Abu Dhabi Securities Exchange-listed satellite company Yahsat has selected SpaceX’s Falcon 9 to launch Thuraya 4-NGS to expand coverage across Europe, the Middle East, Central Asia and Africa.
SpaceX’s Falcon 9 was selected primarily due to its high reliability and advanced capabilities, underscoring Yahsat’s continued commitment to maximising quality and performance across its businesses, a press release from Yahsat said.
Thuraya 4-NGS is expected to spur Yahsat’s growth across new and existing product lines, with the new technology enabling the group to maintain its leading position as the global leader in the satellite communications industry by delivering higher capabilities and flexibility while increasing capacity and coverage, enabling next-generation connectivity solutions for all customer segments, including defence, government and enterprise. Yahsat plans to launch Thuraya 4-NGS in the second half of 2023, with operations scheduled to commence in 2024.
“The UAE has established its position as a competitive player in the space industry by collaborating with global leaders such as SpaceX. At Yahsat, we will continue forging partnerships with the world’s most innovative companies to enhance our competitiveness, deliver on our ambitious growth and expansion plans, and continue to create value for our customers, shareholders and the UAE,” said Ali Al Hashemi, group chief executive officer at Yahsat.
Yahsat has operations in more than 150 countries spanning five continents and was established in the UAE in 2007 to meet the growing demand for satcom services by providing a secure and reliable means of global connectivity, regardless of geographic constraints.
“For launch of its advanced technology, Yahsat sought a reliable and high-performance ride to orbit. We’re proud it has selected Falcon 9, one of the world’s most frequently flown launch vehicles, and we look forward to a successful mission,” said SpaceX Vice President of Commercial Sales Tom Ochinero.
In July, Yahsat’s initial public offering went live, and Mubadala Investment Co. raised AED2.7 billion ($731 million) after pricing shares near the middle of a marketed range.
The share sale was the second largest on record in Abu Dhabi, after Abu Dhabi National Oil Co. for Distribution PJSC raised $850.8m in a 2017 offering, according to data compiled by Bloomberg. It is also the first IPO in Abu Dhabi since that listing.
The IPO gives Yahsat a market value of about AED6.7bn ($1.8bn), according to the statement. Yahsat will remain majority owned by Mubadala after the listing.
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