Abu Dhabi-listed Al Yah Satellite Communications Company (Yahsat), the satellite operator owned by sovereign fund Mubadala Investment Company, will assess adding two new satellites to its existing fleet.
The two new satellites would add to the existing capabilities of Al Yah 1 and Al Yah 2, to enable next generation capabilities, the company said in a bourse filing to Abu Dhabi Securities Exchange (ADX).
The new satellites Al Yah 5 and Al Yah 5 will be launched by Yahsat in 2026, if given the go ahead after the assessment.
“Launch of new satellites presents significant growth opportunities across Yahsat’s business and would further bolster contracted backlog and secure longer-term financial outlook,” the company said in its stock market filing.
Ali Al Hashemi, Group Chief Executive Officer at Yahsat, said: “This potential expansion of our fleet for the UAE Government would further underpin our long-term contracted backlog and reinforces our position as the UAE’s primary supplier and preferred partner to the UAE Government for advanced satellite communications and critical satellite connectivity needs.
Yahsat’s first satellite, Al Yah 1, was launched in 2011 and the second satellite, Al Yah 2, was launched in 2012, to serve markets in the Middle East, Africa, Europe and Central and South West Asia.
Yahsat currently offers satellite services in more than 150 countries in Europe, the Middle East, Africa, South America, Asia, and Australasia.
(Writing by Imogen Lillywhite; 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 2021