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

Dubai South Aldar logistics warehouse

Dubai South and Aldar to work together

The state developer Dubai South and the Abu Dhabi-listed Aldar Properties will jointly develop facilities in Dubai South’s logistics district. The new joint venture will offer build-to-lease and build-to-suit facilities. Aldar will lead the design, development and delivery of the new facilities, starting with a Grade A logistics facility with 24,000sq m of gross floor […]

WTO director general Ngozi Okonjo-Iweala said Iraq and Lebanon both want to resume talks and the organisation will 'try to go as fast as possible'

Iraq and Lebanon face long wait to join WTO

Iraq and Lebanon have indicated a desire to resume talks aimed at joining the World Trade Organization (WTO), but history suggests the two could be in for a long wait. To join the WTO, a government has to bring its economic and trade policies into line with the organisation’s rules and principles and negotiate with […]

DP World's terminal at Dakar in Senegal, one of the countries in the first phase of the decarbonisation project

DP World and Masdar link up for project to decarbonise ports

Two of the UAE’s biggest companies have formed a partnership that aims to decarbonise ports in the Middle East and Africa. Logistics group DP World has signed a three-year agreement with clean energy giant Masdar. Their initial focus will be on ports in Saudi Arabia, Senegal and Egypt. The companies will identify the best sites […]

PIF enlists global banks for second debt market issue

Saudi Arabia’s Public Investment Fund (PIF) has hired banks for its upcoming Shariah-compliant dollar bond, marking its second venture into the bond market this year. The sovereign fund, which manages over $700 billion in assets, has mandated Goldman Sachs, HSBC and Standard Chartered as joint global coordinators, Reuters reported, citing a PIF document. Investor meetings […]