Abu Dhabi’s Yahsat Government Solutions has secured a 909.5 million dirhams ($247.5 million) mandate to provide enhanced services to the UAE Government for its satellite communications capabilities.
Yahsat Government Solutions is satellite operator Al Yah Satellite Communications Company’s (Yahsat) dedicated government arm.
The mandate also adds to Yahsat Group’s contracted future revenues which now stand at approximately 8.4 billion dirhams (2.3 billion).
"The agreement augments the previous operations and maintenance services provided, to include technology management support, from January 2022 until the end of 2026," Yahsat said on Monday in a bourse filing to Abu Dhabi Securities Exchange (ADX), where its shares trade.
Earlier this month, Yahsat Government Solutions secured a 24 million dirhams contract from Abu Dhabi Ship Building to provide advanced and secure satellite communication services.
Yahsat is partly owned by Abu Dhabi state investor Mubadala and has plans to launch a new satellite in 2023 to provide advanced data services to its clients by 2024.
(Writing by Brinda Darasha; editing by Seban Scaria)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.© ZAWYA 2022