Abu Dhabi - Mubasher: Bayanat AI and Al Yah Satellite Communications Company (Yahsat) have introduced Space42, a new AI-powered space technology champion in the MENA region.
The new brand followed the proposed merger of Bayanat and Yahsat, which aimed to enhance AI-powered technological capacities, according to a press release.
Meanwhile, Space42 will be vertically integrated to capture regional and global opportunities in geospatial and mobility solutions, satellite communications, and business intelligence.
The combined entity is expected to benefit from considerable revenue synergies and economies of scale that will best position the organization for innovation and profitable growth.
Once the merger is completed, Mansoor Al Mansoori and Bakheet Al Katheeri will assume the roles of Chairman and Vice Chairman of Space42, respectively. Karim Michel Sabbagh will join as Managing Director.
The new board and management team will take over their new roles when the merger becomes effective in the second half (H2) of 2024.
In the meantime, Hasan Ahmed Alhosani and Ali Al Hashemi will continue to lead their companies independently as Managing Director and Group CEO of Bayanat and Yahsat, respectively.
Earlier this week, the board members of the two listed companies approved the joint venture (JV) with an implied market cap exceeding AED 15 billion ($4 billion).
