Mubadala Investment Company's Al Yah Satellite Communications could raise as much as Dh2.98 billion ($811 million) through its coming initial public offering on the Abu Dhabi Securities Exchange.
The company, better known as Yahsat, has set a price range of between Dh2.55 and Dh3.05 per share for its listing. It is selling between 30 per cent and 40 per cent of its shares to retail and institutional investors through its debut listing, scheduled to take place on July 14.
The remainder will be held by Mamoura Diversified Global Holding, a wholly owned subsidiary of Abu Dhabi sovereign fund Mubadala.
"We have established a strong and proven operational and financial track record over the years which, coupled with the ever-growing adoption of technological solutions and promising prospects of the space industry in Abu Dhabi and the UAE more broadly, provides a compelling proposition for potential investors," said Ali Al Hashemi, Yahsat's chief executive.
"We look forward to their participation in Yahsat’s growth story.”
Yahsat was founded in 2007 and now operates in more than 150 countries across five continents.
Its five satellites reach more than two thirds of the world's population. A sixth is expected to launch in the second half of 2023 and begin commercial operations 12 months later.
The company provides its satellite infrastructure to both government and commercial customers.
It has a 15-year agreement with the UAE government signed in 2011 that provides "cash flow and visibility" of revenue and is an "important component of the country's National Space Strategy", it said in a statement announcing the pricing range.
Yahsat made a profit attributable to its owner of $68.9 million last year, more than double its 2019 profit of about $29.9m, despite a 7 per cent fall in revenue to $407.5m, according to an advertisement for the company's IPO published in the June 27th edition of The National.
The IPO market in the Mena region got off to a "slower than expected" start during the first three months of the year, with three company listings raising $295 million, compared with four companies raising $814m in the same quarter last year, consultancy firm EY said earlier this month.
In Saudi Arabia, Alkhorayef Water & Power Technologies raised $144m and Theeb Rent a Car raised $138m – both sold 30 per cent of their shares on the Tadawul stock market. Oman Reit, a real estate investment trust, raised $13.2m on the Muscat Stock Exchange.
"As we look at the remainder of 2021 and beyond, there are many reasons to be optimistic about the coming quarters ahead," said Gregory Hughes, EY Mena's IPO and transaction diligence head.
"A strong IPO pipeline in key Mena markets across sectors, coupled with various government initiatives to deepen the capital markets, particularly in Saudi Arabia and the UAE, should help bring more IPOs to markets in the region".
On Sunday, Tanmiah Food Company, a Saudi Arabian producer of meat and poultry products, also said it plans to list on Tadawul. It is offering six million shares, or 30 per cent of the company, and has set a range of 59 Saudi riyals to 67 riyals per share. Almost one million more shares could be offered to retail investors. If both offers are fully subscribed, the company would raise about 469m riyals ($125m) at the top of its range.
Most Gulf capital markets have made strong double-digit gains since the start of the year, with the Abu Dhabi Securities Exchange up 32.9 per cent so far this year as of Sunday's close.
Saudi Arabia's Tadawul index has gained 26.2 per cent and the Dubai Financial Market is up 15.2 per cent.
In January, the Abu Dhabi Securities Exchange, owned by state holding company ADQ, said it plans to double its market capitalisation within three years.
The exchange gained its newest entrant on Sunday, when Abu Dhabi's International Holding Company listed shares in Alpha Dhabi Holding, in which it holds a 45 per cent stake.
Alpha Dhabi, formerly known as Trojan Holding, employs about 40,000 people through 25 subsidiaries. The company earned a net profit of Dh218m last year on revenue of Dh3.8bn.
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Mohammed bin Zayed Majlis
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Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
List of UAE medal winners
Gold
Faisal Al Ketbi (Open weight and 94kg)
Talib Al Kirbi (69kg)
Omar Al Fadhli (56kg)
Silver
Zayed Al Kaabi (94kg)
Khalfan Belhol (85kg)
Zayed Al Mansoori (62kg)
Mouza Al Shamsi (49kg women)
Bronze
Yahia Mansour Al Hammadi (Open and 94kg)
Saood Al Hammadi (77kg)
Said Al Mazroui (62kg)
Obaid Al Nuaimi (56kg)
Bashayer Al Matrooshi (62kg women)
Reem Abdulkareem (45kg women)
Killing of Qassem Suleimani
Zayed Sustainability Prize
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
Confirmed%20bouts%20(more%20to%20be%20added)
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The five pillars of Islam
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