Space42 and ICEYE Announce Joint Venture to Bring Satellite Manufacturing to the UAE

• The strategic joint venture addresses the growing demand for SAR satellite imagery and will strengthen Space42 and ICEYE's customer offerings
• Builds upon Space42 and ICEYE's successful collaboration for the production of the first batch of UAE-made Foresight constellation satellites
• The JV will act as a vehicle for technology transfer, sovereign & sustainable access to capabilities, and localizing the supply chain

ABU DHABI, UAE, Dec. 9, 2024 /PRNewswire/ -- Space42 (ADX: SPACE42), a UAE-based AI-powered SpaceTech company with a global reach, and ICEYE, the global leader in Synthetic Aperture Radar (SAR) satellite operations for high-fidelity Earth Observation, today announced the creation of a joint venture to manufacture SAR satellites in the UAE, building on their successful cooperation, which includes the recent launch of the UAE's first SAR satellite, Foresight-1, in August 2024.

Focused on satellite manufacturing and deploying SAR satellite missions, this joint venture will directly advance the UAE's Earth Observation (EO) Program, which was created to build national satellite remote sensing and EO capabilities. The joint venture aims to address the growing demand for high-resolution imagery and data from SAR satellites, which can be applied across various use cases.

Space42's new Assembly, Integration, and Testing (AIT) and LEO mission operations facilities in Abu Dhabi will be home to a local SAR ecosystem, hosting the joint venture's manufacturing operations and Space42's constellation operation services. This joint partnership also serves as a platform for technology transfer and knowledge sharing that will ultimately propel the national R&D efforts for future sovereign SAR payloads. The joint venture strengthens ICEYE's local footprint to support UAE's growing need for SAR and Earth Observation capabilities.

Hasan Al Hosani, CEO of Bayanat Smart Solutions, Space42, said: "The joint venture is a continuation of our ongoing strategic partnership with ICEYE to advance Earth Observation capabilities. It will directly support Space42's commitment to unlocking the full potential of space and ground systems capabilities, ultimately adding customer value through AI-enabled solutions. It also supports the UAE's space ambitions by bringing SAR manufacturing to the region, positioning the nation at the forefront of advancing space technology globally."

This partnership will enrich the UAE's industrial ecosystem by localizing the supply chain and sourcing components and services from existing industrial players in the UAE and build a strong local body of knowledge for the UAE in SAR with the participation of Emirati talent. It will also support Emiratization efforts, providing opportunities for national talent to drive innovation and contribute to economic growth and national prosperity.

Rafal Modrzewski, CEO and Co-founder of ICEYE said: "This joint venture is expected to bring efficiency in deploying, managing, and operating SAR constellations as Space42 and ICEYE join forces to address the market in a coordinated approach. We are proud to see our satellite production line extended to manufacture state-of-the-art SAR technologies in the UAE through our partnership with Space42, enhancing the global reach and positive impact of ICEYE's technology. We are excited to grow ICEYE's local footprint and look forward to accelerating the UAE space program and the local space and SAR capabilities by harnessing the most of both companies' expertise for the benefit of the people of the UAE."

This joint venture is the latest in several strategic partnerships that capitalize on Space42 and ICEYE's complementary capabilities. The most recent was the successful launch of the UAE's first SAR satellite, Foresight-1, in August 2024. Foresight-1 was launched as part of the UAE's comprehensive SAR constellation, which will continue to grow over the next three years.

ABOUT SPACE42
Space42 (ADX: SPACE42) is a UAE-based AI-powered SpaceTech company that integrates satellite communications, geospatial analytics and artificial intelligence capabilities to enlighten the Earth from space. Established in 2024 following the successful merger between Bayanat and Yahsat, Space42's global reach allows it to address the rapidly evolving needs of its customers in governments, enterprises, and communities. Space42 comprises of two business units: Yahsat Space Services and Bayanat Smart Solutions. The Yahsat Space Services unit focuses on upstream satellite operations for both fixed and mobility satellite solutions. The Bayanat Smart Solutions unit integrates geospatial data acquisition and processing with AI to inform decision-making, enhance situational awareness, and improve operational efficiency. Space42's major shareholders include G42, Mubadala and IHC.

For more information, visit: space42.ai
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Contact:
Media@space42.ai

ABOUT ICEYE
ICEYE delivers unparalleled persistent monitoring capabilities to detect and respond to changes in any location on Earth, faster and more accurately than ever before.

Owning the world's largest synthetic aperture radar (SAR) satellite constellation, ICEYE provides objective, near real-time insights, ensuring that customers have unmatched access to actionable data, day or night, even in challenging environmental conditions. As a trusted partner to governments and commercial industries, ICEYE delivers intelligence in sectors such as insurance, natural catastrophe response and recovery, security, maritime monitoring, and finance, enabling decision-making that contributes to community resilience and sustainable development.

ICEYE operates internationally with offices in Finland, Poland, Spain, the UK, and the US. We have more than 700 employees, inspired by the shared vision of improving life on Earth by becoming the global source of truth in Earth Observation.

Visit www.iceye.com and follow ICEYE on LinkedIn and X for the latest updates and insights.

Media contact: press@iceye.com