Yahsat's stand at Idex and Navdex 2023 in Abu Dhabi. The company offers satellite services in more than 150 countries. Khushnum Bhandari / The National
Yahsat's stand at Idex and Navdex 2023 in Abu Dhabi. The company offers satellite services in more than 150 countries. Khushnum Bhandari / The National
Yahsat's stand at Idex and Navdex 2023 in Abu Dhabi. The company offers satellite services in more than 150 countries. Khushnum Bhandari / The National
Yahsat's stand at Idex and Navdex 2023 in Abu Dhabi. The company offers satellite services in more than 150 countries. Khushnum Bhandari / The National

Business

Technology

Abu Dhabi’s Bayanat and Yahsat to merge to create $4.1bn space company

The merger is expected to lead to the Mena region’s first AI-powered space technology company

John Benny

December 19, 2023

  • English
  • Arabic

Two Abu Dhabi companies have decided to merge in a deal that will create one of the world's most valuable listed space companies.

Bayanat, a geospatial data products and services provider, and Al Yah Satellite Communications, better known as Yahsat, will have a market capitalisation of Dh15 billion ($4.08 billion), based on the closing share prices of the two businesses as of December 18.

“This merger will unite two leading home-grown companies to create the Mena region’s first AI-powered space technology company," Bayanat chairman Tareq Al Hosani said on Tuesday.

"Together, we will leverage our key synergies to reinforce our position as a key engine of growth and strategic solutions provider to the UAE government and its agencies, while expanding our reach to global customers.”

The new entity will be called Space42 once the deal is concluded.

The proposed transaction will be executed through a share swap, with Bayanat remaining as the legal entity, the companies said.

The shareholders of Bayanat and Yahsat will own 54 per cent and 46 per cent, respectively, of the merged business.

Bayanat, which is majority owned by AI and cloud group G42, was created after the commercialisation of the UAE's Military Survey Department, a sector of the Armed Forces.

It provides national-level mapping and geospatial products and services for the public and private sectors in the Emirates.

Yahsat, meanwhile, a subsidiary of Abu Dhabi’s sovereign investment arm Mubadala Investment Company, offers satellite services in more than 150 countries across Europe, the Middle East, Africa, South America, Asia and the Australasia region.

The merger, which is expected to take place in the second half of 2024, is subject to several conditions, including regulatory approvals from government authorities such as the Securities and Commodities Authority and the Abu Dhabi Global Market Registration Authority.

Bayanat and Yahsat will continue to operate independently until the merger is effective.

  • Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, met senior officials and decision-makers from leading global agencies shaping climate policies and space programmes on December 5. All photos: Dubai Media Office
    Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, met senior officials and decision-makers from leading global agencies shaping climate policies and space programmes on December 5. All photos: Dubai Media Office
  • He did so on the sidelines of the Space Agencies Leaders’ Summit at Expo City Dubai
    He did so on the sidelines of the Space Agencies Leaders’ Summit at Expo City Dubai
  • Sheikh Mohammed highlighted the UAE's clean energy and space projects and noted how they promote the country's dedication to innovation
    Sheikh Mohammed highlighted the UAE's clean energy and space projects and noted how they promote the country's dedication to innovation
  • Those present discussed ways of enhancing data-sharing between established and emerging space nations, as well as strengthening climate research by allocating resources and funding
    Those present discussed ways of enhancing data-sharing between established and emerging space nations, as well as strengthening climate research by allocating resources and funding
  • International space agencies agreed to improve how much scientific data is shared among nations or groups involved
    International space agencies agreed to improve how much scientific data is shared among nations or groups involved
  • The UAE Space Agency has played a key role at Cop28, with the Space Pavilion established under the slogan ‘Space for Sustainability’
    The UAE Space Agency has played a key role at Cop28, with the Space Pavilion established under the slogan ‘Space for Sustainability’
  • The Space Agencies Leaders’ Summit concluded with a pledge to enhance space-based climate initiatives by financing programmes and strengthening research in line with the commitments made under the 2015 Paris Agreement
    The Space Agencies Leaders’ Summit concluded with a pledge to enhance space-based climate initiatives by financing programmes and strengthening research in line with the commitments made under the 2015 Paris Agreement

Competition in the space sector is heating up with more private players entering the industry.

The space economy grew by 8 per cent to $546 billion in 2022 and is projected to expand by another 41 per cent over the next five years, according to the Space Foundation.

The UAE, the Arab world's second-largest economy, has the largest space sector in the region in terms of investment size and diversity.

Last year, the Emirates launched a Dh3 billion ($820 million) fund to support its space programme and a new initiative to develop radar satellites.

"The merger is a compelling opportunity to amplify value creation for shareholders, utilising synergies and strategic consolidation to create a technologically advanced champion," said Yahsat chairman Musabbeh Al Kaabi.

