Yahsat, a leading global satellite operator based in the United Arab Emirates (UAE) and wholly owned by Mubadala Investment Company, has completed the acquisition of a majority and controlling stake in the mobile satellite services operator Thuraya.
In addition, Ali Al Hashemi, who has led Yahsat Government Solutions (Yahsat’s specialised unit fulfilling defence and governmental client requirements), has been appointed as the new CEO of Thuraya. Former Thuraya CEO Ahmed Al Shamsi will serve as an advisor to the new CEO.
Commenting on the Thuraya acquisition, Masood M. Sharif Mahmood, CEO of Yahsat, said: “The Thuraya acquisition provides us with an ideal opportunity to grow and diversify our business, bolstering our satellite solutions capabilities on both government and commercial fronts.
“By integrating the portfolios of the two companies under the leadership of Ali Al Hashemi, we will together be able to offer a comprehensive mobile and fixed satellite services portfolio, further strengthening our value proposition to our customers. We are excited about growing together and understanding how we can work in unison, share new ideas, and ultimately serve our customers better.”
Shawkat Ahmed will also take over as Thuraya’s Chief Commercial Officer, succeeding Rashid Baba’s tenure as Thuraya’s Acting Chief Commercial Officer.
The acquisition of Thuraya, the UAE’s first home grown satellite operator, is set to significantly expand Yahsat’s current satellite solutions portfolio on both commercial and government fronts and creates a strong platform to capture the growing opportunity around IoT and M2M applications across both sectors.
Thuraya’s two satellites, serving more than 160 countries, will join the Yahsat fleet, expanding the group’s total satellite fleet to five. The combination of geostationary satellites operating in the C, Ka, Ku and L-bands will jointly cover Europe, Africa, the Middle East, South America, and Asia, providing a broad range of fixed and mobile satellite services spanning voice and data communications to both commercial and government sectors.