Innovative
Unwavering
Ambitious
Al Yah Satellite Communications Company PJSC (Yahsat) is a public company listed on the Abu Dhabi Securities Exchange. A subsidiary of Mubadala Investment Company, Yahsat offers multi-purpose satellite services to more than 150 countries across Europe, the Middle East, Africa, South America, Asia and Australasia.
Yahsat provides a wide range of fixed and mobile satellite solutions for land, maritime and aero platforms to governments, enterprises, communities and individuals in over 150 countries across Europe, the Middle East, Africa, South America, Asia and Australasia. In 2020, Yahsat commenced construction of Thuraya-4 NGS, the next generation telecommunications system, which is due to enter service in 2025.
Infrastructure
Yahsat Government Solutions
Leasing of critical satellite capacity to the UAE Government, and satellite operation services.
YahLink
IP trunking solutions, corporate networking and backhauling capacity marketed by Managed Solutions and Data Solutions.
Managed Solutions
Yahsat Government Solutions
Managed end-to-end secure communication solutions and bespoke turnkey SatCom platforms.
Mobility Solutions
Thuraya
Mobile Satellite Services for reliable direct-to-device voice and data solutions.
Data Solutions
YahClick
High-speed satellite broadband for consumer, enterprise and government users.
Broadcast Solutions
Yahlive
Premium services for broadcasters and a select choice of TV channels.
Yahsat’s fleet of five geostationary satellites reaches more than 80% of the world’s population, enabling critical communications including broadband, video broadcasting, backhauling, and mobile voice and data solutions.
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Global connectivity enabler providing critical solutions
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Covering >150 countries and potential to reach >2/3 of world’s population1.
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Differentiated mobile and fixed satellite services in emerging and high-growth markets.
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Deep, long-standing relationships with UAE Government and key partners across GCC, Africa, Asia and Brazil.
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The UAE Government’s preferred partner
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Provider of secure, mission critical connectivity services and solutions to the UAE Government.
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Strong relationship dating back more than a decade and underpinned by significant long-term contracts that provide visibility and security of future cash flows.
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Uniquely positioned to capitalise on upcoming growth opportunities and to further deepen the relationship.
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Pursuing sizeable and well-identified areas of growth
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Significant growth opportunities across our Government and Commercial businesses.
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Potential to deepen participation across value chain and deliver integrated Satcom solutions.
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New partnerships, channels and products under development ahead of Thuraya-4 NGS’ launch.
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High-quality, well-invested asset base
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Fleet of five active geostationary satellites and sixth expected to begin operations in 1H 2025.
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Incorporating a wide range of technologies, including valuable Ka and L-band frequency bands.
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Best-in-class ground infrastructure based in the UAE and internationally.
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Industry pioneer in fast-growing emerging markets
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Differentiated offering in high-growth, underserved markets, underpinned by pioneering technology.
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Hybrid go-to-market model in the Middle East, Africa, Asia and Australasia, leveraging partnerships and direct-to-market channels.
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Flexible and scalable capacity model with opportunity to leverage in-market differentiation for new technologies.
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Proven senior leadership and supportive shareholder
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Highly experienced management team with deep industry expertise and a strong track record of delivering results.
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Board of Directors with diverse industry and functional expertise.
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Strong backing from our majority shareholder Mubadala.
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Highly attractive financial profile
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~73%2 of revenue driven by highly-rated UAE Government contracts under long-term commitments.
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High-margin business, strong cash flow, well-funded balance sheet and low net debt/EBITDA leverage.
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Robust growth profile and growing dividend capacity with a commitment to dividend growth of at least 2% per year.
Statements
Highlights
US$ 433m
+1.23%
US$ 106m
+1.23%
US$ 2,025m
+1.23%
US$ 2.0b
+1.23%
16.12 fils1
+1.23%
Our journey and year in review
- Established JV with Hughes (HdB) for Brazil.
- Yahsat’s first and second satellites Al Yah 1 and Al Yah 2 launched.
- YahClick launched for broadband across Africa, the Middle East and Asia.
- Established broadcast JV with Yahlive (SES).
- UAE Government signed as Yahsat’s anchor customer.
