In a move earlier this week, Bayanat and Yahsat announced a proposed merger following the unanimous recommendation from their respective Board of Directors. The combined entity, to be named Space42 post-merger, is set to become the Middle East and North Africa (MENA) region’s first AI-powered space technology champion, listed on the Abu Dhabi Securities Exchange (ADX).
The merger aims to leverage the strengths of both companies, creating a vertically integrated entity with enhanced financial stability, advanced AI-powered technological capabilities, and a diversified product portfolio. Space42 is strategically positioned to capitalise on regional and global opportunities in geospatial and mobility solutions, satellite communications, and business intelligence, offering potential for significant growth and synergies.
Upon completion of the merger, the leadership of Space42 will be spearheaded by Mansoor Al Mansoori as Chairman, Dr. Bakheet Al Katheeri as Vice Chairman, and Karim Michel Sabbagh as Managing Director. This experienced trio will work closely with the existing management teams of Bayanat and Yahsat to explore and capture opportunities in various sectors.
The proposed Board of Directors for Space42 will include prominent figures such as Tareq Al Hosani, Maryam Al Mheiri, Ismail Abdulla, and Kiril Evtimov, ensuring diverse expertise and strategic insights. Mansoor Al Mansoori, a member of the Abu Dhabi Executive Council, brings a wealth of experience in telecommunications, energy, and technology. Dr Bakheet Al Katheeri, the CEO of Mubadala’s UAE Investments platform, is known for fostering national champions across multiple sectors. Karim Michel Sabbagh, with a notable leadership record in the global space industry, will contribute his expertise in driving global expansion and innovation.
Mansoor 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.”
Karim Michel Sabbagh added: “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.
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