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

Dubai-based SpaceTech firm Space42 has received approval from the Abu Dhabi Securities Exchange (ADX) to implement a buyback program for up to 2.5% of its issued share capital. This decision was made following shareholder approval at the company's April General Assembly Meeting and will be funded using the company's existing cash resources.

Shares will be purchased through open-market transactions and transactions will adhere to ADX and Capital and Market Authority regulations, with completed purchases disclosed on the ADX website.

Karim Michel Sabbagh, Space42's Managing Director, stated that the buyback program reflects the company's confidence in its long-term future and belief that the current share price undervalues the intrinsic value of the business. The program aligns with Space42's Financial Framework and signifies a disciplined and efficient use of capital, aimed at delivering attractive returns to shareholders.

Since the first half of 2026, Space42's revenue has risen by 15% to reach $260 million (Dh953 million). While the company has not disclosed the specifics of the buyback program, such as the timing, purchase price, or the number of shares it intends to acquire, the approval underscores the company's commitment to shareholders and its strategy for capital deployment.