- Yahsat established.
Business model
Finance
Sizeable contracted future revenues providing visibility and security on top line revenue and dividends.
Lean cost structure with strong cost discipline across business.
Stringent capital allocation with robust governance.
High cash conversion ratio.
Robust capital structure – strong balance sheet, low net debt and low leverage.
Spectrum
~200 active ITU filings to support future missions and strategy.
Good access to markets across footprint.
Unique spectrum rights including valuable L-band.
Human Capital
Experienced, long-serving team with proven track record of delivering growth.
Internationally diverse and highly-specialised workforce.
Long track record of developing and attracting local talent.
UAE-based team with security clearance necessary to support government needs.
Technology & Assets
Well-invested infrastructure assets across space and ground.
Fleet of five satellites spanning five continents, with one more under construction.
Modern infrastructure spanning both FSS and MSS.
Business & Relationships
UAE’s flagship satellite operator.
Recognised industry leader, nationally and internationally.
Strong distribution presence and partnerships.
Strong relationship as a trusted partner with the UAE Government.
Deep partnerships with global industry leaders.
To be the global partner of choice for reliable, innovative and affordable satellite solutions.
To deliver exceptional value to our customers, shareholders and partners by focusing on the following:
Quality
Being an industry centre of excellence for our customers and partners by offering innovative, reliable and affordable satellite solutions.
Human Capital
Empowering our employees to succeed and become proud role models in their communities.
Growth
Anticipating and fulfilling the satellite communications needs of governments, enterprises, communities and individuals across our footprint.
A leading fixed and mobile satellite services operator offering integrated satellite communications solutions to over 150 countries.
Enabling critical communications including broadband, broadcasting, backhauling, and mobile voice and data solutions.
Wide range of C, Ku, Ka, and L-band solutions for land, maritime and aero platforms to governments, enterprises, communities and individuals.
A fleet of 5 satellites reaching more than two-thirds of the world’s population, with a sixth under construction.
Al Yah 1
Al Yah 2
Al Yah 3
Thuraya-2
Thuraya-3
Thuraya-4 NGS
(under construction)
Our values underpin everything we do:
Respect
Reliability
Agility
Customer Focus
Creativity
Our Customers
(Governments, enterprises, communities and individuals)
Secured, reliable and multi-purpose connectivity solutions.
Affordable satellite solutions to connect the unconnected across more than 150 countries.
Strategic and sovereign advanced satellite solutions for the UAE Government.
Enriched and value-added solutions.
Countries covered
150+
Our Employees
Exciting technical and business work environment to develop and maximise potential.
Progression, learning, diversity and inclusion.
Strong leadership, experience and opportunity for growth.
Number of nationalities
46
Our Shareholders
Attractive and progressive dividends
High-growth and value creation opportunities
Solid investment opportunity reinforced with long-term AA+ customer contracts
Adjusted EBITDA
US$ 258m
Our Nation
Supporting the development of UAE Nationals and a powerful UAE space sector
Contributing to the Abu Dhabi 2030 Vision
Enhancing the national economy by partnering and creating new opportunities
Emiratisation
52.5%
Emiratisation excluding third party contractors.
Strategy
- Solidify our core business to deliver more missions, more solutions and more value.
- Enrich and expand our portfolio of government products, solutions and services.
- Diversify our government business to more entities in the UAE, including civil, and penetrate more strategic international markets.
- Explore value accretive adjacencies (e.g. managed solutions, ICT services) to solidify our core proposition.
- Differentiate through unique products and value-added solutions, as well as deeper distribution relationships.
- Accelerate commercial business across Managed Solutions, Mobility Solutions and Data Solutions.
- Expand market share in growing Fixed Satellite Services (FSS) and Mobile Satellite Services (MSS) markets and regions, by capitalising on unique relationships, technologies and business models.
- Expand into new and disruptive commercial opportunities, such as IoT/M2M and direct-to-device satellite connectivity.
- Capitalise on the increasingly critical role played by satellite in the global connectivity and applications ecosystem.
- Drive strategic partnerships to invest and diversify into adjacent service areas to better serve customers.
- Create long-term value collaboration with other key players in the broad UAE space and technology ecosystem.
