Space42, the UAE-based AI-powered SpaceTech company created following the merger of Bayanat and Yahsat, made its trading debut on the Abu Dhabi Securities Exchange on Tuesday.
Shares rose slightly after opening at Dh2.38 each, but ended the day flat with the company's market capitalisation at Dh11.33 billion. The company's shares are trading under the symbol “SPACE42”.
Space42 was created after Bayanat, an AI-powered geospatial solutions provider owned by G42, merged with Al Yah Satellite Communications Company, better known as Yahsat, the UAE’s flagship satellite solutions provider.
The transaction, announced in December last year and approved by shareholders in April, was executed through a share swap, with Bayanat remaining as the legal entity. The shareholders of Bayanat and Yahsat will own 54 per cent and 46 per cent of the merged entity respectively, the two companies said at the time.
The merger provides an opportunity for shareholders “to participate in a new journey in space, because the space industry is fascinating and carries a lot of potential”, Karim Sabbagh, managing director of Space42, told The National.
“Our aspiration from day one is to think about 'how do we extend our reach globally?' So we want to be very successful in the UAE, we want to be very successful in the region, but equally important, we want to leave our mark on global societies and economies.”
The importance of the space sector is growing globally amid increasing use of satellites for weather prediction and communication. A World Economic Forum report indicates that the global space economy could be worth $1.8 trillion by 2035, up from $630 billion last year, growing at about twice the rate of global gross domestic product growth.
The UAE, the Arab world's second-largest economy, has the largest space sector in the region in terms of investment size and diversity. In 2022, the Emirates launched a Dh3 billion fund to support its space programme and a new initiative to develop radar satellites.
Space42 plans to continue investing as plans of its future growth strategy. In the satellite domain, it currently has five satellites and plans to launch three more until 2028, including one in November, which will be used for communication purposes, Mr Sabbagh said.
It is also launching satellites for earth observation including foresight constellation. The first foresight satellite was launched in August and others are “going to follow in the next eighteen months", Mr Sabbagh said.
“In the case of foresight, it's a radar signature, which allows us to have this sort of situation awareness at any given time of the day, so you don't need light to be able to take these readings and in any environmental conditions, whether it's cloudy or whether it's rainy."
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
UAE currency: the story behind the money in your pockets
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
McLaren GT specs
Engine: 4-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 630Nm
Price: Dh875,000
On sale: now
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Profile of RentSher
Started: October 2015 in India, November 2016 in UAE
Founders: Harsh Dhand; Vaibhav and Purvashi Doshi
Based: Bangalore, India and Dubai, UAE
Sector: Online rental marketplace
Size: 40 employees
Investment: $2 million
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
The years Ramadan fell in May
The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
