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Yahsat Plans to List on Abu Dhabi Securities Exchange

Mubadala said that the launch of Yahsat has made a number of achievements, including attracting foreign investments to the country. (Asharq Al-Awsat)
Mubadala said that the launch of Yahsat has made a number of achievements, including attracting foreign investments to the country. (Asharq Al-Awsat)
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Yahsat Plans to List on Abu Dhabi Securities Exchange

Mubadala said that the launch of Yahsat has made a number of achievements, including attracting foreign investments to the country. (Asharq Al-Awsat)
Mubadala said that the launch of Yahsat has made a number of achievements, including attracting foreign investments to the country. (Asharq Al-Awsat)

Al Yah Satellite Communications Company on Friday announced that it has priced its initial public offering at AED2.75 ($0.7) per share.

In all, 40 percent of the company is being floated, representing 975.90 million shares.

Based on the AED2.75 a share pricing, Yahsat will have a market capitalization of around AED6.7 billion ($1.8 billion).

The Emirates Investment Authority picked up 5 percent of the final offer size.

The offering has created an opportunity for investors to participate in the growth of a leading UAE-based integrated satellite solutions services provider.

Mamoura Diversified Global Holding, a wholly owned subsidiary of Mubadala, will remain the majority shareholder with around 60 percent of Yahsat’s issued share capital.

Listing and trading on the ADX are expected to start on July 14.

“We are delighted that the offering has been met with substantial investor interest, both locally and internationally. It is a testament to the work and dedication of our team for more than a decade which has manifested in the strong business, operational and financial platform we have today," Yahsat CEO Ali Al Hashemi said in a statement.

"We are dedicated to ensuring we meet and exceed investor expectations as we continue to grow by expanding our geographical reach, while continuously innovating and driving new technologies to meet the local, regional, and global demand for reliable satellite connectivity and solutions.”

Yahsat has operations in more than 150 countries. The company was established in the UAE in 2007 to meet the growing demand for satcom services.

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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)

Egyptian Tourism Minister Sherif Fathy told Asharq Al-Awsat that he and Saudi Tourism Minister Ahmed Al-Khateeb have agreed to collaborate on several tourism initiatives.

These include joint marketing efforts, shared tourism programs, environmental protection measures, and promoting specific types of tourism in the Red Sea.

Fathy recently visited Riyadh, where he met with Al-Khateeb and engaged with Saudi business leaders. They discussed ways to promote tourism between their countries and increase visitor exchanges.

During his visit to the United Nations World Tourism Organization (UNWTO) regional office in Riyadh, Fathy stated that the office’s presence in Saudi Arabia enhances the organization’s work in the region and improves communication with other countries.

He confirmed that they plan to develop and implement the agreed initiatives in the near future.

Fathy highlighted that the Middle East is a key player in global tourism and deserves a dedicated office to support all countries in the region. This effort aims to boost collaboration and promote the Middle East as a top destination for travelers.

Tourism, National Economy: A Path to Sustainable Growth

Samer Al-Kharashi, Director of the UNWTO regional office for the Middle East, stated that the office supports 13 countries in the region, with Egypt being a key member.

He highlighted that the recent visit by Egypt’s Minister of Tourism and Antiquities, who serves as Vice President of the regional committee, creates opportunities for collaboration.

This partnership aims to boost tourism’s role in the national economy, create jobs, and promote sustainable practices that protect the environment.

Speaking to Asharq Al-Awsat, Al-Kharashi emphasized the potential for cooperation with Egypt, which has a rich tourism history and many ancient sites. He noted that the regional office has the expertise to assist member countries.

Al-Kharashi expressed optimism about the discussions, which covered various opportunities for joint projects that would benefit both Egypt and the wider region.

Strengthening Bilateral Relations

Fathy’s visit to the UNWTO regional office aims to enhance bilateral relations, as Cairo actively seeks to develop its tourism sector through international collaboration.

During their meeting, Fathy and Al-Kharashi addressed key issues facing Egypt’s tourism sector, including challenges and growth opportunities. They explored future cooperation, particularly in tourism training, improving services, and increasing investments.

Egypt ranks first in Africa, fifth in the Middle East, and 63rd globally on the Travel and Tourism Development Index.

The UNWTO regional office in Riyadh is the first of its kind outside the organization’s headquarters, dedicated to supporting member states in the Middle East.

The office focuses on promoting tourism education, improving infrastructure, and fostering sustainable tourism while preserving the region’s cultural and environmental heritage.