- Support UAE National Space Strategy 2030 and Abu Dhabi 2030 vision by spurring new in-country development in space, technologyand industrialisation.
- Awarded and delivered the first year of a fully managed services and technology management mandate by the UAE Government – a 5 year contract for ground satellite communications services and solutions worth US$ 247.5 million.
- Awarded new contracts to enable UAE Government platforms with SatCom capabilities and provide an integrated system and ground control services.
- Received the initial US$ 150 million advance payment from the end user post completion of key project milestones of the Thuraya Next Generation Program development phase including completion of critical design review.
- Provided additional satellite connectivity services to a major oil & gas customer in the UAE to enable critical connectivity and reliable network capabilities.
Managed Solutions
- Accelerated commercial business lines and signed new customers for both FSS and MSS solutions.
- Explored opportunity to provide maritime Satcom solutions to ADNOC Logistics’ regional vessels and conducted successful proof of concept.
- Announced AED 24 Million contract by Abu Dhabi Ship Building to deliver satellite communication solutions.
Mobility Solutions
- Evolved Go-To-Market model with new distribution agreements, including establishment of new partnerships to address multiple verticals including government, maritime and aero.
- Launched new products (e.g. maritime tracking and monitoring) and strengthened foundation for future strategic growth portfolio (maritime, IoT, government, enterprise) with new products under development that will be compatible to next generation Thuraya-4 satellite.
- Extended our distribution network in 7 countries and signed 8 new partners thus growing our ecosystem of integrators and increasing our visibility.
Data Solutions
- Double digit growth in subscriber base across MEA to approximately 22,000 customers.
- Launched services in Morocco and activated capacity in several other countries in Africa.
- Signed multiple enterprise and wholesale deals, including for cellular backhaul.
- Acquired a minority stake in eSAT Global and signed a complementary commercial agreement to develop a platform for low-cost low- and very-low data rate (LDR/VLDR) IoT devices with direct-to-satellite connectivity using GEO satellites.
- Selected technology partner for the development of a satellite modem system with Tawazun’s1 support.
- Agreement with EDGE Group, the UAE’s defence industry conglomerate, to line-fit NIMR manufactured armoured vehicles with advanced Comms-On-The-Move (COTM) satellite communications solutions.
- Agreement with Al Seer Marine, a UAE marine services company, to test and line-fit unmanned surface vessels with advanced Comms-On-The-Move (COTM) satellite communications solutions
- Thuraya-4 NGS progressing and expected to be launched in the first half of 2024 and enter service in the first half of 2025.
- Laid foundations for new strategic platforms to serve UAE and international governments and enterprises for ‘situational awareness’, including remote sensing and earth observation.
- Solidified position as a satellite centre of excellence through talent attraction and retention as well as development of national expertise.
- Awarded contracts worth AED 28.3 million to design and deliver advanced satellite communications for UAE Government Platforms.
- Sustain core business by securing new long-term FSS capacity service agreement with the UAE Government on two new satellites (Al Yah 4 and Al Yah 5).
- Expand and sustain core UAE Government Business while expanding commercial base.
- Centralise and expand 3rd party Satcom capacity solutions to benefit from continuing demand.
- Increase collaboration with other Government departments and large UAE entities.
- Continue drive towards fully managed end-to-end services that leverage on specialised internal resources to maximise margins.
- Broaden product solutions across SatCom value chain to offer integrated beyond line-of-sight and Information Communication Technology (ICT) systems.
Managed Solutions
- Complete final steps of the ongoing transition from previous project delivery function into higher value-add system integrator.
- Continue expansion into adjacent government entities and international government customers.
Mobility Solutions
- Enhance products and services portfolio, and expand solution and applications offering (such as an enhanced maritime vessel monitoring solution; and a new handheld dual-mode terminal targeted towards enterprise and government market).
- Accelerate strategic M2M/IoT, regional maritime and government business.
- Push into major strategic markets within coverage area and continue seeking partnerships to drive and unlock value.
- Explore potential Direct-to-Device play leveraging company’s unique L-band spectrum rights.
