RIYADH: Thuraya Telecommunications Company (Thuraya), a subsidiary of UAE's Mubadala-owned satellite firm Yahsat Satellite Communications Company (Yahsat), has secured long-term distribution contracts worth 316 million dirhams ($86 million).
The deals signed by Thuraya with a global service provider are expected to strengthen the Group’s dividend capacity, the company said on Sunday.
They add to the Group’s contracted backlog of over 7 billion dirhams, equivalent to over five times the annual revenues of 2020.
Yahsat has recently listed on ADX, where it raised 2.68 billion dirhams. Abu Dhabi state investor Mubadala retains a 60 percent shareholding in the company.
Yahsat is expected to roll out its next-generation satellite, Thuraya 4-NGS, in 2023 and commence commercial operations in 2024.
