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."
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The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
More from Armen Sarkissian
Sheikh Zayed's poem
When it is unveiled at Abu Dhabi Art, the Standing Tall exhibition will appear as an interplay of poetry and art. The 100 scarves are 100 fragments surrounding five, figurative, female sculptures, and both sculptures and scarves are hand-embroidered by a group of refugee women artisans, who used the Palestinian cross-stitch embroidery art of tatreez. Fragments of Sheikh Zayed’s poem Your Love is Ruling My Heart, written in Arabic as a love poem to his nation, are embroidered onto both the sculptures and the scarves. Here is the English translation.
Your love is ruling over my heart
Your love is ruling over my heart, even a mountain can’t bear all of it
Woe for my heart of such a love, if it befell it and made it its home
You came on me like a gleaming sun, you are the cure for my soul of its sickness
Be lenient on me, oh tender one, and have mercy on who because of you is in ruins
You are like the Ajeed Al-reem [leader of the gazelle herd] for my country, the source of all of its knowledge
You waddle even when you stand still, with feet white like the blooming of the dates of the palm
Oh, who wishes to deprive me of sleep, the night has ended and I still have not seen you
You are the cure for my sickness and my support, you dried my throat up let me go and damp it
Help me, oh children of mine, for in his love my life will pass me by.
KEY HIGHLIGHTS
Healthcare spending to double to $2.2 trillion rupees
Launched a 641billion-rupee federal health scheme
Allotted 200 billion rupees for the recapitalisation of state-run banks
Around 1.75 trillion rupees allotted for privatisation and stake sales in state-owned assets
RESULT
Bayern Munich 5 Eintrracht Frankfurt 2
Bayern: Goretzka (17'), Müller (41'), Lewandowski (46'), Davies (61'), Hinteregger (74' og)
Frankfurt: Hinteregger (52', 55')
RESULTS
6.30pm: Maiden (TB) Dh 82,500 (Dirt) 1.600m
Winner: Miller’s House, Richard Mullen (jockey), Satish Seemar (trainer).
7.05pm: Maiden (TB) Dh 82,500 (D) 2,000m
Winner: Kanood, Adrie de Vries, Fawzi Nass.
7.50pm: Handicap (TB) Dh 82,500 (D) 1,600m
Winner: Gervais, Sandro Paiva, Ali Rashid Al Raihe.
8.15pm: The Garhoud Sprint Listed (TB) Dh 132,500 (D) 1,200m
Winner: Important Mission, Royston Ffrench, Salem bin Ghadayer.
8.50pm: The Entisar Listed (TB) Dh 132,500 (D) 2,000m
Winner: Firnas, Xavier Ziani, Salem bin Ghadayer.
9.25pm: Conditions (TB) Dh 120,000 (D) 1,400m
Winner: Zhou Storm, Connor Beasley, Ali Rashid Al Raihe.
Brief scores:
Liverpool 3
Mane 24', Shaqiri 73', 80'
Manchester United 1
Lingard 33'
Man of the Match: Fabinho (Liverpool)
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
What She Ate: Six Remarkable Women & the Food That Tells Their Stories
Laura Shapiro
Fourth Estate
Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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MATCH INFO
Norwich City 1 (Cantwell 75') Manchester United 2 (Aghalo 51' 118') After extra time.
Man of the match Harry Maguire (Manchester United)
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
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UAE currency: the story behind the money in your pockets
The%20specs
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