2024-04-26 12:14:12
Ali Al Hashemi, CEO of Yahsat Group, highlighted that the merger with Bayanat to make Space 42 a leading global company in the field of space technologies and geospatial solutions with a market value exceeding 15 billion dirhams ($4 billion ) constitutes a qualitative change in the sector. Space technologies and artificial intelligence in the UAE and the region.
Al Hashemi said in a statement to the Emirates News Agency (WAM), following shareholders’ approval of the proposed merger at yesterday’s general meeting, that the merger between the two companies will result by combining the strengths and experiences of both. companies within the framework of a sustainable competitive system that embarks on the path of growth and development, and in a manner that contributes to achieving the objectives of the National Space Strategy 2030 and the National Artificial Intelligence Strategy 2031.
He added that the unification of the superior capabilities of the two companies enhances Space 42’s ability to seize opportunities in the space technology, geospatial solutions and intelligent business analytics sectors locally, regionally and globally, stressing that Yahsat’s growth strategy focused on promising and rapid projects. -growing areas including direct communication between D2D devices and the Internet of Things.
Al-Hashimi explained that the new entity will benefit from a strong financial position, advanced technological capabilities supported by artificial intelligence and a diversified product portfolio, in addition to providing a platform for transformative technologies that provide services and solutions for the space sector, which have a tangible positive impact on the economy and society. It is also expected that the new company will benefit from achieving integration between the operations of the two merging parties and economies of scale, which will help improve their revenues and increase their opportunities for future growth. and innovation.
He indicated that Space 42 will have great growth potential regionally and globally thanks to the two companies’ combined revenues of 2.8 billion dirhams, and a net profit of 639 million dirhams, based on the latest results. financial positions of the year 2023. Its strong financial position will also be supported by a financial framework that will prioritize investments in… Sustainable growth and expansion of the business while ensuring strong profitability and attractive returns for shareholders.
He highlighted that last February, Yahsat launched its ambitious direct device-to-satellite communication strategy, aiming to raise the level of global communication by enabling smartphone and Internet of Things device users around the world to benefit from superior capabilities of space technologies around the world. they are.
He explained that the company’s strategy for direct communication between devices and satellites includes two phases, the first of which plans to provide voice and messaging capabilities this year, before launching text messaging capabilities and of Internet of Things on smartphones in 2025, using Yahsat. satellites in geostationary orbit, which include Thuraya 2, Thuraya 3 and Thuraya 4, noting that the Thuraya 4 satellite is expected to be launched later this year.
He said the second phase, known as Project BlueStar, aims to enable comprehensive and direct communication between devices and the satellite network through a growing and sustainable satellite network, noting that Project SKY’s strategy includes two pillars comprehensive packages covering three main applications: voice, text messages and data.
He highlighted that the company and its group of subsidiaries cooperate with a group of partners to develop important communications and space technology projects, as these strategic partnerships provide the opportunity to benefit from the expertise and resources of the partners and to improve market access to provide innovative solutions that meet changing customer needs.
Yahsat Group CEO said the company helps bridge the digital divide by providing affordable and reliable satellite communications services to underprivileged communities around the world, as its powerful satellite fleet ensures connectivity in remote and rural areas , allowing communities to access education. , health care and other basic services.
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