YahSat starts trading

This article was originally published on this site

By Chris Forrester

July 15, 2021

Al Yah Satellite (YahSat) started trading on the Abu Dhabi stock exchange on July 14th. The company, backed by sovereign wealth fund Mubadala, confirmed that it expected its next satellite to launch in H2/2023.

Ali Al Hashemi, the operator’s CEO, said: “The launch is [in] 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.”

“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.

These services will cover maritime, internet of things (IoT) and data solutions, he added.

The new craft is being built by Airbus and when launched will replace an older satellite operated by Thuraya.

The YahSat IPO float sees Mubadala retaining 60 per cent of the business.