Al Yah Satellite Communications, the biggest satellite operator based in the UAE, on Sunday said it completed the acquisition of a majority stake in the mobile satellite services firm, Thuraya Telecommunications Company.
“The Thuraya acquisition provides us with an ideal opportunity to grow and diversify our business, bolstering our satellite solutions capabilities on both government and commercial fronts," Masood Mahmood, said chief executive of Yahsat.
"By integrating the portfolios of the two companies, we will together be able to offer a comprehensive mobile and fixed satellite services portfolio.”
An Yahsat spokesperson declined to divulge the monetary value of the stake in Thuraya, the UAE's first home-grown satellite operator.
"We can confirm that this is the first major transaction made by Yahsat in its history, and will make it the first, global, diversified mobile and fixed satellite services business," a spokesperson said in an emailed statement to The National.
Yahsat, which is wholly owned by Abu Dhabi's strategic firm Mubadala Investment Company, is anticipating greater demand for satellite broadband services on the back of higher uptake in Internet of Things serviced industries such as oil and gas and on the growth of sustainable cities in the region.
The acquisition of a majority stake in Thuraya is part of the firm's efforts to grow its mobility segment, Mr Mahmood told The National in June.
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Yahsat, which launched its third satellite Al Yah 3 in January, has appointed Ali Al Hashemi, who previously led Yahsat's government solutions business, the new chief executive of Thuraya.
The completion of Yahsat acquisition follows Etisalat's announcement last week of selling its stake in Thuraya for $37 million (Dh137m) to Star Satellite Communications, a subsidiary of Yahsat.
Thuraya’s two satellites, serving over 160 countries, will join the Yahsat fleet, expanding it to five in total.
The combination of geostationary satellites operating in the C, Ka, Ku and L-bands will jointly cover Europe, Africa, the Middle East, South America, and Asia. The fleet will provide a broad range of fixed and mobile satellite services spanning voice and data communications to both commercial and government sectors, the company noted.
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The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
Ms Yang's top tips for parents new to the UAE
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The biog
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Favourite anime series: Death Note, One Piece and Hellsing
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
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