UAE space company 'Space42' listed on Abu Dhabi Securities Exchange

 

 

 

 

The UAE's space industry has made another leap forward.

On October 1, the space company "Space42," a combination of geospatial data and satellite communications, was listed on the Abu Dhabi Securities Exchange (ADX), marking an important step in the development of UAE space technology.

Space42 was born from the merger of "Bayanat," a provider of geospatial data products and services, and the satellite communications company "Yahsat."

The newly formed Space42 consists of two main divisions, "Yahsat Space Services" and "Bayanat Smart Solutions," and is supported by a workforce of approximately 700 employees.

Notably, Space42 is a company invested in by Mubadala, the UAE sovereign wealth fund, which had already invested in Bayanat's parent company, G42, as well as Yahsat.

The launch of Space42 represents a significant opportunity to open new horizons in the space industry by combining the strengths of both companies.

Mansoor Al Mansoori, chairman of Space42, said, "This listing is a bold step towards the UAE's vision of becoming a global leader in AI and space technology," and added, "By integrating the strengths of Bayanat and Yahsat, we are expanding the horizons of possibilities."

On its first day of trading, Space42’s stock price closed at 2.38 dirhams, remaining close to its opening price.

Space42 currently operates five geostationary satellites, with plans to launch one satellite each in November, 2027, and 2028.

As part of its "multi-orbit strategy," Space42 has also ordered two low-earth orbit satellites from Airbus.

This strategy is interpreted as an effort to enhance communication and data services through satellite operations in various orbits.

In addition, Space42 launched the UAE’s first Synthetic Aperture Radar (SAR) satellite, "Foresight-1," into low-earth orbit this past August.

The satellite was manufactured by the Finnish satellite company ICEYE, and Space42 is responsible for its ownership and operation.

Space42 plans to launch an additional six SAR satellites over the next three years.

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UAE space company 'Space42' listed on Abu Dhabi Securities Exchange