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Space42 Secures $5.1bn UAE Deal

Space42 Secures $5.1bn UAE Deal
  • PublishedDecember 18, 2024

Space42, the AI-powered space technology company, has inked an $5.1 billion contract with the UAE government to extend critical and secure communication services for an additional 17 years beyond 2026.

The Abu Dhabi-listed firm will leverage its existing satellites, Al Yah 1 and Al Yah 2, to deliver satellite capacity and managed services. Two new satellites, Al Yah 4 and Al Yah 5, are set to enhance these capabilities, with launches expected in 2027 and 2028.

The contract includes $1.01 billion in advanced payments for constructing the new satellites, which will provide secure governmental communication across the Middle East, Africa, Europe, and Asia. The development programme for Al Yah 4 and Al Yah 5 is estimated at $1.06 billion.

Space42 was formed in October 2024 through the merger of Bayanat and Al Yah Satellite Communications Company (Yahsat). Its contracted revenue backlog now stands at  $7 billion, ten times its last 12-month revenues as of September 30, 2024.

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