Najm Capital

Najm Fund I + Co-InvestGCC growth equity, infrastructure, and strategic buyouts · Q1 2026 reporting

K. Al Rashidi · Director

Najm/Pipeline/Bayanat AI

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Bayanat AI

NYSE: BAYANAT.AD

AI & Geospatial Analytics·Growth Equity·$80M check·@ $0.9B

Matches thesisTechnology & AI·Partner owner: Sara Al Mazrouei

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Ahmed Al RemeithiDirector, Technology Investments · Abu Dhabi Investment Office (ADIO)

[email protected]

Feb 10, 20268:45 AM

Subject: Bayanat AI — Follow-on Opportunity Ahead of Tadawul Dual Listing

Nadia — following the G42 portfolio review last month, I wanted to bring Bayanat's follow-on round to your attention. The company is preparing for a dual listing on Abu Dhabi Securities Exchange (ADX) and potentially Tadawul in 2027. ADIO is co-anchoring the pre-IPO round and would welcome Najm's participation as a strategic co-investor given your AI thesis. I have attached the teaser and ADNOC contract summary.

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Executive summary

Bayanat AI is Abu Dhabi's leading AI-powered geospatial analytics platform, majority-owned by G42. The company holds long-term contracts with ADNOC (upstream pipeline monitoring), the UAE Armed Forces (satellite imagery analysis), and the General Civil Aviation Authority. With 65% revenue growth and 38% EBITDA margins, Bayanat represents a rare combination of AI infrastructure moat and near-term path to liquidity via a 2027 ADX/Tadawul dual listing. Najm's $80M pre-IPO allocation at $900M secures a 4–6x potential MOIC on listing at a $3.5–4B target market cap.

Company snapshot

Business model: Sells AI-powered geospatial analytics as a subscription platform to government and energy sector clients; revenue model is multi-year SaaS contract (3–7 year) with usage-based uplift.
Products: Satellite imagery analytics · AI-powered urban planning dashboards · Oil and gas pipeline monitoring · Defence-grade geospatial intelligence platform
Geography + scale: HQ Abu Dhabi · operations across UAE, Saudi Arabia, Egypt · satellite ground station in Al Ain
People: Dr. Hasan Al Hosani (CEO, ex-TDIC) · Majid Al Shamsi (CTO, ex-G42 AI research) · Reem Al Falasi (CFO, ex-Mubadala)

Market

TAM + growth: Global geospatial analytics market $103B by 2030 · MENA government geospatial spend $8B annually and growing 20% · UAE National Data Strategy creating guaranteed demand
Competitive set: Global: Esri, Maxar, Planet Labs. Regional: no direct MENA-native competitor at Bayanat's integration depth. Bayanat's advantage is local data sovereignty compliance (NESA regulations) that foreign players cannot meet.
Tailwinds: UAE AI Strategy 2031 mandates AI deployment across federal government agencies · NEOM smart city project creating demand for geospatial intelligence · ADNOC digitisation roadmap through 2030

Financial profile

Revenue: FY2025A revenue AED 480M (~$131M) · backlog AED 1.1B locked through 2028
Growth: 65% YoY revenue · 40% CAGR since 2022 · contract renewal rate 95%+
Profitability: EBITDA AED 183M (38% margin) · net income AED 112M · FCF positive
Unit economics: Average contract value $8.5M · duration 4.2 years · gross margin 72% on platform revenue

Deal structure

Round size: Pre-IPO round $200M total · $80M Najm allocation
Valuation: $900M pre-money · 6.9x FY2025 revenue · discount to expected IPO valuation of $3.5B+
Security: Ordinary shares (no preference) with 180-day IPO lock-up
Co-investors: G42 (majority shareholder retaining 51%) · ADQ · Abu Dhabi Investment Office (ADIO)

Thesis fit · Technology & AI

Base-layer AI moatStrong

Bayanat's proprietary satellite data processing pipeline and NESA-compliant data sovereignty framework cannot be replicated by foreign competitors — unique structural position.

TAM and government demand certaintyStrong

AED 1.1B contracted backlog through 2028 removes demand risk for the IPO window. UAE AI Strategy 2031 creates structural pull.

Profitability and FCFStrong

38% EBITDA margin with positive FCF — rare for an AI platform company at this stage. Supports IPO multiple expansion story.

Najm sovereign alignmentStrong

G42 and ADIO co-anchoring the round — Najm participation signals Abu Dhabi institutional endorsement ahead of ADX listing.

Downside protectionPartial

Ordinary shares with no liq pref — downside is IPO delay or multiple compression. Mitigated by strong contracted revenue and ADIO institutional support.

Risks + mitigants

IPO multiple compression if ADX AI/tech listings disappoint in 2026–2027Mitigant: Contracted backlog and EBITDA profitability should support a 25–30x P/E floor even in a risk-off environment

Government contract concentration — ADNOC and UAE Armed Forces are >60% of revenueMitigant: Both customers are renewing contracts, and Saudi expansion (NEOM pipeline monitoring RFP) diversifies the base

G42 geopolitical exposure — G42's international partnerships could attract US OFAC scrutinyMitigant: G42's 2024 Microsoft partnership and restructured board addresses most CFIUS-style concerns; Bayanat entity is cleanly separated

Similar deals in playbook

Esri (private benchmark)2025Watchlisted

Esri ($4B revenue, 40% EBITDA margin) trades at ~12x revenue privately. Bayanat at $900M entry is priced at 6.9x revenue — compelling if EBITDA margins hold through growth.

IHC / ADNOC portfolio IPOs (ADX)2024Invested2.10x

Abu Dhabi government-backed tech IPOs on ADX have consistently listed at 3–4x pre-IPO entry valuations in 2022–2024. Bayanat fits the same pattern.

Preliminary diligence items

1.ADNOC and UAE Armed Forces contract review — confirm term, renewal options, and exclusivity clauses

2.NESA compliance audit — verify data sovereignty certifications are current and transferable

3.IPO readiness assessment with ADX sponsor (likely EFG or FAB investment bank)

4.G42 cap table separation — confirm Bayanat's legal independence from G42 international entities

5.Satellite ground station Al Ain: asset ownership vs lease and depreciation treatment

6.CEO Dr. Al Hosani reference calls: TDIC and G42 leadership

Deal progressionStage 5 of 6

InboundCIM received · initial parse

Quick LookMemo drafted · thesis match

Diligence scopingWorkstreams + owners defined

Diligence activeData room · expert calls · model

IC memoDrafted → IC reviewWith: Nadia Khalil

DecisionPursue · pass · watch

Co-investor set

G42 (majority shareholder)

ADQ

Abu Dhabi Investment Office (ADIO)