Yahsat buys majority stake in satellite services operator
Yahsat, a global satellite operator based in the UAE and wholly owned by Mubadala Investment Company, completed the acquisition of a majority and controlling stake in the mobile satellite services operator Thuraya.
Ali Al Hashemi, who has led Yahsat government solutions, Yahsat's specialised unit fulfilling defence and government client requirements, for the past few years has been announced as the new CEO of Thuraya, while former CEO Ahmed Al Shamsi will remain as advisor to the CEO. Al Hashemi will continue to be the general manager of Yahsat government solutions.
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, we will together be able to offer a comprehensive mobile and fixed satellite services portfolio."
Yahsat has also named Marcus Vilaa as Thuraya's chief technical officer. Marcus will continue his role in Yahsat as the chief technical officer in addition to his newly announced role in Thuraya. Marcus brings over 35 years of experience in the satellite industry, acquired from Embratel, SES, Inmarsat and Yahsat.
Shawkat Ahmed is appointed as Thuraya's chief commercial officer succeeding Rashid Baba. Ahmed carries over 22 years of experience in satellite communications attained through occupying senior commercial leadership roles in Yahsat, Thuraya and Telstra V-Comm.
The acquisition of the UAE's first home grown satellite operator, Thuraya, is set to expand Yahsat's current satellite solutions portfolio on both commercial and government fronts and create a strong platform to capture the growing opportunity around IoT and M2M applications across both sectors.
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