Abu Dhabi, United Arab Emirates: Al Yah Satellite Communications Company (ADX: YAHSAT), the UAE’s flagship satellite solutions provider, has announced the appointment of Amit Somani as Chief Growth and Strategy Officer.

Mr. Somani, a veteran of the satellite communications industry, rejoins Yahsat with over 27 years of experience in satellite communications and management consulting. He already has extensive knowledge of Yahsat across various roles during his previous tenure with the company from 2010 to 2022. These included Vice President of Strategy and Business Development and most recently Chief Strategy Officer from 2014 to 2022.

In his new leadership role with Yahsat, Mr. Somani will oversee the development and implementation of the company’s growth strategy in addition to spearheading its global strategic partnerships and alliances. This expanded position reaffirms Yahsat’s accelerated efforts to successfully implement its wider growth strategy. Mr. Somani’s expertise will be crucial in enabling the company to diversify its range of products and solutions while venturing into new emerging market segments and expanding its satellite capabilities.

Ali Al Hashemi, Group Chief Executive Officer of Yahsat, said: "We would like to welcome Amit back into the Yahsat family. His appointment is part of Yahsat’s continuous efforts to attract the best talent from across the satellite communications industry who can help us deliver on our ambitious growth strategy. His in-depth knowledge of the satellite communications industry and his proven leadership capabilities will be crucial in advancing our goals.”

Mr. Al Hashemi highlighted Mr. Somani’s active participation in implementing Yahsat's successful IPO and listing on the Abu Dhabi Securities Exchange (ADX) in 2021, as an example of his ability to deliver exceptional results.

Amit Somani, Chief Growth and Strategy Officer of Yahsat, said: "I am delighted to return to Yahsat and contribute to its ambitious mission of transforming the space industry in the UAE and the wider region. It is a pleasure to resume my journey with Yahsat and contribute to its growth, innovation, delivering exceptional solutions for its valued customers, building upon its strong foundations, strategic partnerships, and operational excellence."

Mr. Somani will return to Yahsat in this new role on 1st April 2024, after a two-year stint as Chief Executive Officer of the UAE-based international hedge fund consortium, ABS Global.

He holds an Executive Master of Business Administration (EMBA) degree from the London Business School and a MEng. degree in Electrical Engineering, from the University of Nottingham, UK.

About Yahsat

Al Yah Satellite Communications Company PJSC (Yahsat) is a public company listed on the Abu Dhabi Securities Exchange (ADX) and a subsidiary of Mubadala Investment Company PJSC, offering multi-mission satellite services in more than 150 countries across Europe, the Middle East, Africa, South America, Asia and Australasia. Yahsat’s fleet of 5 satellites reaches more than 80% of the world’s population, enabling critical communications including broadband, broadcasting, backhauling and mobility solutions. Based out of Abu Dhabi in the UAE, Yahsat provides C, Ku, Ka and L-band satellite communications solutions for land, maritime and aero platforms to consumers, governments and enterprises. Its businesses consist of Yahsat Government Solutions, Thuraya, YahClick (powered by Hughes) and YahLink. Yahsat also participates in Hughes do Brasil, an equity partnership with Hughes, and Yahlive, an equity partnership with SES. In 2020, Yahsat commenced construction of Thuraya 4, the next-generation telecommunications system for Thuraya, which is scheduled for launch in 2024 and expected to commence services in H1 2025. Additionally, In 2023, Yahsat commenced construction of two new software-defined telecommunication satellites, Al Yah 4 and Al Yah 5, due to enter service in 2027 and 2028, respectively.

Note

On the 18th of December 2023, the Board of Directors of each of Bayanat AI PLC (Bayanat) and Yahsat recommended a merger of the two entities to its shareholders. The proposed merger aims to create an AI-powered space technology champion in the MENA region with global reach. Bayanat and Yahsat will continue to operate independently until regulatory approval is received and the merger is effective, which is expected to take place in mid-2024. Visit the merger microsite for more information: www.asharedambition.com

Legal Notice and Cautionary statement regarding forward-looking information

This announcement includes forward-looking statements, which are based on current expectations and projections about future events. These statements may include, without limitation, words such as "expect", "will", "looking ahead" and any other words and terms of similar meaning. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and its investments, and speak only as at the date of this announcement. Forward-looking statements are based on assumptions of future events and information currently available to the Company which may not prove to be accurate and the Company does not accept any responsibility for the accuracy or fairness thereof and expressly disclaims any obligation to update any such forward looking statement. No representation or warranty is made that any forward-looking statement will come to pass. You are therefore cautioned not to place any undue reliance on forward-looking statements. For further information regarding forward-looking statements, and the factors that may cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements please refer to our Annual Report for 2022, which is available on our website at https://www.yahsat.com/Reports/2022/index.html

The amount and payment of dividends by the Group is subject to consideration by the Board of Directors of the cash management requirements of the Group for operating expenses, interest expense, and anticipated capital expenditures, and market conditions, the then current operating environment in its markets, and the Board of Directors’ outlook for the business of the Company. In addition, any level or payment of dividends will depend on, among other things, future profits and the business plan of the Company, as determined at the discretion of the Board of Directors.

Neither this announcement nor anything contained herein constitutes a financial promotion, or an invitation or inducement to acquire or sell securities in any jurisdiction.

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