Space News :- In a strategic move, Karim Michel Sabbagh, former SES CEO and E-Space Managing Director for Europe and the Middle East, is set to lead the innovative venture, Space42. The proposed merger, valued at approximately $4 billion, combines the strengths of regional satellite operator Yahsat and geospatial intelligence provider Bayanat.
Yahsat, a subsidiary of Mubadala, the UAEs state-owned investment company, originally transformed Bayanat from a UAE Armed Forces entity into a commercial powerhouse over a decade ago. Currently majority-owned by G42, a UAE-based AI and cloud provider partially owned by Mubadala, Bayanat and Yahsat shareholders are poised to hold 54% and 46% stakes, respectively, pending regulatory and shareholder approvals in the second half of 2024.
Mansoor Al Mansoori, former Bayanat chairman and current chair of the Abu Dhabi Department of Health, is slated to lead Space42 as its chair. Bakheet Al Katheeri, CEO of Mubadala UAE Investments platform, is set to be the vice chairman of the merged group.
Described as the Middle East and Africa first AI-powered space technology company, Space42 aims to leverage the synergies between Bayanat geospatial analytics and AI algorithms and Yahsat satellite infrastructure backbone. The two entities had previously collaborated on ordering five synthetic aperture radar (SAR) satellites from Finnish Earth observation operator Iceye, with the first launch targeted for the first quarter of 2024.
E-Space, under Sabbagh leadership, had initially focused on advancing AI technology to enhance connectivity services, particularly for its constellation of satellites. Despite being in stealth mode until February 2022 and securing $50 million in seed financing, specific details about the proposed constellation remained limited. E-Space had partnered with Emirati telco e& to develop AI technology for managing data traffic across its planned space-based network.
Sabbagh, confirming his departure from E-Space, expressed his dedication to spearheading efforts to establish Space42. As both Bayanat and Yahsat are listed on the Abu Dhabi Securities Exchange, a crucial shareholder meeting is anticipated in the first quarter of 2024 to seal the merger deal.
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