Al Yah Satellite Communications, better known as Yahsat, received a contract worth Dh909.5 million ($247.6m) to provide managed services to the UAE government for its satellite communications capabilities.
The company's government arm, Yahsat Government Solutions, signed the agreement, which augments previously provided operations and maintenance services along with technology management support from January 2021 until the end of 2026, Yahsat said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
The contract is in line with Yahsat’s strategy to expand its managed solutions business capabilities across its value chain and provide more strategic services to key clients within the UAE and internationally.
The mandate also adds to Yahsat group’s contracted future revenue, which now stands at about Dh8.4 billion.
“Today’s announcement validates our strategic approach to expand our offering across the value chain while enhancing our ability to provide end-to-end secure and critical satellite solutions and connectivity,” said Ali Al Hashemi, group chief executive at Yahsat.
“This further demonstrates the strength of our relationship with the UAE government, with whom we have had a strong partnership for over 10 years.”
The latest deal also provides “more visibility” on the long-term financial outlook of the company, he said.
Yahsat has been providing operations and maintenance services since 2011 on its first two satellites, Al Yah 1 and Al Yah 2, under a 15-year capacity services agreement with the UAE government.
Last year, the company was requested by the government to explore options for two new satellites – Al Yah 4 and Al Yah 5, which are set to be launched by 2026.
Yahsat, a unit of Mubadala Investment Company, raised about $731m from its initial public offering last 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.
Earlier this month, Yahsat secured a Dh24m contract from Abu Dhabi Ship Building to deliver secure satellite communication solutions.
As a part of the deal, it will design, deliver and integrate the satellite communication systems in vessels made by the ship builder, the Abu Dhabi Media Office said in a February 10 statement.
The company offers multi-mission satellite services in more than 150 countries across Africa, Asia, Australasia, Europe, the Middle East and South America.
Yahsat, which is among the top-10 satellite operators in the world by revenue, expects income from its global data services to significantly rise once it adds new technology and launches another satellite into orbit in 2023, Mr Al Hashemi told The National in September.
It currently earns a large chunk of its income from voice services.
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Mohammed bin Zayed Majlis
The biog
Name: Abeer Al Bah
Born: 1972
Husband: Emirati lawyer Salem Bin Sahoo, since 1992
Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old
Education: BA in Elementary Education, worked for five years in a Dubai school
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What are the GCSE grade equivalents?
- Grade 9 = above an A*
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- Grade 7 = grade A
- Grade 6 = just above a grade B
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Veil (Object Lessons)
Rafia Zakaria
Bloomsbury Academic
Global state-owned investor ranking by size
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Canada
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MATCH INFO
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Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
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The schedule
December 5 - 23: Shooting competition, Al Dhafra Shooting Club
December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq
December 11 - 20: Dates competition, from 4pm
December 12 - 20: Sour milk competition
December 13: Falcon beauty competition
December 14 and 20: Saluki races
December 15: Arabian horse races, from 4pm
December 16 - 19: Falconry competition
December 18: Camel milk competition, from 7.30 - 9.30 am
December 20 and 21: Sheep beauty competition, from 10am
December 22: The best herd of 30 camels
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Scotland 220
K Coetzer 95, J Siddique 3-49, R Mustafa 3-35
UAE 224-3 in 43,5 overs
C Suri 67, B Hameed 63 not out
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
UAE currency: the story behind the money in your pockets
Company Profile
Company name: Fine Diner
Started: March, 2020
Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka
Based: Dubai
Industry: Technology and food delivery
Initial investment: Dh75,000
Investor: Dtec Startupbootcamp
Future plan: Looking to raise $400,000
Total sales: Over 1,000 deliveries in three months
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
