Yahsat, the UAE’s leading satellite solutions provider, will soon be delisted from the Abu Dhabi Securities Exchange (ADX) following its merger with Bayanat, a provider of AI-powered geospatial solutions. This move is expected to be completed by the end of September, with Yahsat shares being delisted from the ADX. As part of the merger, all Yahsat assets and obligations will be transferred to Bayanat in exchange for newly issued Bayanat shares. The newly merged entity will be known as Space42 and will continue trading on ADX under this new trading symbol.
In August, Bayanat and Yahsat successfully launched their first Low Earth Orbit (LEO) Synthetic Aperture Radar (SAR) satellite into orbit in partnership with ICEYE. This marks an important milestone in their collaboration and demonstrates their commitment to advancing space technology in the MENA region. The merger between the two companies is expected to position Space42 as a leading AI-powered space technology champion with global reach. CEO of Yahsat, Ali Al Hashemi, emphasized the significance of combining advanced satcom solutions and geospatial analytics, enabling the operation of communication and Earth Observation satellites across multiple orbits.
Despite a 3% decline in revenue for the first half of 2023, Yahsat reported a substantial 62% increase in net income during the same period, reaching Dh269 million. This strong financial performance reflects the company’s resilience and adaptability in a rapidly evolving industry. The merger with Bayanat and the launch of their SAR satellite demonstrate Yahsat’s commitment to innovation and growth in the space technology sector. With the formation of Space42, the new entity aims to leverage AI-powered solutions to further enhance its capabilities and expand its market presence in the region and beyond.
The completion of the merger between Yahsat and Bayanat signifies a new chapter for both companies, as they work towards integrating their technologies and resources to create synergies that will drive future growth and success. The transformation of Bayanat into Space42 reflects the company’s focus on space technology and its aspirations to become a key player in the industry. By combining their expertise in satellite solutions and geospatial analytics, Space42 aims to provide innovative and impactful solutions that address the evolving needs of customers in the MENA region and beyond.
As Space42 prepares for its future as a leading space technology champion, the company looks forward to leveraging its new capabilities and resources to drive further innovation and growth in the industry. The merger with Bayanat and the launch of their SAR satellite mark important milestones in Yahsat’s journey towards becoming a global leader in space technology. By focusing on AI-powered solutions and advanced satellite technologies, Space42 aims to address the complex challenges facing the industry and position itself as a trusted partner for customers seeking cutting-edge solutions in satellite communications and geospatial analytics.
In conclusion, the merger between Yahsat and Bayanat represents a significant development in the UAE’s space technology sector. As the two companies come together to form Space42, they aim to leverage their combined expertise and resources to drive innovation and growth in the industry. With a strong financial performance and a commitment to advancing space technology, Space42 is poised to become a key player in the MENA region and globally. Stay tuned for more updates on Space42 and its latest advancements in the field of satellite communications and geospatial solutions.
