Appointed Managing Director of “Al-Ittihad”: “Space 42” enhances the UAE’s role in developing space technology in the world

2024-03-24 23:19:38

Rasha Tabila (Abu Dhabi)
Karim Michel Sabbagh, managing director-designate of Space42, revealed that the proposed merger between Bayanat and Yahsat will result in the creation of Space42, one of the largest listed space technology companies in the world in terms of market value, with a strong balance sheet. , a leading integrated provider of mobile communications solutions, AI-powered geospatial solutions, Earth observation solutions, space communications, Internet of Things, and business intelligence solutions.
On the occasion of the announcement that the shareholders of “Bayanat” and “Yahsat” will vote on the 25th of next April on the proposed merger to create “Space 42,” Sabbagh added, “We will focus in the first step on strengthening the integration process to take advantage of the opportunities offered by the merger, in addition to developing a strategy.” Long-term to harness the technical capabilities of both companies.
Sabbagh stressed, “The new entity will have a vital and important role in developing and implementing space solutions in the Middle East and North Africa region, in addition to benefiting from regional and global opportunities in geospatial solutions, mobile communications solutions, satellite communications, and business intelligence. This step in developing the space technology sector in the Emirates, It will enhance the country’s position as a leading platform for developing the latest transformative solutions and technologies in the region and the world.

Regarding the completion of the merger between Yahsat and Bayanat and the official launch of the new entity, Space 42, Sabbagh said: “The merger process will be subject to a number of local and international regulatory requirements, including obtaining the approval of the shareholders of both Bayanat and Yahsat. », the Communications and Digital Government Regulatory Authority, the Securities and Commodities Authority, and the Abu Dhabi Global Market.
He added, “The shareholders of Bayanat and Yahsat will vote on the proposed merger during the general assembly meeting of both companies, which will be held on April 25, 2024. The two companies will continue to operate independently until the merger is completed, which is expected to take place in the second half of this year.” Year 2024.
Integration objectives
Regarding the goals that Space 42 will seek to achieve in the fields of space technology and artificial intelligence after completing the proposed merger, Sabbagh said: “The establishment of a leading national company in space technology supported by artificial intelligence in the UAE will contribute to establishing new standards in the sector and establishing a platform for transformative technologies.” “It will enable satellite communications services and geospatial solutions, and will have a tangible positive impact on the economy and society.”
He added, “Space42 will contribute to providing great value to all stakeholders through its innovative services and solutions across all business sectors, in addition to enabling the expansion process to new markets and stimulating growth at the global level.”
Sabbagh said: “The new entity will be able to seize future growth opportunities at the regional and global levels in the field of geospatial solutions, mobile communications solutions, earth observation, satellite communications, the Internet of Things, and business intelligence.”
He stressed, “We aim to benefit from artificial intelligence technologies to create a qualitative shift in space communications via satellites worldwide and to enhance innovation in the sector by merging the two companies.”
Global standing
As the first global company working in the field of space technology supported by artificial intelligence in the region, Sabbagh stressed that Abu Dhabi will benefit from the company’s global position resulting from the proposed merger in the field of space communications. “The proposed merger is in line with the efforts of the UAE to achieve the goals of the National Space Strategy 2030.”
He added, “The space economy in the UAE has witnessed rapid prosperity, which has contributed to strengthening the country’s leadership in this sector at the level of the Middle East, North Africa, and the world. The establishment of a world-leading Emirati company in space technology represents an important strategic step within the process of development that the country is witnessing in the space technology sector.” .
Sabbagh stressed, “The decision to merge two leading Emirati companies in the space technology sector came as a result of a joint strategic vision that aims to create a leading national company in the field of space technology supported by artificial intelligence in the Middle East and North Africa with the possibility of expansion and growth at the global level.”
He said, “Space42 will have a vital and important role in developing and implementing space solutions in the Middle East and North Africa region, in addition to benefiting from regional and global opportunities in geospatial solutions, mobile communications solutions, satellite communications, and business intelligence.”
He added, “This step will contribute to the development of the space technology sector in the Emirates, and will strengthen the country’s position as a leading platform for developing the latest transformative solutions and technologies in the region and the world.”

