Sony Pixel Power calrec Sony

Yahsat's Mobility Arm Thuraya and Astrocast Strengthen Collaboration through a Strategic I...

03/04/2023

Thuraya agrees heads of terms for investment in leading IoT and LEO network operator - Astrocast

Agreement looks to incorporate investment through convertible loan valued at US$17.5 million

Transaction covers the extension of a technical cooperation agreement with Thuraya that began in 2019

Partnership signifies a milestone for Thuraya's IoT ambitions and will be the Company's first investment in a LEO satellite constellation

Abu Dhabi, UAE, 3 April 2023 Thuraya Telecommunications Company ( Thuraya , or the Company ), the mobile satellite services subsidiary of the UAE's flagship satellite solutions provider, Al Yah Satellite Communications Company PJSC ( Yahsat or the Group ), the UAE's flagship satellite solutions provider listed on the Abu Dhabi Securities Exchange ( ADX ; under the symbol: YAHSAT, ISIN: AEA007501017), today announced that it has concluded Heads of Terms for an investment agreement with Astrocast, a leading Low Earth Orbit ( LEO ) and Internet of Things ( IoT ) network operator. The transaction will be in the form of a convertible loan valued at US$17.5 million and marks Thuraya's first investment in a LEO satellite constellation. As part of the agreement, both parties will also look to extend a technical cooperation agreement for another four years that was originally entered between Astrocast and Thuraya in 2019.

Astrocast operates one of the world's most advanced global nanosatellite IoT networks with a focus on enabling low power wide area connectivity solutions across core industries including Transportation & Logistics, Oil & Gas, Utilities, Mining, Forestry, Agriculture, and Maritime. The agreement with Astrocast aims to strengthen Thuraya's positioning in the IoT market and help expedite the execution of its strategy for satellite enabled IoT.

The overall IoT market is projected to grow at a CAGR of 22% over the next four years to US$ 525 billion and the satellite IoT business is forecasted to generate cumulative revenues of US$ 6 billion over the same period. The strategic transaction with Astrocast represents a compelling opportunity for Thuraya to increase its exposure to a fast-growing sector that is still significantly under-penetrated and has a long runway for growth.

Ali Al Hashemi, Group Chief Executive Officer of Yahsat, said: We look forward to working together with Astrocast to execute this strategic investment which highlights our continued belief in the outsized impact of the IoT sector for the space and satellite industries. We are pleased to further strengthen our relationship with Astrocast as we mutually explore ways to expand our service offering across GEO and LEO assets to unlock greater growth potential. Through this agreement, we are committed to enabling innovative solutions in the Maritime, Energy, Logistics, Transportation, Mining and Agriculture industries.

Fabien Jordan, Founder & Chief Executive Officer at Astrocast, added: We are delighted to have this agreement with Thuraya, as we anticipate their support and expertise in guaranteeing Astrocasts success in the low-power narrowband IoT market in the future. Our partnership with Thuraya has been solid for the past four years, and their continuous support is incredibly important to us. In addition, collaborating on creating new products and applications and leveraging the Thuraya distribution network will expedite the expansion of our customer ecosystem.
LINK: https://www.yahsat.com:443/en/news-and-media/news/2023/yahsat-mobility...
See more stories from yahsat

More from Yahsat

22/09/2023

Yahsat awarded AED 18.7 billion [USD 5.1 billion] satellite capacity and managed services ...

Abu Dhabi, United Arab Emirates, 22 September 2023: Al Yah Satellite Communicati...

20/09/2023

Yahsat increases interim cash dividend to AED 201 million (8.23 fils per share) for the fi...

On track to grow dividends by at least 2% to a total of AED 402 million [USD 109...

11/09/2023

YahClick Partners with NIGCOMSAT to Deepen Broadband Penetration in Nigeria

Partnership aims to expand broadband penetration in Sub-Saharan Africa Abu Dhabi, UAE, 11 September 2023: YahClick, the Data Solutions subsidiary of the UAE...

29/08/2023

Emirati Women a Key Driving Force Behind UAE's Notable Achievements in Satellite Communica...

Yahsat proudly celebrates Emirati Women's Day, recognizing accomplishments o...

11/08/2023

Yahsat Strengthens its Presence in China Amid Growing Demand for its World-class Satellite...

Yahsat's Commercial team is exploring ways to take advantage of growing Chin...

08/08/2023

Yahsat Reports Solid First Half Results for 2023

Normalised EBITDA grew 3% versus prior year to AED 460 million and Normalised Net Income 5% to AED 175 million delivering improved margins Abu Dhabi, United Ar...

