Space42 extends new AED 18.7 bn contract with gov’t for satellite communication services

Space42 secures AED 18.7 bn from the government: ADX listed AI-powered space tech firm Space42 secured an AED 18.7 bn contract with the UAE government, extending its communication services for an additional 17 years, according to a press release (pdf).

The details: The contract will see the company offer its services to the government until 2043, replacing two current agreements for maintenance and technology management services for ground segment satellite systems and terminals expiring in 2026.

Space42 will also receive AED 3.7 bn in advance payments for the construction of Al Yah 4 — set to be operational by 2027 — and Al Yah 5, which will be operational in 2028, under the new agreement, the statement said.

REMEMBER- The new AED 3.9 bn satellites, Al Yah 4 and Al Yah 5, will replace the currently operational Al Yah 1 and Al Yah 2. Yahsat awarded Airbus Defence & Space the contract to build the two new satellites, while SpaceX will launch them using its Falcon 9 rocket.