- Mandate has also significantly increases the Group’s contracted future revenues to AED25.7 billion, over 16 times its 2022 annual revenues.
The UAE Government has awarded a AED18.7 billion contract to Yahsat to provide satellite capacity and managed services for 17 years.
Under the new mandate Yahsat will provide the Government with secure and reliable satellite capacity and related managed services using the Al Yah 1 and Al Yah 2 satellites, currently in orbit, and supplement this by two new satellites, Al Yah 4 and Al Yah 5 which are expected to be launched in 2027 and 2028, respectively.
“By complementing our existing fleet with Al Yah 4 and Al Yah 5 next generation satellites, we will be able to serve the government with new solutions that are not currently possible. 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 applications,” Musabbeh Al Kaabi, Chairman of Yahsat, said.
New chapter
The mandate has also significantly increases the Group’s contracted future revenues to AED25.7 billion, over 16 times its 2022 annual revenues, extending backlog well beyond 2040 and providing security and visibility over its future cash flows.
Yahsat signed an Authorisation-to-Proceed with Airbus in June 2023 for the construction of AY4 and AY5.
Ali Al Hashemi, Group Chief Executive Officer at Yahsat, said that this is a new chapter in Yahsat’s momentous journey serving the satellite communications requirements for the UAE Government.
“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.”