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. The AED 378 million ($102.91 million) collaboration will leverage Space42’s SAR satellite data to improve national operational efficiency and decision-making. This partnership aims to advance geospatial analytics and strengthen the UAE’s position in space technology.
Space42 has successfully launched the Thuraya 4 satellite, marking a key milestone in enhancing its mobile satellite services. The satellite, launched with SpaceX’s Falcon 9, expands coverage across the MENA region, boosting secure connectivity and satellite solutions for defense, government, and enterprise sectors, aligning with the UAE’s Space Strategy 2030.
Space42 has secured a significant AED18.7 billion ($5.1 billion) contract with the UAE Government, extending secure satellite communication services through 2043. The deal includes the launch of two new satellites, Al Yah 4 and Al Yah 5, and reinforces Space42’s position with a substantial backlog of AED26 billion in contracted revenues.
Space42 and ICEYE have formed a joint venture in the UAE to manufacture SAR satellites, building on their successful collaboration, including the launch of Foresight-1 in August 2024. This partnership advances the UAE’s Earth Observation capabilities, fosters technology transfer, and supports the nation’s space ambitions with local SAR production.
