The acquisition of the UAE’s first home grown satellite operator, Thuraya, is set to significantly expand Yahsat’s current satellite solutions portfolio.
Yahsat, a subsidiary of Mubadala Investment Company, announced that it has completed the acquisition of a majority and controlling stake in the mobile satellite services operator Thuraya, reported local newswire, WAM.
Thuraya’s two satellites currently serving over 160 countries will join the Yahsat fleet, expanding the group’s satellite fleet to five.
Masood Sharif Mahmood, CEO of Yahsat, said that the Thuraya acquisition provides the company with an ideal opportunity to grow and diversify business, bolstering satellite solutions capabilities on both government as well as commercial fronts.
The integration of the portfolios of the two companies under the leadership will be able to offer a comprehensive mobile and fixed satellite services portfolio.
Additionally, Ali Al Hashemi, who has led Yahsat Government Solutions in the past, was appointed as the new CEO of Thuraya.