"The enlarged entity will benefit from accelerated growth potential as a player of scale with enhanced competitive advantage."

Mansoor Al Mansoori, the group chief operating officer of G42, will be the chairman of the new company, while Bakheet Al Katheeri, the chief executive of Mubadala’s UAE Investments platform, will take the role of vice chairman.

Karim Sabbagh will join as managing director of Space42.

Mr Sabbagh previously held the same role at satellite constellation company E-Space’s Europe and Middle East operations.

Yahsat swung into profit in the third quarter as revenue received a boost from the strong performance of its mobility solutions business and higher finance income.

Net profit attributable to shareholders of the company for the three months to the end of September were $26.4 million, compared with a loss of $10.2 million during the same period last year.

The company's revenue for the period grew by 8 per cent annually to $117.4 million, which was the second highest on record.

  • A YahLive satellite for home use is displayed on the Yahsat exhibition stand at the CABSAT 2013 exhibition at the Dubai World Trade Centre in March 2013. Charles Crowell for The National
    A YahLive satellite for home use is displayed on the Yahsat exhibition stand at the CABSAT 2013 exhibition at the Dubai World Trade Centre in March 2013. Charles Crowell for The National
  • Virgin Galactic, the world’s first commercial spaceline owned by Sir Richard Branson’s Virgin Group and Abu Dhabi’s Aabar Investments, successfully completed the second rocket-powered, supersonic flight of its passenger carrying reusable space vehicle, SpaceShipTwo (SS2). In addition to achieving the highest altitude and greatest speed to date, the test flight demonstrated the vehicle’s full technical mission profile in a single flight for the first time, including a high altitude deployment of the unique wing “feathering” re-entry mechanism. All of the test objectives were successfully completed.
    Virgin Galactic, the world’s first commercial spaceline owned by Sir Richard Branson’s Virgin Group and Abu Dhabi’s Aabar Investments, successfully completed the second rocket-powered, supersonic flight of its passenger carrying reusable space vehicle, SpaceShipTwo (SS2). In addition to achieving the highest altitude and greatest speed to date, the test flight demonstrated the vehicle’s full technical mission profile in a single flight for the first time, including a high altitude deployment of the unique wing “feathering” re-entry mechanism. All of the test objectives were successfully completed.
  • Image from DubaiSat-1 which was launched in July of 2009 of Yas Island from space. Courtesy EIAST
    Image from DubaiSat-1 which was launched in July of 2009 of Yas Island from space. Courtesy EIAST
  • The DubaiSat-1 which was launched in July of 2009. It was the first satellite to be owned by an Emirati entity. Courtesy EIAST
    The DubaiSat-1 which was launched in July of 2009. It was the first satellite to be owned by an Emirati entity. Courtesy EIAST
  • The Arianespace launch site in Kourou, French Guiana shows the launch of an Ariane 5 rocket. It successfully placed two satellites in orbit, after twice delaying the launch for technical reasons. Riyadh-based communications operator Arabsat's 4.9-tonne satellite, made by Astrium and Thales Alenia Space, separated 26 minutes and 39 seconds after the launch while the South Korean satellite separated 32 minutes later. P Baudon / AFP
    The Arianespace launch site in Kourou, French Guiana shows the launch of an Ariane 5 rocket. It successfully placed two satellites in orbit, after twice delaying the launch for technical reasons. Riyadh-based communications operator Arabsat's 4.9-tonne satellite, made by Astrium and Thales Alenia Space, separated 26 minutes and 39 seconds after the launch while the South Korean satellite separated 32 minutes later. P Baudon / AFP
  • Yahsat launched its second satellite, Y1B in Kazakhstan. Satellite coverage now reaches more than 80 countries. Courtesy Mubadala
    Yahsat launched its second satellite, Y1B in Kazakhstan. Satellite coverage now reaches more than 80 countries. Courtesy Mubadala
  • A clean-room operator cuts through a sheet of carbon fiber at STRATA, a composite aerostructures manufacturing plant in Al Ain. Flanked by dunes on an ancient Frankincense route from Yemen to Mesopotamia, the factory is designed to help make lightweight carbon jets that will open up the trade lanes of the future. Jumana El Heloueh / Reuters
    A clean-room operator cuts through a sheet of carbon fiber at STRATA, a composite aerostructures manufacturing plant in Al Ain. Flanked by dunes on an ancient Frankincense route from Yemen to Mesopotamia, the factory is designed to help make lightweight carbon jets that will open up the trade lanes of the future. Jumana El Heloueh / Reuters
  • A EIAST Antenna. Courtesy EIAST
    A EIAST Antenna. Courtesy EIAST
  • Thuraya, the satellite phone subsidiary of Etisalat. Courtesy Thuraya
    Thuraya, the satellite phone subsidiary of Etisalat. Courtesy Thuraya
  • An image from DubaiSat-1 of the World Islands and the Dubai coastline. Courtesy EIAST
    An image from DubaiSat-1 of the World Islands and the Dubai coastline. Courtesy EIAST
  • Salem Humaid Al Marri, the assistant director general for scientific and technical affairs, Emirates Institution for Advance Science and Technology, with the new imagery completed by Dubai Sat 2. Jeffrey Biteng / The National
    Salem Humaid Al Marri, the assistant director general for scientific and technical affairs, Emirates Institution for Advance Science and Technology, with the new imagery completed by Dubai Sat 2. Jeffrey Biteng / The National