Data Solutions
- Accelerate uptake in wholesale, enterprise and government segments and the MEA region through targeted and customised Go-To-Market models.
- Push for selective geographic expansion focusing on customised enterprise solutions and potentially leveraging interim third party capacity where required.
- Improve satellite fill rate by driving new segments and increasing market share of cellular backhaul solutions for mobile network operators.
- Seek new investment opportunities to build new capabilities across all platforms.
- Develop and launch next generation of products on Thuraya 4-NGS platform in collaboration with technology partners.
- Launch low power low data rate IoT platform in partnership with eSAT Global.
- Embrace complementarity of NewSpace on Yahsat business to capture value and broaden scope.
- Continue current trajectory of organic and inorganic growth combined with strategic UAE partnerships, considering potential horizontal or vertical M&A to build scale and increase value proposition.
- Deliver first phase of the modem system development program through a joint-venture with Tawazun, and expand the scope to reach more customers, including international customers.
- Strengthen collaboration within UAE ecosystem to develop and enhance remote sensing capabilities.
- Continue focusing on national talent development and further nurture solid UAE G2G relationships.
- Support UAE Space agenda and key initiatives including earth observation capabilities and space missions.
- Awarded and delivered the first year of a fully managed services and technology management mandate by the UAE Government – a 5 year contract for ground satellite communications services and solutions worth US$ 247.5 million.
- Awarded new contracts to enable UAE Government platforms with SatCom capabilities and provide an integrated system and ground control services.
- Received the initial US$ 150 million advance payment from the end user post completion of key project milestones of the Thuraya Next Generation Program development phase including completion of critical design review.
- Provided additional satellite connectivity services to a major oil & gas customer in the UAE to enable critical connectivity and reliable network capabilities.
Managed Solutions
- Accelerated commercial business lines and signed new customers for both FSS and MSS solutions.
- Explored opportunity to provide maritime Satcom solutions to ADNOC Logistics’ regional vessels and conducted successful proof of concept.
- Announced AED 24 Million contract by Abu Dhabi Ship Building to deliver satellite communication solutions.
Mobility Solutions
- Evolved Go-To-Market model with new distribution agreements, including establishment of new partnerships to address multiple verticals including government, maritime and aero.
- Launched new products (e.g. maritime tracking and monitoring) and strengthened foundation for future strategic growth portfolio (maritime, IoT, government, enterprise) with new products under development that will be compatible to next generation Thuraya-4 satellite.
- Extended our distribution network in 7 countries and signed 8 new partners thus growing our ecosystem of integrators and increasing our visibility.
Data Solutions
- Double digit growth in subscriber base across MEA to approximately 22,000 customers.
- Launched services in Morocco and activated capacity in several other countries in Africa.
- Signed multiple enterprise and wholesale deals, including for cellular backhaul.
- Acquired a minority stake in eSAT Global and signed a complementary commercial agreement to develop a platform for low-cost low- and very-low data rate (LDR/VLDR) IoT devices with direct-to-satellite connectivity using GEO satellites.
- Selected technology partner for the development of a satellite modem system with Tawazun’s1 support.
- Agreement with EDGE Group, the UAE’s defence industry conglomerate, to line-fit NIMR manufactured armoured vehicles with advanced Comms-On-The-Move (COTM) satellite communications solutions.
- Agreement with Al Seer Marine, a UAE marine services company, to test and line-fit unmanned surface vessels with advanced Comms-On-The-Move (COTM) satellite communications solutions.
- Thuraya-4 NGS progressing and expected to be launched in the first half of 2024 and enter service in the first half of 2025.
- Laid foundations for new strategic platforms to serve UAE and international governments and enterprises for ‘situational awareness’, including remote sensing and earth observation.
- Solidified position as a satellite centre of excellence through talent attraction and retention as well as development of national expertise.
- Awarded contracts worth AED 28.3 million to design and deliver advanced satellite communications for UAE Government Platforms.
- Sustain core business by securing new long-term FSS capacity service agreement with the UAE Government on two new satellites (Al Yah 4 and Al Yah 5).
- Expand and sustain core UAE Government Business while expanding commercial base.
- Centralise and expand 3rd party Satcom capacity solutions to benefit from continuing demand.
