Space42, the Abu Dhabi-based artificial intelligence-powered SpaceTech company, has secured Dh2.55 billion ($695.5 million) in funding to develop two next-generation communication satellites.
The satellites Al Yah 4 and Al Yah 5 will help provide faster and more secure communications across the Middle East, Africa, Europe and Asia.
Expected to launch in 2027 and 2028, they will eventually take over from the UAE’s Al Yah 1 and 2 satellites, launched more than a decade ago.
Announced on Tuesday, the funding was secured by leading international banks and supported by the Bpifrance Assurance Export, a financing agency.
“These new satellites are part of a long-term programme that will support vital communication needs in both the defence and civil sectors,” said Andrew Cole, chief financial officer at Space42.
“This funding gives us the flexibility we need to keep growing and meeting the needs of our customers.”
Space42, which trades on the Abu Dhabi Securities Exchange (ADX), was awarded a 17-year Dh18.7 billion contract by the UAE government last year to help speed up the construction of its new satellites.
Included was the Dh3.7 billion in advanced payments for the development of the Al Yah 4 and Al Yah 5 satellites.
Space42 was formed last year when UAE satellite company Yahsat merged with AI and mapping firm Bayanat.
