Abu Dhabi, 03 April, 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
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.
Middle East Stories
07/05/2025
Abu Dhabi, UAE [Date] Space42 (ADX: SPACE42), the UAE-based AI-powered Space...
12/03/2025
Abu Dhabi, United Arab Emirates, and Copenhagen, Denmark: 12 March 2025: Space42...
11/03/2025
Abu Dhabi, UAE and Carlsbad, California 12 March 2025 Space42, (ADX: SPACE42...
03/03/2025
Abu Dhabi, UAE 3 March 2025 Thuraya, the satellite mobility arm of Space42, has Introduced Thuraya One, an Android 14 smartphone with built-in satellite cap...
27/02/2025
Abu Dhabi, UAE, 27 February 2025: Space42 PLC ( Space42 or the Company ), the UAE-based AI-powered SpaceTech company that seamlessly integrates satellite comm...
19/02/2025
Collaboration enables long-term testing and evaluation support for HAPS platform...
18/02/2025
The AED 378 million contract between Space42's Bayanat Smart Solutions and EDGE's FADA will enhance the nation's geospatial capabilities over the ne...
17/02/2025
The joint venture will leverage Space42's and FADA's advanced technologi...
11/02/2025
Space42's debut at IDEX highlights AI-powered space technologys role in modern defense and security
The Space42 stand will have live demonstrations of mult...
15/01/2025
Foresight-1 and Foresight-2 will boost UAE's earth observation capabilities
Comprising the latest SAR technology in cooperation with ICEYE
Abu Dhabi, U...
04/01/2025
Thuraya 4 will provide more secure capacity, faster speeds, and wider coverage across Africa, Europe, Central Asia and the Middle East
Launching the busines...
04/01/2025
Abu Dhabi, 04 January, 2025 :
Thuraya 4 will provide more secure capacity, faster speeds, and wider coverage across Africa, Europe, Central Asia and the M...
17/12/2024
Abu Dhabi, UAE, 17 December 2024: Space42 (ADX: SPACE42), the UAE-based AI-power...
10/12/2024
Abu Dhabi, UAE - 10 December 2024 Space42's Thuraya 4 telecommunications satellite, built by Airbus, has reached its destination at the Kennedy Space Cent...
09/12/2024
- The strategic joint venture addresses the growing demand for SAR satellite ima...
21/11/2024
Construction is underway at First Westlake Logistics Park
Construction on First Gulfs latest industrial development First Westlake Logistics Park in Ja...
19/11/2024
The appointment reflects Space42s commitment to building a dynamic market enviro...
11/11/2024
Space42 and the Ministry of Education launch SpaceTech educational campaign for ...
30/10/2024
The launch follows the successful implementation on 27 oil wells using an oil an...
28/10/2024
The multi-design, state-of-the-art Space42 Arena in Al Raha Beach, Abu Dhabi w...
15/10/2024
Dubai, 15 October, 2024 : Space42 and nybl unveil revolutionary AI solution to ...
01/10/2024
Space42 is a new, UAE-based AI-powered SpaceTech company with a global reach, in...
05/09/2024
In a milestone for Bronte Station Business Park, Element Materials Technology, a global leader in materials and product qualification testing, inspection, and ...
30/07/2024
Resilient first half performance with stable Normalised EBITDA and net income
Revenue, profitability and cash flow guidance reiterated for the full year
Abu D...
18/07/2024
Yahsat accelerates efforts to expand in Zimbabwe following agreement with Satcom...
10/06/2024
- Fully flexible, software-defined payloads will allow in-orbit reconfiguration of coverage area, capacity and communication frequencies
- Full programme cost...
29/05/2024
Marrakech, Morrocco, 29 May, 2024 : Marrakech, Morrocco, 29 May 2024: Al Yah Sa...
24/05/2024
The certification underscores world-class standards of services at Yahsat's Abu Dhabi Teleport
Abu Dhabi, United Arab Emirates, 21 May 2024: Al Yah Satelli...
22/05/2024
EUTELSAT KONNECT satellite will enhance Yahsat's satellite network with mult...
15/05/2024
Abu Dhabi, 15 May, 2024 : IP NEO is a Thuraya 4-ready lightweight portable sate...
15/05/2024
Abu Dhabi, 15 May, 2024 : IP NEO is a Thuraya 4-ready lightweight portable sate...
14/05/2024
Highest ever Q1 revenue with Normalised EBITDA growth of 7%
Profitability, cash flow and capital expenditure guidance reiterated
Abu Dhabi, United Arab Emirat...
10/05/2024
Abu Dhabi, 10 May 2024: Further to our previous communications about the unexpec...
10/05/2024
Abu Dhabi, 10 May, 2024 : Abu Dhabi, 10 May 2024: Further to our previous commu...
09/05/2024
The visit discussed potential for Yahsat to expand its presence in South Africa ...
25/04/2024
Bayanat AI PLC (ADX: BAYANAT), a leading AI-powered geospatial solutions provider, and Al Yah Satellite Communications Company P.J.S.C. (ADX: YAHSAT), the UAE&#...
23/04/2024
The merger will provide vertical integration potential and enhanced product offerings to capture regional and international opportunities for revenue growth and...
23/04/2024
Abu Dhabi, 23 April, 2024 : Partnership delivers greater cybersecurity to Thura...
02/04/2024
Abu Dhabi, 02 April, 2024 : Abu Dhabi, United Arab Emirates, 2 April 2024: Thur...
01/04/2024
Mr. Somani will oversee the development and implementation of the company's growth strategy and spearhead global strategic partnerships
Abu Dhabi, United A...
21/03/2024
- A circular was issued today setting both entities' General Assembly Meetin...
21/03/2024
- A circular was issued today setting both entities' General Assembly Meetin...
18/03/2024
Abu Dhabi, 18 March, 2024 : Abu Dhabi, 18 March 2024: Thuraya Telecommunication...
18/03/2024
Abu Dhabi, 18 March, 2024 : Abu Dhabi, 18 March 2024: Thuraya Telecommunication...
22/02/2024
Abu Dhabi , 22 February, 2024 : The first universal Direct-to-Device (D2D) Android smartphone with satellite voice and SMS capability
Abu Dhabi, 22 February 2...
22/02/2024
Abu Dhabi , 22 February, 2024 : The first universal Direct-to-Device (D2D) Andr...
21/02/2024
The industry disruptive strategy is primed to transform the lives of billions of...
20/12/2023
Abu Dhabi, 20 December 2023: Further to the announcements made by Bayanat AI PLC...
20/12/2023
Abu Dhabi, 20 December 2023: Further to the announcements made by Bayanat AI PLC...
Abu Dhabi, 03 April, 2023 : 
