‘Establishment of Space42 big boost for space tech, AI sectors’

ABU DHABI: Ali Al Hashemi, CEO of the Yahsat Group, said the merger with Bayanat to establish Space42 will serve as a transitional shit in the space technology and artificial intelligence (AI) sector in the UAE and the entire region.

Based in the Middle East North Africa (MENA) region, Space42 is set to be a global Ai-powered company specialised in space technology and geospatial solutions with a market value of more than Dhs15 billion ($4 billion), he added.

In a statement to the Emirates News Agency (WAM) ater shareholders approved the proposed merger during yesterday’s general assembly meeting, Al Hashemi said that the merger between the two companies will combine their strengths and experiences within a sustainable competitive framework, which will set their path of growth and development and help achieve the objectives of the National Space Strategy 2030 and the National Strategy for Artificial Intelligence 2031.

Combining the outstanding capabilities of the two companies enhances Space42’s ability to leverage local, regional and international opportunities in the space technology, geospatial solutions and intelligent business analysis sectors, he added, noting that Yahsat’s growth strategy focuses on promising and rapidly growing areas, especially Direct-2-device (D2D) communication and the Internet of Things (IOT).

Al Hashemi stressed that the new entity will enjoy a strong financial position, advanced technological capabilities supported by AI, and a diverse product porfolio.