Space42 signs $5.1 billion contract with UAE government

Space42, a space technology company powered by artificial intelligence, has announced the signing of a contract worth AED 18.7 billion ($5.1 billion) with the UAE government to provide satellite communications services for 17 years, starting from 2026 to 2043.

In a disclosure to the Abu Dhabi Securities Exchange on Tuesday, the company confirmed that the new contract significantly strengthens its financial position, as it represents the largest portion of future contracted revenues amounting to AED 26 billion ($7.1 billion).

Under this contract, Space42 will receive new advance payments of up to AED 3.7 billion ($1 billion) during the construction period of the Al Yah 4 and Al Yah 5 satellites, which will provide secure government communications services to a region including the Middle East, Africa, Europe and Asia.