Space42 set to become AI-powered space technology champion in MENA region
Dec 20, 2023
Abu Dhabi [UAE], December 20 (ANI/WAM): Further to the announcements made by Bayanat AI PLC (Bayanat) and Al Yah Satellite Communications Company (Yahsat) earlier this week on the recommendation to shareholders by their respective Board of Directors for a merger of the two Abu Dhabi-headquartered and ADX-listed entities, the enlarged entity will be named Space42 post-merger.
The proposed merger will create an AI-powered space technology champion in the MENA region with additional potential for significant global growth and synergies. With a strengthened financial position, enhanced AI-powered technological capabilities and a diversified product portfolio, the combined entity will be vertically integrated and optimally positioned to capture regional and international opportunities in geospatial and mobility solutions, satellite communications and business intelligence.
It is expected to benefit from considerable revenue synergies and economies of scale that will best position the organization for innovation and profitable growth.
On completion of the merger, Mansoor Al Mansoori will assume the role of Chairman, Dr. Bakheet Al Katheeri as Vice Chairman and Karim Michel Sabbagh will join as Managing Director of Space42.
Together, they will oversee the enlarged entity working closely with the existing management teams of Bayanat and Yahsat, as it seeks to capture regional and international opportunities in geospatial and mobility solutions, satellite communications and business intelligence.
Al Mansoori is a member of Abu Dhabi Executive Council and the Chairman of the Department of Health in Abu Dhabi. He brings a diverse range of experience across government and the private sector including telecommunications, energy and technology. He was previously Chairman of Bayanat, overseeing its highly successful IPO as well as being Group Chief Operating Officer of G42.
Al Mansoori said, "As the proposed merger unites two leading home-grown companies to create the MENA region's first AI-powered space technology company with global reach, I am excited by the opportunity that an enlarged group can bring to our existing and potential customers globally. Furthermore, Karim's experience and track record will be invaluable in capturing our global potential and I look forward to working with him and the rest of the team to deliver for all of our stakeholders."
Sabbagh said, "I look forward to joining the proposed merged entity and am thrilled by the opportunity to create the first AI-powered space technology champion with global potential. I have known both businesses over the years, as they developed excellent capabilities covering geospatial and mobility solutions, satellite communications and business intelligence. The proposed combination will yield an AI-powered platform for transformative technologies to enable space-based services with significant impact on societies and economies."
The new board and management team will assume their new roles when the merger becomes effective in the second half of 2024. In the interim, Hasan Ahmed Alhosani and Ali Al Hashemi will continue to lead their companies independently as Managing Director and Group Chief Executive Officer of Bayanat and Yahsat, respectively. (ANI/WAM)
