In a statement the CEO of Yahsat, the newly listed satellite company that is partly owned by Mubadala, Abu Dhabi’s state investor, plans to launch a new satellite in two years, aimed at introducing advanced data services to its clients by 2024.
“The launch is the second half of 2023 and by the second half of 2024 services will kick in. This will bring the next generation technologies to the table,” said Yahsat’s CEO Ali Al Hashemi.
On Wednesday, shares of Al Yah Satellite Communications Co began trading in Abu Dhabi following its $730 million initial public offering. The company’s shares opened at $0.8168 (3 dirhams) per share, 9% above its IPO price of 2.75 dirhams.
The company’s market listing was the first major IPO on the Abu Dhabi stock exchange since Abu Dhabi National Oil Co Distribution’s listing in 2017.
In a statement Al Hashemi said, the launch will enable it to have a spectrum of unique features and the highest speeds available in the market. Its services will cover maritime, internet of things and data solutions.
Its Next Generation System satellite is currently being built by Airbus; it will replace an existing satellite operated by the company’s phone unit – Thuraya.
As of now the company uses five satellites for its fixed and mobile services which cover more than 150 countries.
“Our target is to achieve very high growth on the commercial side of the business and also to grow the revenue from the government,” he said.
In 2020, the company posted revenues totaling to $408 million.
($1 = 3.6728 UAE dirham)