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Abu Dhabi Merger Will Create A $4.1B Space Company

Bayanat, a geospatial data provider, and Al Yah Satellite Communications will become Space42, the MENA region’s first AI-powered space-tech company.

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abu dhabi merger will create a $4.1 billion space company
Yahsat

Two Abu Dhabi companies have agreed to merge in a landmark deal that will create “Space42,” one of the world’s most valuable listed space-tech companies.

Bayanat, a geospatial data provider, and Al Yah Satellite Communications — known as Yahsat — will have a market capitalization of $4.08 billion.

“This merger will unite two leading home-grown companies to create the Mena region’s first AI-powered space technology company,” explained Tareq Al Hosani, chairman of Bayanat.

“Together, we will leverage our key synergies to reinforce our position as a key engine of growth and strategic solutions provider to the UAE government and its agencies while expanding our reach to global customers,” he added.

The proposed merger will be realized through a share swap, with Bayanat remaining a legal entity. The shareholders of Bayanat and Yahsat will own 54% and 46%, respectively, of the newly created company.

“The merger is a compelling opportunity to amplify value creation for shareholders, utilizing synergies and strategic consolidation to create a technologically advanced champion […] The enlarged entity will benefit from accelerated growth potential as a player of scale with enhanced competitive advantage,” said Musabbeh Al Kaabi, chairman of Yahsat.

Also Read: Aramex And Regent To Develop Electric Seagliders

The space sector is currently enjoying a massive surge of interest as competition hots up with more companies entering the arena. According to figures from the Space Foundation, the space economy grew by 8% to nearly $550 billion in 2022 and is projected to expand by at least another 40% over the next five years.

The UAE, currently the Arab world’s second-largest economy, has the region’s largest space sector in terms of investment size. Last year, the Emirates launched an $820 million fund to support its latest space program and a new initiative to develop high-tech radar satellites.

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Lebanese Newspaper Builds AI President To Beat Political Crisis

The move by media outlet AnNahar comes after 13 failed attempts by the Lebanese parliament to elect a new leader.

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lebanese newspaper builds ai president to beat political crisis
OurPresident.ai

In a world first, Lebanon’s AnNahar Newspaper has built an artificial intelligence model designed to carry out presidential duties for the politically troubled country. Lebanon has been without a sitting president for two years after thirteen failed attempts by the nation’s parliament to elect a suitable candidate.

The new AI President’s deep learning algorithm was fed over 90 years of impartial journalism from AnNahar’s archive stretching back to the 1930s. The AI leader analyzes not only historical data but also current events and is able to formulate solutions for all manner of political, legal, and governmental questions. By tapping into such a vast knowledge base, Lebanon’s AI President will have a deep understanding of the country’s past, as well as an unbiased take on the challenges the nation faces going forward.

lebanon our president ai platform annahar

The new AI President was unveiled in a recent live broadcast. Nayla Tueni, editor-in-chief of AnNahar Newspaper conducted an interview with the digital leader, asking relevant questions about the current state of Lebanon, and how to fix the country’s difficult political situation. AnNahar has also converted its print newspaper to focus entirely on the new president’s guidance on issues spanning everything from the economy to sustainability and the environment.

Also Read: Abu Dhabi To Develop $1 Billion eSports Island Facility

After the interview, Nayla Tueni commented: “As Lebanese people, and especially at AnNahar, we refuse to sit back and allow things to go on as they have. To not have a president for this long is unacceptable and has impacted the country negatively. If the parliament will not do its job to elect a president, then the people will bring to Lebanon a president”.

The AI President will soon be accessible to everyone at OurPresident.ai, Users will be able to ask questions in a similar manner to the likes of ChatGPT and Google Gemini. It is also understood that government officials will also use the tool to help devise new directives.

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