Abu Dhabi’s Al Yah Satellite Communications Company (Yahsat) on Friday said its government services arm, Yahsat Government Solutions, has received a mandate from the UAE government worth 18.7 billion dirhams ($5.1 billion) to provide satellite capacity and managed services for 17 years.
The authorisation to proceed mandate combines related operations, maintenance and technology management services of ground segment satellite systems and terminals currently provided under a separate contract, the satellite solutions provider said in a regulatory filing to the Abu Dhabi Securities Exchange (ADX), where its shares trade.
Ali Al Hashemi, Group CEO said: "Our financial position has never been stronger and we now enjoy a contracted revenue backlog of AED 25.7 billion or over 16 times annual revenues based on backlog figures at the end of the second quarter."
The award includes an advance payment from the government of $1 billion to be received in 2024.
Under the new mandate Yahsat will provide the Government with secure and reliable satellite capacity and related managed services using the Al Yah 1 and Al Yah 2 satellites, currently in orbit, and supplement this by two new satellites, Al Yah 4 and Al Yah 5 which are expected to be launched in 2027 and 2028, respectively.
(Writing by Brinda Darasha; editing by Seban Scaria)