Artificial intelligence-powered space technology company Space42 is set to expand business and drive technological innovation as it looks to unlock new global opportunities, its managing director designate Karim Sabbagh has said.
The new entity, created through the merger of Bayanat and Yahsat, will also facilitate the democratisation of space technology globally, Mr Sabbagh told Bloomberg TV in an interview.
“We are clear about our ambitions … [and] approach our ventures in space with the mindset that no one has a monopoly in space … there is a lot of room in space for every nation to do formidable work.”
The new company will also strengthen the UAE’s position in space technology and ensure that the country has strong capabilities in space for civilian as well as commercial applications, Mr Sabbagh said.
Shareholders approved the merger of Abu Dhabi-headquartered Bayanat, a geospatial data products and services provider, and satellite services company Al Yah Satellite Communications – better known as Yahsat – on Thursday.
The merged entity will provide services and solutions including AI-powered geospatial and mobility solutions, Earth observation, satellite communications, and IoT (Internet of Things) and business intelligence.
Initially proposed in December, the merger is expected to become effective by mid-2024. Both companies will continue to operate independently until the deal that is subject to regulatory approvals in the UAE and internationally is concluded, Yahsat said.
Mr Sabbagh said the merger brings forth the “best of both worlds”.
“On the one hand, you are bringing a very stable base with proven technologies, with a lot of legacy on the side of satellite communication. Then you are merging this high-growth business … [with] geospatial analytics with Bayanat,” he added.
The global space economy is also booming. Its total value could be worth $1.8 trillion by 2035, up from $630 billion last year, almost twice the rate of global economy growth, according reports by the World Economic Forum.
Bayanat, which is majority owned by AI and cloud group G42, offers national-level mapping and geospatial products and services.
While Yahsat is a subsidiary of Abu Dhabi’s sovereign investment arm Mubadala Investment Company. It provides satellite services in more than 150 countries across Europe, the Middle East, Africa, South America, Asia and the Australasia region.
The new company aims to lead efforts to realise the objectives of the country's National Space Strategy 2030 and the National Strategy for Artificial Intelligence 2031, said Mansoor Al Mansoori, chairman designate of Space42.
It will “cultivate an AI-powered ecosystem that will further transform the sectors”, he added.
Both Bayanat and Yahsat are listed on the Abu Dhabi Securities Exchange and the merged entity offers a significant potential for growth, both regionally and globally, and is expected to become one of the world's most valuable publicly listed space companies, Yahsat said in a bourse filing.
With a combined revenue of Dh2.8 billion ($762 million) and net income of Dh639 million based on the 2023 financial results, Space42 is well positioned to bring increased value to all stakeholders, it added.
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MATCH INFO
Champions League quarter-final, first leg
Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
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Huroob Ezterari
Director: Ahmed Moussa
Starring: Ahmed El Sakka, Amir Karara, Ghada Adel and Moustafa Mohammed
Three stars
Scoreline
Chelsea 1
Azpilicueta (36')
West Ham United 1
Hernandez (73')
UAE currency: the story behind the money in your pockets
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
MATCH INFO
Real Madrid 3 (Kroos 4', Ramos 30', Marcelo 37')
Eibar 1 (Bigas 60')
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
more from Janine di Giovanni
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Schedule for Asia Cup
Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four
Sept 21: Group A Winner v Group B Runner-up (Dubai)
Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)
Sept 23: Group A Winner v Group A Runner-up (Dubai)
Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)
Sept 25: Group A Winner v Group B Winner (Dubai)
Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)
Sept 28: Final (Dubai)
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
Ipaf in numbers
Established: 2008
Prize money: $50,000 (Dh183,650) for winners and $10,000 for those on the shortlist.
Winning novels: 13
Shortlisted novels: 66
Longlisted novels: 111
Total number of novels submitted: 1,780
Novels translated internationally: 66
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
A list of the animal rescue organisations in the UAE
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
MATCH INFO
Inter Milan 1 (Martinez 18' pen)
Juventus 2 (Dybala 4', Higuain 80')
SPECS
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The biog:
Languages: Arabic, Farsi, Hindi, basic Russian
Favourite food: Pizza
Best food on the road: rice
Favourite colour: silver
Favourite bike: Gold Wing, Honda
Favourite biking destination: Canada
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
BUNDESLIGA FIXTURES
Friday Stuttgart v Cologne (Kick-off 10.30pm UAE)
Saturday RB Leipzig v Hertha Berlin (5.30pm)
Mainz v Borussia Monchengladbach (5.30pm)
Bayern Munich v Eintracht Frankfurt (5.30pm)
Union Berlin v SC Freiburg (5.30pm)
Borussia Dortmund v Schalke (5.30pm)
Sunday Wolfsburg v Arminia (6.30pm)
Werder Bremen v Hoffenheim (9pm)
Bayer Leverkusen v Augsburg (11.30pm)
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Results
- Brock Lesnar retained the WWE Universal title against Roman Reigns
- Braun Strowman and Nicolas won the Raw Tag Team titles against Sheamus and Cesaro
- AJ Styles retained the WWE World Heavyweight title against Shinsuke Nakamura
- Nia Jax won the Raw Women’s title against Alexa Bliss
- Daniel Bryan and Shane McMahon beat Kevin Owens and Sami Zayn
- The Undertaker beat John Cena
- The Bludgeon Brothers won the SmackDown Tag Team titles against the Usos and New Day
- Ronda Rousey and Kurt Angle beat Triple H and Stephanie McMahon
- Jinder Mahal won the United States title against Randy Orton, Rusev and Bobby Roode
- Charlotte retained the SmackDown Women’s title against Asuka
- Seth Rollins won the Intercontinental title against The Miz and Finn Balor
- Naomi won the first WrestleMania Women’s Battle Royal
- Cedric Alexander won the vacant Cruiserweight title against Mustafa Ali
- Matt Hardy won the Andre the Giant Battle Royal
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
