New $4 billion AI space entity unveiled in UAE
Bayanat and Yahsat plan to merge into Space42 as the United Arab Emirates, Saudi Arabia and Oman all seek more opportunities in the space sector.
A new artificial intelligence-powered space entity was announced in the United Arab Emirates on Wednesday, further demonstrating the rising interest in space technology among Gulf states.
The space-focused AI firm Bayanat and the satellite company Yahsat announced a proposed merger into an entity called Space42. The new entity will aim to be an “AI-powered space technology champion” in the region, focusing on geospatial mobility, satellite communications and business intelligence.
Bayanat and Yahsat announced the merger agreement on Tuesday and revealed further details, including the name Space42, on Wednesday. Reuters estimated on Tuesday that the valuation of the new entity would be $4.1 billion.
The merger will become effective during the second half of 2024 and is subject to regulatory approval, according to the release.
