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The space economy soared by 8% to a staggering $546 billion in 2022, and the UAE stands at the forefront, projecting a remarkable 41% expansion over the next five years, as forecasted by the Space Foundation.
The country boasts the region’s most expansive space sector, distinguished by substantial investments and a diverse portfolio. Now, Abu Dhabi-based powerhouses – Bayanat and Yahsat – are set to merge, creating a $4.1 billion space behemoth and the MENA region’s first AI-powered space technology champion.
The Yahsat and Bayanat boards have recommended the deal to their shareholders, the companies’ joint statement said.
The combined entity would be about 42% owned by G42, 29% by sovereign wealth fund Mubadala Investment Company and 8% by International Holding Company.
The combined business would be a strategic solutions provider to the UAE government and its agencies while expanding globally.
“This merger will unite two leading homegrown companies to create the MENA region’s first AI-powered space technology company,” Bayanat chairman Tareq Al Hosani said. “Together, we will leverage our key synergies to reinforce our position as a key engine of growth and strategic solutions provider to the UAE government and its agencies while expanding our reach to global customers.”
Bayanat deeply understands the UAE’s unique terrain and geospatial needs, honed through its roots in the UAE’s Military Survey Department.
Yahsat, on the other hand, adds global reach and experience, connecting customers in over 150 countries with reliable satellite services.
The merger is expected to finalize in the second half of 2024, subject to regulatory approvals. Until then, both companies will continue their independent operations, laying the groundwork for a seamless union.