Bayanat, Yahsat Shareholders Greenlight Merger
The global AI-powered company specializes in space technology and geospatial solutions.
Shareholders of UAE’s Bayanat and Al Yah Satellite Communications Company P.J.S.C. have approved their merger plan. The fusion is set to establish SPACE42, a powerhouse in AI-driven space solutions.[1]
The merger is slated to take effect by mid-2024. SPACE42 is poised to introduce space-based services with societal and economic impacts.
The merger is subject to regulatory approval, both domestically and internationally. SPACE42 will provide AI-powered geospatial solutions, satellite communications, earth observation, IoT, and business intelligence.
“Building upon its enormous capabilities, the new entity is poised to play a significant role in realizing the ambitious objectives outlined by the National Space Strategy 2030 and the National Strategy for Artificial Intelligence 2031. SPACE42 will cultivate an AI-powered ecosystem that will further transform the sectors. Undoubtedly, the wider space community will benefit from the UAE’s space advancements,” Chairman Designate of SPACE42 Mansoor Al Mansoori said in an emailed press release.