Abu Dhabi has set the stage for an unprecedented union in the skies as Al Yah Satellite Communications Company (Yahsat) and Bayanat AI gear up to merge, birthing Space42.
This cosmic consolidation is poised to emerge as a giant in AI-powered space technology, sporting an estimated market capitalization of 15 billion dirhams ($4 billion).
The merger, slated for the latter half of 2024, comes with a powerhouse leadership lineup.
Mansoor Al Mansoori, anticipated to helm the entity as Chairman, alongside Dr. Bakheet Al Katheeri as Vice Chairman, and Karim Michel Sabbagh stepping in as Managing Director, have been announced in a joint notification to the Abu Dhabi Stock Exchange (ADX).
The fusion’s pivotal objective is to launch a pioneering AI-driven space technology enterprise in the MENA region, poised for extensive global expansion and leveraging potential synergies.
Al Mansoori, an Abu Dhabi Executive Council member and the Department of Health’s Chairman, previously chaired Bayanat. Dr. Bakheet Al Katheeri, the CEO of Mubadala’s UAE Investments platform, brings a wealth of experience to the new endeavor.
As the merger finalizes, the newly constituted board and management will assume their pivotal roles.
In the interim, Hasan Ahmed Alhosani and Ali Al Hashemi will continue leading their respective entities, Bayanat and Yahsat, maintaining their positions as Managing Director and Group CEO.
Bayanat, predominantly owned by Abu Dhabi’s tech conglomerate G42, and Yahsat, a subsidiary of Mubadala Investment Company, collectively provide multi-mission satellite solutions spanning over 150 countries, setting the stage for a cosmic alliance in the rapidly evolving space technology landscape.
The post Space42 Emerges as MENA’s Largest AI-Powered Space Tech Firm appeared first on UNLOCK Blockchain.