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This merger is a bold step towards establishing a regional leader in AI-powered space technology, with eyes on substantial global growth. Space42 is expected to emerge as a vertically integrated entity, boasting a strong financial foundation and enhanced AI capabilities. Its diversified product portfolio will span across geospatial and mobility solutions, satellite communications, and business intelligence. Significantly, this move anticipates considerable revenue synergies and economies of scale, priming Space42 for a trajectory of innovation and profitable growth.
Upon completion of the merger, a new leadership team will steer Space42. H.E. Mansoor Al Mansoori is set to assume the role of Chairman. With a rich background in government and private sectors, including telecommunications, energy, and technology, Al Mansoori's leadership is poised to be instrumental. His tenure as Chairman of Bayanat saw the company's successful IPO and a stint as Group Chief Operating Officer of G42.
Dr. Bakheet Al Katheeri, with his experience as CEO of Mubadala's UAE Investments and leadership roles in various sectors including aerospace and technology, will serve as Vice Chairman. Joining them is Karim Michel Sabbagh as Managing Director, whose global space industry experience, including roles at E-Space and SES, brings a wealth of knowledge to the team.
The board of Space42 will also include notable figures such as H.E. Tareq Al Hosani, H.E. Maryam Al Mheiri, Ismail Abdulla, and Kiril Evtimov, each bringing unique expertise to the table.
Expressing his views on the merger, H.E. Mansoor Al Mansoori stated, "As the proposed merger unites two leading home-grown companies to create the MENA region's first AI-powered space technology company with global reach, I am excited by the opportunity that an enlarged group can bring to our existing and potential customers globally." He also acknowledged the significant role Karim Michel Sabbagh would play in leveraging the company's global potential.
Karim Michel Sabbagh echoed these sentiments, expressing his enthusiasm about joining Space42. He remarked, "I look forward to joining the proposed merged entity and am thrilled by the opportunity to create the first AI-powered space technology champion with global potential." Sabbagh's familiarity with both Bayanat and Yahsat's capabilities in geospatial and mobility solutions, satellite communications, and business intelligence positions him well to lead the company's ambitious vision.
The new board and management team are expected to assume their roles in the second half of 2024, following the effective date of the merger. In the interim, Hasan Ahmed Alhosani and Ali Al Hashemi will continue to independently lead Bayanat and Yahsat as Managing Director and Group Chief Executive Officer, respectively.
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