Al Yah Satellite Communications, better known as Yahsat, will be included in global index services provider Morgan Stanley Capital International’s small cap indexes from December 1 this year as it looks to diversify its investor base.
The UAE company, which is listed on the Abu Dhabi Securities Exchange, has been added to the MSCI All Country World Index Small Cap Index, the MSCI Emerging Markets Small Cap Index and the MSCI UAE Small Cap Index after fulfilling the necessary listing requirements, the company said on Sunday.
The MSCI indexes are tracked by funds with billions of dollars worth of assets. The small cap segment of the MSCI indexes tends to capture more local economic and sector characteristics relative to larger emerging market capitalisation segments, according to MSCI.
“Yahsat’s inclusion in three MSCI indices serves as a testament to the group’s position as a local industrial champion and a key contributor to the development and diversification of the UAE economy,” said Yahsat group chief executive Ali Al Hashemi.
“This development is expected to further strengthen Abu Dhabi’s position as an attractive destination for investors.”
The company, a unit of Mubadala Investment Company, raised about $731 million through its initial public offering in July.
It sold 975.9 million shares, or 40 per cent of equity, through the IPO, which was several times oversubscribed, with significant demand from both qualified institutional and retail investors in the UAE, Yahsat said at the time.
The company reported revenue worth $284m for the nine-month period through to the end of September.
This development is expected to further strengthen Abu Dhabi’s position as an attractive destination for investors
Ali Al Hashemi,
group chief executive of Yahsat
“This achievement is a reflection of Yahsat’s proven operational and financial strength and underpins our ongoing commitment to generating shareholder value by investing in next-generation technologies and expanding our geographical footprint," Mr Al Hashemi said.
“This is an important milestone that will allow us to further diversify our investor base and pave the way for increased recognition internationally.”
Founded in 2007, the satellite operator offers multi-mission satellite services in more than 150 countries across Africa, Asia, Australasia, Europe, the Middle East and South America.
It has a current fleet of five satellites that cover more than 80 per cent of the world’s population. A sixth satellite is expected to be launched in the second half of 2023 and begin commercial operations 12 months later.
Yahsat joins a number of other Abu Dhabi companies that are part of the MSCI's global indexes. In May, Abu Dhabi-based food and beverage company Agthia and the UAE’s largest fuel retailer, Adnoc Distribution, were included in the MSCI’s Small Cap Emerging Markets index and the MSCI Emerging Markets index, respectively.
"MSCI indices are tracked globally by major market players and any addition of a particular stock to the index results in heavy liquidity and volume pick-up for the stock," Vijay Valecha, chief investment officer at Century Financial, said in an earlier interview.
"A majority of global passive funds invest based on constituents available as a part of the MSCI and other popular index baskets."
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Squad for first two ODIs
Kohli (c), Rohit, Dhawan, Rayudu, Pandey, Dhoni (wk), Pant, Jadeja, Chahal, Kuldeep, Khaleel, Shami, Thakur, Rahul.
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Springsteen: Deliver Me from Nowhere
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Rating: 4/5
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
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