13/07/2023

Yahsat Reaffirms Position as UAE's Leading Satellite Tech Provider with Award from the Cou...

Khalid Al Kaf, Yahsat's Chief Operations Officer, accepted the TDRA Partner ...

22/06/2023

Yahsat's Powerful Communications Solution at Centre Stage of Cross-border Rescue of Chines...

Chinese embassy officials commend Yahsat for its support in the rescue of five f...

14/06/2023

Thuraya Welcomes Minister of State His Excellency Ahmed Ali Al Sayegh to its Pavilion at C...

Abu Dhabi, UAE, 14 June 2023: Thuraya Telecommunications Company, the mobility a...

08/06/2023

Yahsat Embarks on an Action-packed Week of Activities in Singapore as It Targets Internati...

Yahsat Asia Week' showcased innovative solutions of its mobility arm, Thuray...

23/05/2023

Thuraya and eSAT Global Announce Satellite IoT Breakthrough with Low-Latency Messaging

Demonstration of low-power IoT messages' transmission over Thuraya's sat...

17/05/2023

Bayanat, Yahsat and ICEYE announce an ambitious program to broaden commercial opportunitie...

New program provides further momentum to UAE space economy sector The program a...

08/05/2023

Yahsat Reports Record First Quarter Revenue in 2023

Net income and EBITDA both grew by 35% and 4% respectively year-on-year Abu Dhabi, United Arab Emirates, 8 May 2023: Al Yah Satellite Communications Company PJ...

18/04/2023

Yahsat Wins MSUA Satellite Mobile Innovation Award for Thuraya's Push-To-Talk Mobility Sol...

Yahsat has been recognized with the prestigious accolade in the highly competiti...

03/04/2023

Yahsat's Mobility Arm Thuraya and Astrocast Strengthen Collaboration through a Strategic I...

Thuraya agrees heads of terms for investment in leading IoT and LEO network oper...

16/03/2023

Yahsat selects Comtech for development of Advanced Location Tracking Solutions as part of ...

Abu Dhabi, UAE March 16, 2023 Al Yah Satellite Communications Company PJSC (...

01/03/2023

Yahsat and Calidus Partner to Equip Aeronautical and Land Defence Systems with Secure Comm...

MoU signed between national leaders at IDEX 2023 to build on Yahsat's system...

28/02/2023

Yahsat Reports Strong Revenue and EBITDA Growth in 2022

Key financial guidance targets met or exceeded Contracted future revenues of AED 7.3 billion [USD 2.0 billion] Equivalent to 4.6 times annual revenue Robust...

23/02/2023

Bayanat and Yahsat sign MOU to develop in-country space program for earth observation capa...

The strategic partnership is aimed at building and operatingstrategic earth obse...

22/02/2023

GAL-AMMROC and Yahsat Partner to Expand Services for Airborne Platforms

Collaboration between two national industry leaders to expand services for UAE and MENA region airborne market creating a one-stop-shop for relevant platform ...

17/02/2023

Yahsat and Cobham SATCOM Complete Critical Design Review for Thuraya's Next Generation Bro...

The successful completion of the Critical Design Review is a key milestone in th...

15/02/2023

Yahsat and MBRSC Partner on Remote Sensing and Earth Observation

Partnership demonstrates collaboration between two leading national champions that will support the national space sector for both government and commercial cus...

11/01/2023

Yahsat Wins Best Marine Satellite Technology Accolade at Middle East Technology Excellence...

The game-changing solution, Thuraya MarineStar, from Yahsat's mobility arm T...

23/12/2022

Yahsat Honours Lives of Fishermen Saved in the Philippines

Yahsat's mobility solution Thuraya XT-LITE was utilized to save the lives of seven fishermen who were stranded in waters between the Philippines and Ind...

08/11/2022

Yahsat Reports Double Digit Revenue and EBITDA Growth for the First Nine Months of 2022

Exceptional third quarter performance Abu Dhabi, United Arab Emirates, 8 Novem...

07/11/2022

Hub71 and Yahsat to Advance Innovative Technologies Supporting Satellite Operations from A...

Partnership to support Abu Dhabi based startups with commercial opportunities to...

11/10/2022

Yahsat Acquires a Minority Stake in eSAT Global

Thuraya, Yahsat's mobility business, signs complementary commercial agreement to develop a Next Generation IoT Platform with eSAT Global Investment in eSAT...

21/09/2022

Yahsat Announces Increased Interim Cash Dividend of AED 196.6 Million (8.06 fils Per Share...

Yahsat is on track to deliver an increased total dividend of at least AED 393.3 ...

