DUBAI: Yahsat, the newly listed satellite business partially owned by Abu Dhabi state investor Mubadala, wants to launch a new satellite in two years, with the goal of bringing enhanced data services to its customers by 2024, according to its CEO. “The launch is scheduled for the second half of 2023, with services beginning in the second part of 2024. This will allow for the introduction of next-generation technologies “Reuters spoke with CEO Ali Al Hashemi.
After a US$730 million initial public offering, shares of Al Yah Satellite Communications Co (Yahsat) began trading on Wednesday, opening at 3 dirhams (US$0.8168) per share, 9 percent higher than the IPO price of 2.75 dirhams.
It is the first big IPO on the Abu Dhabi Stock Exchange since the listing of Abu Dhabi National Oil Co Distribution in 2017.
According to Al Hashemi, the launch will allow it to offer a wide range of unique features as well as the fastest speeds on the market.
According to him, these services will include marine, internet of things, and data solutions.
According to him, Airbus is building the Next Generation System satellite, which will replace one of the satellites operated by Yahsat’s satellite phone business Thuraya.
Yahsat now has five satellites, and its fixed and mobile services are available in over 150 countries.
Yahsat, which was founded in 2007, initially received funding from the government, according to Al Hashmi. Currently, the private sector accounts for roughly 30% of the total, and this component is rapidly expanding. “Our goal is to generate very significant growth on the commercial side of the business as well as increase government income,” he explained.
Yahsat had sales of US$408 million in 2020, with the private sector driving much of the rise in recent years, he said.
According to Al Hashmi, the IPO was well-received. “We were able to attract investors from all across the world,” he stated, without revealing the names of the investors. (One US dollar is worth 3.6728 UAE dirhams.) (Saeed Azhar contributed reporting; Cynthia Osterman and Jason Neely edited the piece.)/n
