emirates, 2 April 2024: Thur...
01/04/2024
Mr. Somani will oversee the development and implementation of the company's growth strategy and spearhead global strategic partnerships
Abu Dhabi, United A...
21/03/2024
- A circular was issued today setting both entities' General Assembly Meetin...
21/03/2024
- A circular was issued today setting both entities' General Assembly Meetin...
18/03/2024
Abu Dhabi, 18 March, 2024 : Abu Dhabi, 18 March 2024: Thuraya Telecommunication...
18/03/2024
Abu Dhabi, 18 March, 2024 : Abu Dhabi, 18 March 2024: Thuraya Telecommunication...
22/02/2024
Abu Dhabi , 22 February, 2024 : The first universal Direct-to-Device (D2D) Android smartphone with satellite voice and SMS capability
Abu Dhabi, 22 February 2...
22/02/2024
Abu Dhabi , 22 February, 2024 : The first universal Direct-to-Device (D2D) Andr...
21/02/2024
The industry disruptive strategy is primed to transform the lives of billions of...
20/12/2023
Abu Dhabi, 20 December 2023: Further to the announcements made by Bayanat AI PLC...
20/12/2023
Abu Dhabi, 20 December 2023: Further to the announcements made by Bayanat AI PLC...
19/12/2023
The combination will bring together complementary capabilities to create a UAE-b...
Abu Dhabi, 20 December 2023: Further to the announcements made by Bayanat AI PLC ( Bayanat ) and Al Yah Satellite Communications Company P.J.S.C. ( Yahsat ) earlier this week on the recommendation to shareholders by their respective Board of Directors for a merger of the two Abu Dhabi-headquartered and ADX-listed entities, the enlarged entity will be named Space42 post-merger.
