UAE’s Yahsat to acquire satellite operator Thuraya

Yahsat, the UAE satellite operator has reached a deal to buy Thuraya.
Updated 27 April 2018
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UAE’s Yahsat to acquire satellite operator Thuraya

  • Thuraya has two satellites serving 140 countries
  • Yahsat owned by Abu Dhabi's Mubadala

The UAE satellite operator Yahsat on Friday said it reached a deal to acquire a majority stake in fellow operator Thuraya.

The deal is subject to final pre-closing conditions being met, Yahsat said in a statement. It did not give specific details of the deal.

Thuraya, a UAE-based, 20-year old mobile satellite operator has two satellites that serve over 140 countries. Yahsat, a fixed satellite provider, owned by Abu Dhabi’s Mubadala Investment Company currently has three satellites.

“The acquisition will significantly expand Yahsat’s current satellite solutions portfolio for both commercial and government verticals as well as its global footprint,” the statement said.

The combined satellites will cover Europe, Africa, the Middle East, South America and Asia, providing fixed and mobile satellite services.


Saudi Arabia’s SABIC and NCB sign deal to finance small businesses

The National Commercial Bank struck the agreement with SABIC. (Reuters)
Updated 19 November 2018
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Saudi Arabia’s SABIC and NCB sign deal to finance small businesses

  • The move will help develop local industries through financing and refinancing entrepreneurs

LONDON: The National Commercial Bank (NCB) has signed a memorandum of understanding with the Saudi Basic Industries Corporation (SABIC) to help boost the financing of small and medium enterprises (SMEs).

The move will help develop local industries through financing and refinancing entrepreneurs, Asharq Al-Awsat newspaper reported.

The agreement will enable entrepreneurs and small and medium enterprises (SMEs) to obtain support and funding from NCB at preferential rates.

In addition, NCB will provide other services, including training and educational and awareness courses.

NCB, also known as Al-Ahli Bank, recently organized three workshops geared toward SMEs, covering areas such as credit approvals, financing and trade.