Artificial intelligence
Sabbagh explained, “Artificial intelligence is an integral part of the value chain in the space sector, and it will represent an effective tool for Space 42 that contributes to making a tangible transformation, as we will work to integrate artificial intelligence technologies strategically to enhance our geospatial and mobile communications solutions within the entire system, starting with From satellite communications to geospatial analyses.
Sabbagh said, “Artificial intelligence technologies help us enhance and maintain our competitive capabilities. “By establishing this new entity, we aim to support the economic vision of the UAE and its efforts to diversify and develop the national economy, as Space 42 will contribute to consolidating the country’s position as a global leading force in the technical sector, in addition to expanding the UAE’s sovereign capabilities in the space sector and enhancing its international presence.” .
He said: “It is expected that enhancing space communications using artificial intelligence will contribute to supporting the UAE’s efforts to serve remote or underserved communities, and enhance its humanitarian role in supporting areas affected by crises or disasters, as space communications has proven its ability to bridge the digital gap and provide the necessary solutions for rescue missions.” E-learning, providing remote medical services, etc. Sabbagh stressed, “The proposed merger between Bayanat and Yahsat will result in the creation of one of the largest listed space technology companies in the world in terms of market value, with a strong balance sheet, as the value of the combined revenues of both companies reached 2.8 billion UAE dirhams in 2023.” Net income amounted to 637 million UAE dirhams. Based on this, Space 42 will be able to achieve sustainable growth and provide high value and attractive returns to shareholders.”
Company strategy
Regarding the first step that will be taken after the completion of the proposed merger, Sabbagh said, “The merger represents a new chapter in the journey of Bayanat and Yahsat, as the two companies have witnessed continuous growth since their launch. The merger will play a pivotal role in enhancing the growth and development of the two companies in the future by combining space technology and artificial intelligence.”
He added, “Achieving integration between the two companies’ operations will contribute to creating a leading and integrated provider of mobile communications solutions, geospatial solutions supported by artificial intelligence, earth observation solutions, satellite communications, the Internet of Things, and business intelligence.”
He stressed, “In the first step, we will focus on strengthening the integration process to take advantage of the opportunities offered by the merger, in addition to developing a long-term strategy to harness the technical capabilities of both companies.”
He said, “Space42 will have a clear and comprehensive vision of its revenues and cash flows, supported by the company’s strong financial position, which will enable us to continue investing in the future with a commitment to developing a solid financial framework based on balanced investment to achieve strong profits and provide rewarding returns to shareholders, and help us continue to… Dividend distribution.
New solutions
Regarding creating artificial intelligence-supported solutions for satellite communications, he said, “Artificial intelligence technologies will have a fundamental role in the activities of Space 42, including designing solutions, processes, services, learning and innovation.”
He added, “By merging Bayanat and Yahsat, the new entity will enjoy a strong position in terms of assets owned across various business sectors, starting from terrestrial services and satellite communications assets spread in the atmosphere, low Earth orbit, and geostationary orbit. Space will be 42 “is able to deal with various challenges with complete accuracy and efficiency, in addition to simplifying operations and providing unparalleled insights and information.” Sabbagh said, “For example, artificial intelligence technologies will allow the creation of digital versions of smart cities, integrating geospatial information with sensory data coming from terrestrial and satellite communications networks, with the aim of improving public services and enhancing the experience of residents and visitors.”
He added, “At the operational level, artificial intelligence technologies will help collect operational data over several years with the aim of improving the operation of satellites, the quality of services, and enhancing the management of space assets.”
Expanding operations
“The merger will result in significant synergies in costs and revenues, enabling us to expand our operations in the space technology sector by leveraging our combined resources and capabilities more effectively,” Sabbagh said.
He added, “Thanks to the availability of a wide range of resources and expertise from the merger process, we will be able to make strategic decisions about pumping investments into various sectors in the long term.”
He said: “These advantages are supported by the strong balance sheet and cash flows of both companies, which provides a solid financial position that helps finance growth expenses and promote expansion throughout the entire value chain of the space sector.”
Sabbagh noted, “Bayanat and Yahsat launched a joint space program in 2023 with the aim of enhancing space capabilities using geospatial information from Bayanat and Yahsat’s space infrastructure, and we will continue our investments in space technology, including Continue with current projects.
National cadres
Regarding national cadres, Sabbagh said: “Space 42 will represent a center of excellence in the UAE that aims to enhance the exchange of knowledge and develop local talents and competencies.”
He added, “The new entity will benefit from the available opportunities and integration between the two companies thanks to the combination of skills and experiences in each of them. It will also benefit from a broad base of employees within a culture that celebrates diversity, institutional values, innovation, growth, and a performance-based work environment.”