- Increase collaboration with other Government departments and large UAE entities.
- Continue drive towards fully managed end-to-end services that leverage on specialised internal resources to maximise margins.
- Broaden product solutions across SatCom value chain to offer integrated beyond line-of-sight and Information Communication Technology (ICT) systems.
Managed Solutions
- Complete final steps of the ongoing transition from previous project delivery function into higher value-add system integrator.
- Continue expansion into adjacent government entities and international government customers.
Mobility Solutions
- Enhance products and services portfolio, and expand solution and applications offering (such as an enhanced maritime vessel monitoring solution; and a new handheld dual-mode terminal targeted towards enterprise and government market).
- Accelerate strategic M2M/IoT, regional maritime and government business.
- Push into major strategic markets within coverage area and continue seeking partnerships to drive and unlock value.
- Explore potential Direct-to-Device play leveraging company’s unique L-band spectrum rights.
Data Solutions
- Accelerate uptake in wholesale, enterprise and government segments and the MEA region through targeted and customised Go-To-Market models.
- Push for selective geographic expansion focusing on customised enterprise solutions and potentially leveraging interim third party capacity where required.
- Improve satellite fill rate by driving new segments and increasing market share of cellular backhaul solutions for mobile network operators.
- Seek new investment opportunities to build new capabilities across all platforms.
- Develop and launch next generation of products on Thuraya 4-NGS platform in collaboration with technology partners.
- Launch low power low data rate IoT platform in partnership with eSAT Global.
- Embrace complementarity of NewSpace on Yahsat business to capture value and broaden scope.
- Continue current trajectory of organic and inorganic growth combined with strategic UAE partnerships, considering potential horizontal or vertical M&A to build scale and increase value proposition.
- Deliver first phase of the modem system development program through a joint-venture with Tawazun, and expand the scope to reach more customers, including international customers.
- Strengthen collaboration within UAE ecosystem to develop and enhance remote sensing capabilities.
- Continue focusing on national talent development and further nurture solid UAE G2G relationships.
- Support UAE Space agenda and key initiatives including earth observation capabilities and space missions.
Key performance indicators
US$
433
m
+1.23%
US$
258
m
+1.23%
US$
106
m
+1.23%
US$
225
m
+1.23%
US$
2.0
b
+1.23%
Business review
Yahsat provides critical Ka band capacity leasing on its AY1 and AY2 satellites and L-band capacity on its T4-NGS satellite (to commence operations in 2025) under long term contracts to the UAE Government. Additionally, it provides C-band capacity leasing on its AY1 satellite to government and enterprise customers, which is marketed by Managed Solutions and Data Solutions respectively.
- Secure end-to-end managed solutions for satellite communications, including design, consultancy, implementation, operations & maintenance. (O&M) and technology management.
- Bespoke turnkey SatCom platforms.
- Defence, government and mission-critical applications for land, sea, and air.
- Coverage in 150+ countries, reaching over 2/3 of world’s population across EMEA, Asia and Australasia.
- Serving a variety of sectors including government, consumer, enterprise and NGO, on land, at sea and in the air.
- 390+ roaming agreements globally.
- Addressing the high-growth direct-to-user mobile satellite solutions sector.
- Broad portfolio of solutions with next generation platforms being rolled out to accelerate growth across several sectors including IoT, and maritime.
- Leading satellite internet broadband provider across Africa, Middle East, South West Asia and Brazil enabled through its Ka-band high-throughput satellites.
- Covering over 1 billion people in high-growth, emerging markets throughout our footprint across 45 countries.
- Affordable broadband solutions to consumers, enterprises, Mobile Network Operators and governments.
- Flexible go-to-market model through a comprehensive network of over 75 in-market service providers.
Infrastructure
Yahsat provides critical Ka band capacity leasing on its AY1 and AY2 satellites and L-band capacity on its T4-NGS satellite (to commence operations in 2025) under long term contracts to the UAE Government. Additionally, it provides C-band capacity leasing on its AY1 satellite to government and enterprise customers, which is marketed by Managed Solutions and Data Solutions respectively.
