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Space42 was established in 2024 following the merger of analytics provider Bayanat and Al Yah Satellite Communications.
In December 2024, Space42 signed an AED18.7 billion contract with the UAE government to provide secure satellite communication services for an additional 17 years, extending from 2026 until 2043.
Space42 has secured new funding for the development of Al Yah 4 and Al Yah 5 satellites.
Space42 has contracted Airbus to construct the Al Yah 4 and Al Yah 5 satellites.
Space42 signed a $696 million Export Credit Agency-backed financing facility.
Space42 has selected SpaceX to launch the Al Yah 4 and Al Yah 5 satellites into orbit using the Falcon 9 rocket launch vehicle.
In May 2024, the Abu Dhabi Investment Office and Space42 launched the region's first satellite manufacturing facility to build local remote sensing capabilities.
Space42 completed the Critical Design Review for its next-generation geostationary communications satellites, Al Yah-4 and Al Yah-5.
Space42, a UAE subsidiary, secured $695.5 million for its Al Yah-4 and Al Yah-5 communication satellites program.
Yahsat (now Space42) appointed a US unit of Airbus Group to manufacture two new geostationary telecommunications satellites in June.
The Abu Dhabi Investment Office (ADIO) and Space42 have launched the region’s first satellite manufacturing facility to build local remote sensing capabilities.
Space42 shares closed at AED1.82 on Monday, down 10 percent year to date.
Space42 is controlled by Group42, International Holding Company, and Mubadala Investment Company.
SAR satellites produced in the United Arab Emirates by Iceye and Space42 will serve customers in the region, including the UAE’s planned SAR constellation.
Iceye partnered with Space42 on 2024-12-09 to produce SAR satellites in the United Arab Emirates.
Space 42 expects the $1,000,000,000 advance payment for Al Yah 4 and Al Yah 5 to enhance and optimize its balance sheet to fund growth and accretive projects.
Space 42 has a contracted backlog of more than $7 billion, which is larger than the backlogs of SES and Eutelsat combined.
Space 42 will receive a $1,000,000,000 advance payment from the UAE government for the upcoming Al Yah 4 and Al Yah 5 telecommunications satellites.
Space 42 views its Al Yah geostationary satellites as a potential springboard to a multi-orbit system for delivering a secure communications network.
The merger that created Space 42 was completed on 2024-10-01.