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Bayanat increases funding for climate disaster R&D

Bayanat says its AID data platform provided information to authorities during April's flooding in Dubai Reuters
Bayanat says its AID data platform provided information to authorities during April's flooding in Dubai
  • Bayanat to extend R&D funding
  • $8.7m profit in Q1
  • Yahsat merger continuing

Geospatial services provider Bayanat has increased its investment into climate disaster research and development following a strong profit rise in the first quarter of 2024.

Abu Dhabi-based Bayanat said gross profit for the first quarter reached AED32 million ($8.7 million), representing a gross margin of 28 percent. Revenues were 12 percent up year on year in the first three months to AED113 million. 

The company said its AI-enabled disaster management platform, called AID, “had proven vital” during April’s flooding in the UAE by providing data and analytics to authorities. 

Bayanat is also aiming to broaden its product portfolio and fuel future revenue growth. The initiatives are in line with its initial public offering strategy.

Managing director Hasan Al Hosani said the company’s “ability to not only sustain but significantly build upon last year’s financial milestone” was a sign of its strong market position.

Bayanat and the satellite company Yahsat are progressing with their merger to form Space42. 

This new entity will combine Yahsat’s advanced satellite communication capabilities with Bayanat’s expertise in geospatial data analytics to create an AI-powered space technology company in the Mena region. 

The merger is expected to take effect in the second half of the year.

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