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17 Oct, 2022
1 min time to read

Bayanat, an AI-powered geospatial intelligence provider owned by Abu Dhabi-based G42, intends to sell 571.4 million shares, or 22.2 per cent stake, through an initial public offering.

The company plans to list on the first market of the Abu Dhabi Securities Exchange on October 31, and the subscription period for the listing will open on October 21 and close on October 25. This will make it the first and only listed geospatial exploration company in the Middle East and North Africa region.

We look to play a significant role in the UAE’s economic growth, as well as that of the region and globally. The promising commercial market for our advanced solutions is expected to grow exponentially within the next five years,

said Tarek Al Hosani, chairman of Bayanat.

Bayanat was created as a result of the commercialisation of the UAE Department of Military Intelligence, a sector of the UAE Armed Forces. It develops mapping and geospatial products, providing national-level services to UAE public and private sectors such as defence, environment, energy and resources, smart cities and transport. In 2020, G42 acquired Bayanat.

For fiscal 2021, Bayanat posted a 48 per cent increase in annual revenue to Dh366.7 million, up from Dh247.8 million in 2020. Revenue for the nine-month period ended 30 September 2022 was AED 490.6 million, an increase of 101 per cent.