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

The specs

Price: From Dh180,000 (estimate)

Engine: 2.0-litre turbocharged and supercharged in-line four-cylinder

Transmission: Eight-speed automatic

Power: 320hp @ 5,700rpm

Torque: 400Nm @ 2,200rpm

Fuel economy, combined: 9.7L / 100km

The%20specs
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BUNDESLIGA FIXTURES

Friday (UAE kick-off times)

Borussia Dortmund v Paderborn (11.30pm)

Saturday 

Bayer Leverkusen v SC Freiburg (6.30pm)

Werder Bremen v Schalke (6.30pm)

Union Berlin v Borussia Monchengladbach (6.30pm)

Eintracht Frankfurt v Wolfsburg (6.30pm)

Fortuna Dusseldof v  Bayern Munich (6.30pm)

RB Leipzig v Cologne (9.30pm)

Sunday

Augsburg v Hertha Berlin (6.30pm)

Hoffenheim v Mainz (9pm)

 

 

 

 

 

While you're here
Visa changes give families fresh hope

Foreign workers can sponsor family members based solely on their income

Male residents employed in the UAE can sponsor immediate family members, such as wife and children, subject to conditions that include a minimum salary of Dh 4,000 or Dh 3,000 plus accommodation.

Attested original marriage certificate, birth certificate of the child, ejari or rental contract, labour contract, salary certificate must be submitted to the government authorised typing centre to complete the sponsorship process

In Abu Dhabi, a woman can sponsor her husband and children if she holds a residence permit stating she is an engineer, teacher, doctor, nurse or any profession related to the medical sector and her monthly salary is at least Dh 10,000 or Dh 8,000 plus accommodation.

In Dubai, if a woman is not employed in the above categories she can get approval to sponsor her family if her monthly salary is more than Dh 10,000 and with a special permission from the Department of Naturalization and Residency Dubai.

To sponsor parents, a worker should earn Dh20,000 or Dh19,000 a month, plus a two-bedroom accommodation

 

 

 

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Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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Rating: 4.5/5

How to help

Donate towards food and a flight by transferring money to this registered charity's account.

Account name: Dar Al Ber Society

Account Number: 11 530 734

IBAN: AE 9805 000 000 000 11 530 734

Bank Name: Abu Dhabi Islamic Bank

To ensure that your contribution reaches these people, please send the copy of deposit/transfer receipt to: juhi.khan@daralber.ae

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MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

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Planes grounded by coronavirus

British Airways: Cancels all direct flights to and from mainland China 

Hong Kong-based Cathay Pacific: Cutting capacity to/from mainland China by 50 per cent from Jan. 30

Chicago-based United Airlines: Reducing flights to Beijing, Shanghai, and Hong Kong

Ai Seoul:  Suspended all flights to China

Finnair: Suspending flights to Nanjing and Beijing Daxing until the end of March

Indonesia's Lion Air: Suspending all flights to China from February

South Korea's Asiana Airlines,  Jeju Air  and Jin Air: Suspend all flights

Company profile

Name: Dukkantek 

Started: January 2021 

Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani 

Based: UAE 

Number of employees: 140 

Sector: B2B Vertical SaaS(software as a service) 

Investment: $5.2 million 

Funding stage: Seed round 

Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office  

Result

2.15pm: Maiden Dh75,000 1,950m; Winner: Majestic Thunder, Tadhg O’Shea (jockey), Satish Seemar (trainer).

2.45pm: Handicap Dh80,000 1,800m; Winner: Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.

3.15pm: Handicap Dh85,000 1,600m; Winner: Native Appeal, Adam McLean, Doug Watson.

3.45pm: Handicap Dh115,000 1,950m; Winner: Conclusion, Antonio Fresu, Musabah Al Muhairi.

4.15pm: Handicap Dh100,000 1,400m; Winner: Pilgrim’s Treasure, Tadhg O’Shea, Satish Seemar.

4.45pm: Maiden Dh75,000 1,400m; Winner: Sanad Libya, Richard Mullen, Satish Seemar.

5.15pm: Handicap Dh90,000 1,000m; Winner: Midlander, Richard Mullen, Satish Seemar

Updated: December 20, 2023, 7:14 AM
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