New Contracts Extend Space42’s Operations and Satellite Services through 2043
Space42, the result of the merger between Yahsat and Bayanat, has secured Dh18.7 billion in new contracts from the UAE Government. This significant deal expands its operations and services, solidifying its position as a leading player in the space technology industry.
Expanding Contract Duration
The new agreements extend Space42’s government contracts through to 2043, adding 17 years to the company’s existing commitments. Space42 has become one of the largest publicly listed space tech companies following the merger earlier this year, and these contracts form the majority of its Dh26 billion ($7.1 billion) backlog of contracted revenues.
Advance Payment for New Satellites
As part of the deal, Space42 will receive Dh3.7 billion ($1 billion) in advance payments to develop the Al Yah 4 and Al Yah 5 satellites. These new satellites are crucial for providing communications services across the Middle East, Africa, Europe, and Asia.
Ali Al Hashemi’s Vision
Ali Al Hashemi, CEO of Yahsat Space Services, emphasized that these satellites will advance their technological capabilities, helping Space42 meet the UAE Government’s evolving communication needs with greater efficiency, security, and reliability.
Satellite Services and Future Launches
Alongside the development of the new satellites, Space42 will continue to provide services using the Al Yah 1 and Al Yah 2 satellites. The new satellites, expected to launch in 2027 and 2028, will enhance the company’s existing satellite capacity and managed services.
This new contract consolidates several existing agreements, including the Capacity Services Agreement and the Managed Services Mandate, which were due to expire in 2026. The merged contract will cover the management, maintenance, and technological operations of satellite systems and terminals.
With these new contracts, Space42 has significantly bolstered its financial standing and future growth prospects, ensuring continued innovation and technological development in satellite and communications services for the UAE Government.
