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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.
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.
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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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NASA Forms New Partnership With Saudi Space Agency
The pair will collaborate on the Center for Space Futures, advancing space tech by bringing together public and private stakeholders.
Saudi Arabia’s space industry is on the brink of substantial expansion after generating $400 million in revenue in 2022, according to a report by the Saudi Communications, Space and Technology Commission.
Now, in a new venture with NASA, plans for a “Center for Space Futures” are set to further drive the Kingdom’s aspirations of becoming a leading player in space exploration and technology.
Capturing moments from the joint delegation visit with leaders from the Saudi and American Space Agencies @NASA to @PSU_RUH, along with scenes showcasing the audience's engagement. pic.twitter.com/oB1cFTiRNl
— وكالة الفضاء السعودية (@saudispace) May 14, 2024
The partnership between NASA and Saudi Arabia goes beyond economic advantages. The pair have already cooperated on preliminary work for the Artemis II lunar mission, which is slated for a September 2025 launch and aims to land astronauts near the moon’s South Pole.
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During a visit to the capital, Riyadh, NASA Administrator Bill Nelson emphasized in a TV interview the broader objectives of the collaboration, which encompass “returning to the moon and then [to] Mars” while utilizing space exploration to glean important insights into climate change. The NASA spokesman also reiterated the space agency’s dedication to collaborating with Saudi Arabia on other future ventures.
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