Space42 reported a strong financial performance in 2024, with an EBITDA of USD 317 million and a net profit of USD 166 million. The Company advanced its strategic objectives, including satellite launches and partnerships in Earth Observation and mobile satellite solutions, positioning itself as a leader in the space and connectivity sectors.
Space42 has partnered with FADA to enhance the UAE’s Earth observation capabilities with a contract valued at AED378 million. This collaboration will leverage data from Space42’s SAR satellites, advancing data-driven decision-making, situational awareness, and geospatial analytics. The initiative strengthens the UAE’s sovereign space and technology capabilities.
Space42 has successfully deployed its second Foresight Earth observation satellite, Foresight-2, in partnership with ICEYE. Launched via SpaceX’s Transporter-12 mission, the satellite enhances Space42’s SAR constellation, providing high-resolution, 24/7 Earth imaging. This step strengthens the UAE’s Earth Observation capabilities and supports its geospatial insights and satellite program.
The UAE’s Mohammed Bin Rashid Space Centre (MBRSC) successfully launched MBZ-SAT, the region’s most advanced satellite. Developed by Emirati engineers, the satellite boasts cutting-edge technology for Earth observation. This achievement marks a significant step in the UAE’s space exploration goals and its growing capabilities in global space technology.
NSG, a Public Investment Fund-owned company, has acquired Airbus Defence and Space’s UP42 platform to enhance its geospatial capabilities in Saudi Arabia. This acquisition supports the growth of the space economy, contributing to Saudi Vision 2030, while enabling cutting-edge geospatial solutions across various sectors.
Yahsat, a subsidiary of Space42, is set to launch seven satellites for the UAE’s Earth Observation Space Programme. The first satellite, Foresight 1, was launched last August. This initiative supports the UAE’s goal of becoming a leader in the space sector and drives innovation in technology.
