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.
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
Huroob Ezterari
Director: Ahmed Moussa
Starring: Ahmed El Sakka, Amir Karara, Ghada Adel and Moustafa Mohammed
Three stars
Where to buy art books in the UAE
There are a number of speciality art bookshops in the UAE.
In Dubai, The Lighthouse at Dubai Design District has a wonderfully curated selection of art and design books. Alserkal Avenue runs a pop-up shop at their A4 space, and host the art-book fair Fully Booked during Art Week in March. The Third Line, also in Alserkal Avenue, has a strong book-publishing arm and sells copies at its gallery. Kinokuniya, at Dubai Mall, has some good offerings within its broad selection, and you never know what you will find at the House of Prose in Jumeirah. Finally, all of Gulf Photo Plus’s photo books are available for sale at their show.
In Abu Dhabi, Louvre Abu Dhabi has a beautiful selection of catalogues and art books, and Magrudy’s – across the Emirates, but particularly at their NYU Abu Dhabi site – has a great selection in art, fiction and cultural theory.
In Sharjah, the Sharjah Art Museum sells catalogues and art books at its museum shop, and the Sharjah Art Foundation has a bookshop that offers reads on art, theory and cultural history.
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
AndhaDhun
Director: Sriram Raghavan
Producer: Matchbox Pictures, Viacom18
Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan
Rating: 3.5/5
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
How to help
Call the hotline on 0502955999 or send "thenational" to the following numbers:
2289 - Dh10
2252 - Dh50
6025 - Dh20
6027 - Dh100
6026 - Dh200
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
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Plan to boost public schools
A major shake-up of government-run schools was rolled out across the country in 2017. Known as the Emirati School Model, it placed more emphasis on maths and science while also adding practical skills to the curriculum.
It was accompanied by the promise of a Dh5 billion investment, over six years, to pay for state-of-the-art infrastructure improvements.
Aspects of the school model will be extended to international private schools, the education minister has previously suggested.
Recent developments have also included the introduction of moral education - which public and private schools both must teach - along with reform of the exams system and tougher teacher licensing requirements.
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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
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
