Mubadala-owned Yahsat’s mobility business secures $86mln distribution deals

  • Date: 10-Oct-2021
  • Source: Zawya
  • Sector:Technology
  • Country:UAE
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Mubadala-owned Yahsat’s mobility business secures $86mln distribution deals

Thuraya Telecommunications Company, a subsidiary of UAE-listed satellite firm Yahsat Satellite Communications Company (Yahsat), which is owned by Abu Dhabi state investor Mubadala, has secured long-term distribution contracts worth 316 million dirhams ($86 million). The deals signed by Thuraya Telecommunications Company (Thuraya) with a global service provider are for three years to boost the Group’s dividend capacity, Yahsat told the Abu Dhabi Securities Exchange (ADX) on Sunday. “The agreements… add to the Group’s contracted backlog of over 7 billion dirhams, equivalent to over five times the annual revenues of 2020,” it said. Yahsat has recently listed on ADX following an international public offering (IPO) that raised 2.68 billion dirhams. Mubadala retains a 60 percent shareholding in the company. The company is looking to capture a bigger share of the mobile satellite services (MSS) market, which is estimated to be more than 3.67 billion. Yahsat is expected to roll out its next-generation , Thuraya 4-NGS, in 2023 and commence commercial operations in 2024. This month, the company said it is planning to add two more satellites to its fleet by 2026. (Writing by Cleofe Maceda; editing by Seban Scaria ) Disclaimer: This article is provided for informational purposes only. The content