Ibadan, 2 October 2024. – Space42 has made its trading debut on the Abu Dhabi Securities Exchange (ADX), following the successful merger completion of Bayanat and Al Yah Satellite Communications Company P.J.S.C. (Yahsat), the UAE’s flagship satellite solutions provider. Space42 is consequently the UAE’s new AI-powered SpaceTech company with a global reach.
Integrating Bayanat’s geospatial analytics and Yahsat’s satellite communications with AI capabilities enables Space42 to address the rapidly evolving needs of the global space tech industry. Furthermore, the combined capabilities deliver advanced business intelligence solutions to governments, enterprises, and communities.
With Karim Michel Sabbagh as Managing Director, Space42 comprises two business units: Yahsat Space Services and Bayanat Smart Solutions. The Yahsat Space Services unit, which Yahsat CEO Ali Al Hashemi leads, focuses on upstream satellite operations for fixed and mobility satellite solutions. On the other hand, the Bayanat Smart Solutions unit, with 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.
Speaking about the new space Company, 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 integrating 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.”