Yahsat wins $5.1bn UAE contract
22 September 2023
Al-Yah Satellite Communications Company (Yahsat) has won an AED18.7bn ($5.1bn) contract for the provision of satellite capacity and services to the UAE government.
Its subsidiary, Yahsat Government Solutions, will implement the 17-year contract, which includes operations, maintenance and technology management services of ground segment satellite systems and terminals.
The contract will replace two current agreements, the capacity services agreement and the managed services mandate, which end in November and December 2026, respectively.
Under the new contract, 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 with two new satellites, Al-Yah 4 and Al-Yah 5".
It is expected that the Al-Yah 4 satellite will be launched in 2027, followed by Al-Yah 5 in 2028.
Yahsat has been providing services to the UAE government for nearly two decades, since it first began operations.
The contract increases Yahsat's contracted future revenues to AED25.7bn, 16 times its 2022 annual revenues, according to a company statement.
It also extends backlog well beyond 2040, providing security and visibility over its future cash flows.
In June, Yahsat signed an authorisation to proceed (ATP) with Airbus for the construction of Al-Yah 4 and Al-Yah 5.
According to Yashsat, the ATP document "preserves the programme schedule and enables certain activities to commence, such as the system requirements review, design work and procurement activities for long-lead items".
The Al-Yah 4 and Al-Yah 5 procurement, including spacecraft, ground segment infrastructure, launch and insurance, will be funded by Yahsat’s resources, in addition to other potential funding options that are currently under review.
The award also includes an advance payment from the government of $1bn, to be received in 2024.
Main photo: Musabbeh al-Kaabi, chairman of Yahsat
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