Managed solutions
- Secure end-to-end managed solutions for satellite communications, including design, consultancy, implementation, operations & maintenance. (O&M) and technology management.
- Bespoke turnkey SatCom platforms.
- Defence, government and mission-critical applications for land, sea, and air.
Mobility solutions
- Coverage in 150+ countries, reaching over 2/3 of world’s population across EMEA, Asia and Australasia.
- Serving a variety of sectors including government, consumer, enterprise and NGO, on land, at sea and in the air.
- 390+ roaming agreements globally.
- Addressing the high-growth direct-to-user mobile satellite solutions sector.
- Broad portfolio of solutions with next generation platforms being rolled out to accelerate growth across several sectors including IoT, and maritime.
Data solutions
- Leading satellite internet broadband provider across Africa, Middle East, South West Asia and Brazil enabled through its Ka-band high-throughput satellites.
- Covering over 1 billion people in high-growth, emerging markets throughout our footprint across 45 countries.
- Affordable broadband solutions to consumers, enterprises, Mobile Network Operators and governments.
- Flexible go-to-market model through a comprehensive network of over 75 in-market service providers.
Case studies
Sustainability
Sustainability at Yahsat
To support Yahsat in becoming a purpose led organisation and recognised global leader in advancing sustainable development, Yahsat has made considerable progress towards institutionalising sustainability throughout its corporate culture and decision-making process.
We are committed to operating with integrity and maintaining the highest professional and ethical standards in every aspect of our business. Through our established and evolving governance structures, we aim to ensure all of our operational activities are performing as intended, including complying with local and international regulations, improving business performance, and ensuring stakeholder interests continue to be met.
We are committed to operating with integrity and maintaining the highest professional and ethical standards in every aspect of our business. Through our established and evolving governance structures, we aim to ensure all of our operational activities are performing as intended, including complying with local and international regulations, improving business performance, and ensuring stakeholder interests continue to be met.
We know that our achievements at Yahsat are fundamentally built upon the cumulative abilities and attitudes of our workforce. We are committed to empowering our employees to succeed and to become role models in their communities. A key objective is to attract and retain highly talented employees while simultaneously promoting Emiratisation. By building a diverse, egalitarian and safe working environment, we strive to maximise employee well-being.
We are committed to reducing adverse environmental impacts stemming from Yahsat’s operational activities. Through reductions in our energy consumption and the exploration of incorporating renewable energy sources where possible, we are working hard to reduce our total carbon emissions. We are also seeking to reduce our resource consumption and increase material resource lifespans wherever possible.
Business partnerships continue to be a crucial component of Yahsat’s success. By prudently forming mutually beneficial partnerships, we strive to ensure all stakeholder concerns and associated risks are sufficiently addressed and monitored, as well as contributing towards national space ambitions.
We are committed to operating with integrity and maintaining the highest professional and ethical standards in every aspect of our business. Through our established and evolving governance structures, we aim to ensure all of our operational activities are performing as intended, including complying with local and international regulations, improving business performance, and ensuring stakeholder interests continue to be met.
We are committed to operating with integrity and maintaining the highest professional and ethical standards in every aspect of our business. Through our established and evolving governance structures, we aim to ensure all of our operational activities are performing as intended, including complying with local and international regulations, improving business performance, and ensuring stakeholder interests continue to be met.
We know that our achievements at Yahsat are fundamentally built upon the cumulative abilities and attitudes of our workforce. We are committed to empowering our employees to succeed and to become role models in their communities. A key objective is to attract and retain highly talented employees while simultaneously promoting Emiratisation. By building a diverse, egalitarian and safe working environment, we strive to maximise employee well-being.
We are committed to reducing adverse environmental impacts stemming from Yahsat’s operational activities. Through reductions in our energy consumption and the exploration of incorporating renewable energy sources where possible, we are working hard to reduce our total carbon emissions. We are also seeking to reduce our resource consumption and increase material resource lifespans wherever possible.
Business partnerships continue to be a crucial component of Yahsat’s success. By prudently forming mutually beneficial partnerships, we strive to ensure all stakeholder concerns and associated risks are sufficiently addressed and monitored, as well as contributing towards national space ambitions.
