Skip to content Skip to Search
Skip navigation

Merger to create astronomic UAE space company

The UAE launched the Rashid Rover a year ago, the country's first mission to the moon Reuters/Abir Al Ahmar
The UAE launched the Rashid Rover a year ago, the country's first mission to the moon
  • Bayanat and Yahsat propose deal
  • Merger subject to approval
  • First Mena AI-powered space firm

Two Abu Dhabi technology companies are planning a merger to create a $4 billion space organisation for the region. 

The boards of Bayanat and Yahsat have voted to recommend a merger to shareholders, a filing to the Abu Dhabi Stock Exchange on Tuesday revealed.

The proposal will create a company with an implied market capitalisation of more than $4 billion, based on closing share prices as of Monday.

This would make it one of the most valuable publicly listed space companies in the world, the filing said. 

Bayanat is a provider of geographic data and analytics while Yahsat, a subsidiary of the Mubadala Investment Company, offers “satellite solutions”.

The transaction would be executed through a share swap, with Bayanat as the remaining legal entity. 

Bayanat shareholders will own 54 percent and Yahsat shareholders 46 percent of the new company. 

Tareq Al Hosani, chairman of Bayanat, said the merger will create the Mena region’s first AI-powered space technology company. 

The deal, which is expected to take place in the second half of 2024, is subject to a number of conditions including regulatory approvals from governmental authorities and the approval of shareholders representing 75 percent of the voting rights. 

Last month the Crown Princes of Abu Dhabi and Dubai launched the execution phase of the UAE’s Sirb satellite programme, which aims to commercialise satellites and the data they generate. 

The UAE launched the Rashid Rover, the first Arab-built lunar spacecraft, a year ago.

Latest articles

Musicians perform at the Sharjah Ramadan Festival. Retailers offered discounts of up to 75% on local and international brands

Sharjah’s Ramadan retail sales peak at nearly $110m

Ramadan retail sales in Sharjah hit a new record high of AED400 million ($109 million) in 2024, reinforcing the positive outlook UAE companies had ahead of this year’s holy month. Sales jumped 25 percent year on year during the Sharjah Ramadan Festival 2024, which concluded last Saturday, the UAE state-run Wam news agency reported, quoting […]

The UAE wants dialogue to address the ripple effects of geopolitical challenges on global trade

UAE to advance talks on debt sustainability at global event

The UAE’s finance ministry intends to advance discussions on global macroeconomic stability and debt sustainability at the 2024 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG). The spring meetings will be held in Washington, D.C., from April 15 to 20. The UAE will also promote a dialogue to address […]

A woman buys cooking oil at a market in downtown Cairo, Egypt

EU to provide ‘urgent’ $1bn short-term aid to Egypt

The European Union (EU) will provide €1 billion ($1.1 billion) in urgent short-term financial aid to support Egypt’s economy. The funding is part of the larger €5 billion macro-financial assistance package.  The remaining €4 billion will be released as longer-term assistance over 2024-2027 but is yet to be cleared by the 27-member bloc. The aid […]

Adnoc sought advice from investment banks on buying a significant stake in BP, a media report said

UAE’s Adnoc explored acquiring BP

Abu Dhabi National Oil Company (Adnoc) explored the possibility of acquiring British oil major BP but abandoned the plan as it did not fit into its strategic growth objectives, a media report said.  The talks did not advance beyond the initial stages, Reuters reported, citing informed sources.  The UAE state oil company also sought advice […]