Space42 wins ADX approval to buy back up to 2.5% of its shares

Company will fund the buyback from existing cash after first-half revenue rose 15%

Last updated:
Nivetha Dayanand, Assistant Business Editor
Space42 wins ADX approval to buy back up to 2.5% of its shares
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Dubai: Space42 shareholders could see the company buy back up to 2.5% of its issued share capital after the UAE-based SpaceTech company secured approval from the Abu Dhabi Securities Exchange for the programme.

The buyback, which received shareholder approval at the company’s General Assembly Meeting in April, will be funded entirely from Space42’s existing cash resources and carried out through open-market transactions.

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The company said transactions will be executed in line with ADX and Capital and Market Authority regulations, with completed purchases disclosed through the ADX website in accordance with market disclosure requirements.

This buyback program reflects our confidence in Space42’s long-term future and our belief that the current share price undervalues the intrinsic value of the Company. It reinforces our commitment to deliver attractive returns to shareholders, in line with our Financial Framework, and represents a disciplined and efficient deployment of capital
Karim Michel Sabbagh, Managing Director of Space42

The programme allows Space42 to purchase its own shares from the market, with the maximum size capped at 2.5% of its issued share capital.

First-half revenue rises 15%

The approval comes after Space42 reported a 15% increase in revenue during the first half of 2026, reaching $260 million, equivalent to Dh953 million.

The company has not provided details in the announcement on the timing, purchase price or number of shares it intends to acquire under the programme beyond the approved limit of up to 2.5% of issued share capital.

Nivetha Dayanand
Nivetha DayanandAssistant Business Editor
Nivetha Dayanand is Assistant Business Editor at Gulf News, covering aviation, financial markets and commodities. A business and financial journalist with a strong interest in multimedia storytelling, she regularly takes complex financial and economic subjects beyond the written word, producing explainer videos that make them easier for a wider audience to understand. Nivetha has interviewed senior policymakers, business leaders and global financial figures both on and off camera. Her past guests include UAE Minister of Economy and Tourism Abdulla bin Touq Al Marri, Khaled bin Alwaleed Al Saud, a member of the House of Saud and the founder and CEO of KBW Ventures, Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund and Indian ministers Hardeep Singh Puri and N. Chandrababu Naidu. She has also hosted and moderated panels, conferences and awards shows, bringing her newsroom experience to live conversations on business, finance and the economy. An Erasmus Mundus journalism alum, Nivetha is drawn to stories that affect people directly and to reporting that gives a platform to voices that might otherwise go unheard. She was among the first journalists to speak to Petrofac employees in the UAE about unpaid salaries, broke the news of the planned demolition of Dubai’s well-known “Toyota Building”, and helped set the record straight on widely circulated claims that a giant replica of the Moon was coming to Dubai. More recently, her exclusive interview with EDGE Group CEO Hamad Al Marar revealed how the UAE-based defence group deployed its systems along the country’s shore border and established a geofence around the UAE within 48 hours of the February 28 escalation. Prior to joining Gulf News, Nivetha worked at ITP Media, where she helped launch Finance Middle East, a new publication covering the region’s financial sector. Her role spanned reporting and editing, video production, interviews and events. Across print, digital, and video, she focuses on finding the people behind business stories and explaining why those stories matter to the audience reading or watching them.

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