Abu Dhabi\u2019s Space42 is in talks to raise funds to help the satellite communications company expand its mapping initiative in Africa.\u00a0<\/p>\n
Space42 is having early discussions with potential backers including the African Union Development Agency and financial firms about the project, Hasan Al Hosani, Space42\u2019s chief executive officer in charge of smart solutions said. Existing partners for the Map Africa project, announced last month, include Microsoft Corp. and mapping software firm Esri. The conversations are early, and the business doesn\u2019t yet have a target for how much it will raise, he said.<\/p>\n
The company, backed by the Mubadala Investment Co. sovereign wealth fund, has started building out a physical presence and has connected schools and clinics in countries such as South Africa and Zimbabwe, he said. Its mapping initiative with Microsoft and Esri will improve capabilities across the continent.\u00a0<\/p>\n
\u201cThere\u2019s a lot of work that needs to happen locally within each country, within each nation,\u201d Al Hosani said in an interview on Bloomberg Television. \u201cSo part of our process is actually to identify entities and partners, whether it\u2019s on the private sector or the government sector and in parallel.\u201d\u00a0<\/p>\n
The mapping initiative aims to\u00a0provide detailed maps<\/a>\u00a0for all 54 African countries that can be used for logistics, disaster response and urban planning. The data will be licensed to governments, and will ultimately be available to businesses, the company has said. \u00a0<\/p>\n Africa\u2019s an attractive market for satellite companies, with a young, fast-growing population that\u2019s increasingly demanding internet access, and a terrestrial infrastructure that leaves vast swathes of the continent uncovered. Still, the patchwork of regulatory requirements across its dozens of countries makes it a challenge.\u00a0<\/p>\n Space42 is also competing with Elon Musk\u2019s much larger Starlink service, which is already operating in 18 countries on the continent.\u00a0<\/p>\n In South Africa, Africa\u2019s biggest economy, Musk has been pushing authorities to back down from Black Economic Empowerment rules that would require him to cede a 30% ownership stake to Black holders to qualify for a license. If he successfully lobbies to replace the requirement with an\u00a0alternative investment program<\/a>, it would also pave the way for Space42.\u00a0<\/p>\n Starlink, owned by SpaceX, dwarfs the Emirati company with about 8,000 low-earth orbit satellites serving countries all over the world. Space42 has eight satellites, with plans to launch another three this year, that offer varying types of coverage in 150 countries in Africa, the Middle East, parts of Europe and much of Asia.\u00a0<\/p>\n \u201cCompetition is always healthy,\u201d Al Hosani said.<\/p>\n