BUSINESS


Thuraya secures AED316 million distribution contracts


(10 Oct 2021) Al Yah Satellite Communications Company PJSC announced that its Mobile Satellite Services (MSS) subsidiary, Thuraya Telecommunications Company PJSC has secured long-tem agreements with a global service provider for a total value in excess of AED316 million (US$86 million) over the next three years.

The agreements strengthen the Group's robust and growing dividend capacity and add to the Group's contracted backlog of over AED7 billion (US$1.9 billion), equivalent to over five times the annual revenues of 2020. With stable and consistent cash flows, Yahsat is well on track to launch Thuraya 4-NGS, the next-generation satellite system (T4-NGS), in 2023 and commence commercial operations in 2024.

The total annual retail MSS market where Thuraya operates is estimated to be more than AED3.67 billion (US$1 billion) and forecasted to grow at around 4% annually. Yahsat is set to capture a growing share of this market as it rolls out its next-generation satellite in the coming years.

Reference: Yahsat PR

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