Yahsat Group CEO Confirms Merger with Bayanat to Establish Space 42 as Global Leader in Space Technologies and AI – $4 Billion Market Value ahead

Ali Al Hashemi, CEO of Yahsat Group, confirmed that the merger with Bayanat to establish Space 42 as a leading global company in the field of space technologies and geospatial solutions with a market value exceeding 15 billion dirhams ($4 billion) is a qualitative move in the space technologies and artificial intelligence in the UAE and the region.

Al Hashemi said in a statement to the Emirates News Agency, WAM, following the shareholders’ approval of the proposed merger at yesterday’s General Assembly meeting, that the merger between the two companies will combine the strengths and experiences of the both. companies within the framework of a sustainable competitive system that is starting a path of growth and development, and in a way that contributes to achieving the goals of the National Space Strategy 2030 and the National Artificial Intelligence Strategy 2031.

He also said that combining the advanced capabilities of the two companies enhances Space 42’s ability to capture opportunities in the sectors of space technologies, geospatial solutions, and intelligent business analysis locally, regionally and across the world, indicating that Yahsat’s growth strategy was focused on promising and fast. – growing areas, especially direct communication between D2D devices and the Internet of Things.

Al-Hashimi explained that the new entity will have a strong financial position, advanced technological capabilities supported by artificial intelligence, and a diverse product portfolio, as well as providing a platform for transformative technologies that provide services and solutions to the space sector, which provide a platform for transformative technologies. The new company is also expected to benefit from achieving integration between the operations of the two merging parties and economies of scale, which will contribute to improving revenues and increasing the opportunities to achieve further growth. and innovation.

He said that Space 42 will have great potential for growth at the regional and global levels due to the total revenue of the two companies of 2.8 billion dirhams, and net income of 639 million dirhams, based on the financial results latest for the year 2023. . Its strong financial position will also be supported by a financial framework that prioritizes investment in… Sustainable business growth and expansion while ensuring strong profitability and attractive returns for shareholders.

He celebrated last February, Yahsat launched its ambitious strategy for direct communication between devices and satellites, to increase the level of global communication by giving users access to smartphones and Internet of Things devices around the world to benefit from the advanced capabilities of space technologies wherever they are. They are.

He explained that the company’s strategy for direct communication between devices and satellites includes two phases, the first of which is expected to provide voice and messaging capabilities this year, before text messaging and capabilities Internet of Things to launch on smartphones in 2025, using Yahsat. satellites in geostationary orbit, which include Thuraya 2, Thuraya 3, and Thuraya 4, noting that the Thuraya 4 satellite is expected to be launched later this year.

He said the second phase, called Project BlueStar, aims to enable complete and direct communication between devices and the satellite network through a growing and stable satellite network, noting that Project SKY’s strategy includes two comprehensive pillars covering three main applications: “voice, text messaging, and data.”

He pointed out that the company and its group of subsidiaries collaborate with a group of partners to develop important projects of communication and space technology, as these strategic partnerships provide an opportunity benefit from the knowledge and resources of the partners and strengthen access to the market to provide. innovative solutions that meet the evolving needs of customers.

Yahsat Group CEO said the company is contributing to closing the digital divide by providing affordable and reliable satellite communications services to poor communities around the world, as its fleet powerful satellites providing connectivity in remote and rural areas, giving communities access to education. , health care and other basic services.