Abu Dhabi-based Space42, a prominent AI-driven space technology company, has secured a $695.5 million Export Credit Agency (ECA)-backed financing facility to advance the development of its next-generation geostationary satellites — Al Yah 4 and Al Yah 5.
Backed by leading entities including Mubadala, G42, and the International Holding Company (IHC), Space42 announced that the financing facility was structured by a consortium of major international banks comprising Crédit Agricole CIB, Santander CIB, Société Générale, and Natixis, and is supported by Bpifrance Assurance Export.
According to the company, the facility aligns with the long-term development schedule of the satellite program and will also bolster the company’s liquidity position as it prepares for future expansion.
The Al Yah 4 and Al Yah 5 satellite initiative is backed by a 17-year, $5.1 billion contract with the UAE government, which will begin in 2026. The satellites are scheduled to be launched in 2027 and 2028, respectively.
The funding marks a significant milestone for Space42, which was listed on the Abu Dhabi Securities Exchange (ADX) in October 2023, following the strategic merger between Bayanat and Al Yah Satellite Communications Company (Yahsat). The merged entity is now positioned as a regional leader in space technology, focusing on artificial intelligence, geospatial analytics, and satellite communications.
With this financing in place, Space42 aims to solidify its position as a global innovator in satellite development and drive the UAE’s ambitions in space technology forward.