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Yahsat wins AED 18.7bn mandate from UAE government

Yahsat wins AED 18.7bn mandate from UAE government
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Abu Dhabi – Mubasher: Yahsat Government Solutions, the government services arm of Al Yah Satellite Communications Company, has been recently awarded an Authorization to Proceed mandate to provide satellite capacity and managed services for 17 years beyond 2026.

The UAE government mandate to Yahsat’s arm is valued at AED 18.70 billion, equivalent to $5.10 billion, and is underpinned by the design, procurement, and commissioning of advanced space and ground systems, according to a press release.

Meanwhile, the new contract has raised the group’s contracted future revenues to AED 25.70 billion which is equivalent to $7 billion), over 16 times its 2022 annual revenues.  

It further comprises related operations, maintenance, and technology management services of ground segment satellite systems as well as terminals that are currently provided under a separate contract.

The UAE’s flagship satellite solutions provider Yahsa will be complementing its existing fleet with Al Yah 4 and Al Yah 5 next generation satellites which are scheduled to be launched in 2027 and 2028, respectively.

Chairman of Yahsat, Musabbeh Al Kaabi, said: “The performance of the new satellites is expected to significantly surpass current industry capabilities including capacity, coverage, and flexibility allowing us to offer a wide range of next generation applications to our end user.”

Meanwhile, Group CEO at Yahsat, Ali Al Hashemi, noted: “This is a new chapter in Yahsat’s momentous journey serving the satellite communications requirements for the UAE Government.”

Al Hashemi added: “Our financial position has never been stronger [...]. Representing one of the largest backlog multiples and strongest balance sheets in the industry, we remain optimistic about providing a broader, more diverse and cutting-edge solutions portfolio to both the government and our customers.”

During the first half (H1) of 2023, the ADX-listed company achieved net profits attributable to the owners worth $45.30 million and revenues of $205.07 million.