01/09/2022

Yahsat Joins UAE Climate-Responsible Companies Pledge

Pledge seeks to increase engagement from the private sector and companies in the pivot towards decarbonization 21 leading companies across the UAE joined the P...

09/08/2022

Yahsat First Half Revenues Up by 8.1% to record levels, with Net Income Increasing by 50.7...

Abu Dhabi, United Arab Emirates, 9 August 2022: Al Yah Satellite Communications ...

01/07/2022

Yahsat Announces Appointment of Sulaiman Al Ali as Chief Commercial Officer of Yahsat to D...

In his new capacity, Sulaiman Al Ali will lead both YahClick, Yahsat's data ...

11/05/2022

Yahsat Reports 1Q22 Revenue Growth of 9.4% and a 26.4% Increase in Profit

1Q22 revenue of AED 362.5 million [USD 98.7 million], up 9.4% year-on-year 1Q22 Adjusted EBITDA of AED 213.4 million [USD 58.1 million], up 6.8% year-on-year ...

29/04/2022

Yahsat Awarded Contracts Totaling AED 28.3 Million in Value to Design and Deliver Advanced...

Yahsat has been appointed to enable UAE Government platforms with a satellite co...

12/04/2022

Yahsat Announces Results of Annual General Meeting and Total Dividend of AED 385.5 million...

All resolutions approved at AGM including amendment to dividend policy allowing ...

08/03/2022

Al Seer Marine and Yahsat Join Forces to Offer Interoperable Next Generation Satellite Co...

MoU signed to collaborate on line-fitting unmanned vessels and pre-qualifying Ya...

07/03/2022

Yahsat and EDGE Join Forces to Equip NIMR Vehicles with Interoperable Satellite Connectivi...

Yahsat and Edge have agreed to line-fit pre-qualified Comms-On-The-Move (COTM) s...

01/03/2022

Yahsat Reports Strong FY2021 Results Supported by Exceptional 4Q21 Performance

FY2021 revenue of AED 1.49 billion [USD 407.6 million], increased year-on-year driven by exceptional 4Q21 performance in which revenues grew 7.9% vs. prior year...

14/02/2022

Yahsat Awarded AED 909.5 Million Managed Services Mandate by the UAE Government

Yahsat will provide managed services for ground satellite communications services and solutions for the next 5 years Agreement represents an important mileston...

03/02/2022

Yahsat Awarded AED 24 Million Contract by Abu Dhabi Ship Building to Deliver Advanced Sate...

Yahsat will deliver advanced and secure satellite communication solutions Yahs...

20/12/2021

Yahsat Collaborates with Emirates Schools Establishment to Connect UAE Students with High-...

Abu Dhabi, 20 December 2021: The collaboration between Emirates Schools Establis...

26/11/2021

Yahsat Announces Global Agreement with Ericsson to Boost Telecommunications Technologies, ...

Yahsat will provide advanced telecommunication services and solutions to integra...

23/11/2021

Yahsat's Mobility Arm estimates $80 million of revenues from new broadband distribution ag...

Cobham SATCOM to be appointed as the main distributor, on a non-exclusive basis,...

22/11/2021

Yahsat to be added to the FTSE UAE Small Cap Index

Abu Dhabi, United Arab Emirates, 21 November 2021: Al Yah Satellite Communications Company PJSC ( Yahsat and, together with its subsidiaries, the Group ), the...

18/11/2021

Yahsat signs MoU with Mubadala Petroleum to explore advanced satellite technologies

The MoU establishes a framework to discuss the provision of fixed and maritime V...

17/11/2021

Tawazun and Yahsat launch Star Technologies to develop and manufacture satellite communica...

The initiative combines UAE talent and international expertise to create a self-...

15/11/2021

MSCI Includes Yahsat in its Global Indices

Abu Dhabi, United Arab Emirates, 14 November 2021: Al Yah Satellite Communications Company PJSC ( Yahsat and, together with its subsidiaries, the Group ), the...

08/11/2021

Yahsat reports robust financial performance for the nine months ended 30 September 2021

Year to date revenues broadly in line vs prior year with strong momentum going i...

07/11/2021

Yahsat and G42 to Collaborate on Remote Sensing and AI enabled Geospatial Analytics

The MoU brings together Yahsat's advanced upstream satellite capabilities an...

29/10/2021

Yahsat's Data Solutions Subsidiary YahClick Announces Strategic Pan-African Partnership wi...

YahClick expands its satellite broadband enterprise solutions in Nigeria, Zambia...

11/10/2021

Yahsat's mobility business Thuraya secures AED 316 million distribution contracts

The agreements adds significantly to Yahsat's anticipated future cash flows ...