Dubai: Space42 has officially launched, marking a significant step for the UAE in the rapidly evolving space economy. The new company results from the merger of two ADX-listed entities, Yahsat and Bayanat, creating one of the largest publicly listed space technology firms globally. Space42’s ticker debuted on the ADX today (October 1), opening at Dh2.38.
Ali Al Hashemi, previously CEO of Yahsat, now leads Space42, focusing on integrating satellite communications with AI-enabled applications. In an interview with ‘Gulf News’, he emphasized that the merger capitalizes on synergies between Yahsat’s satellite capabilities and Bayanat’s AI solutions.
Al Hashemi explained that the tech sector is increasingly dominated by AI, and the merger aims to leverage this trend by combining geo-system services with AI enhancements. He also highlighted the importance of integrating satellite communication, operations, and maintenance for future growth.
As Space42, the immediate priority is to facilitate three or four satellite launches, bringing about 16 new applications to market. The company has already launched its first synthetic aperture radar (SAR) satellite and plans to continue launching six or seven more as part of its ‘Foresight’ constellation.
Additionally, Space42 is pursuing a direct-to-device strategy in three stages: launching a smartphone with satellite capabilities this year, enabling text communication to mobile devices next year, and deploying a Leo satellite constellation for high-data content access without the internet.
Regarding financing, Al Hashemi noted that Yahsat and Bayanat were well-funded with minimal leverage, allowing Space42 to consider increasing leverage if necessary. The company recently secured a Dh5.1 billion contract, which supports its expansion plans.
While Space42 focuses on integrating operations post-merger, Al Hashemi remains optimistic about pursuing international investments and partnerships, stating that the merger will not impede growth opportunities. The company is set to transform the space industry landscape, driven by its innovative satellite initiatives and strategic vision.
