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Yahsat Plans to Proceed with IPO Listing

A photo of a Yahsat satellite. (Yahsat)
A photo of a Yahsat satellite. (Yahsat)
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Yahsat Plans to Proceed with IPO Listing

A photo of a Yahsat satellite. (Yahsat)
A photo of a Yahsat satellite. (Yahsat)

Yahsat announced plans to proceed with an IPO to list and trade its shares on Abu Dhabi Securities Exchange (ADX).

The IPO will take place in the third quarter of this year, subject to regulatory approval.

“In line with our mandate to drive technological transformation and economic diversification of the UAE, we strive to develop a world-class innovation and technology-driven ecosystem that attracts investment into Abu Dhabi and the UAE more broadly,” said Musabbeh Al Kaabi, chief executive of UAE Investments at Mubadala and chairman of Yahsat.

“We believe the listing of Yahsat on Abu Dhabi’s Stock Exchange further reiterates our role in contributing to the growth of the UAE economy,” Kaabi added.

The announcement marks an “important milestone in Yahsat’s journey as we continue to build on our strong national and international partnerships and invest in new technology to drive future growth”, Chief Executive Ali Al Hashemi said.

“We believe we have established a strong and proven operational and financial track record over the years and look forward to welcoming new investors to participate in Yahsat’s growth story,” he added.

With operations in more than 150 countries spanning five continents, Yahsat was established in the UAE in 2007 to meet the growing demand for satcom services by providing a secure and reliable means of global connectivity.

The IPO is scheduled to be offered in two tranches, including individual subscribers and investors in the UAE, and the second tranche that includes companies and institutions. The IPO and subsequent listing are currently expected to take place in the third quarter of 2021, subject to market conditions and obtaining relevant regulatory approvals.

First Abu Dhabi Bank PJSC, Merrill Lynch International and Morgan Stanley & Co. International plc have been appointed as Joint Global Coordinators.

Abu Dhabi Commercial Bank PJSC, EFG Hermes UAE Limited and HSBC Bank Middle East Limited have been appointed as Joint Bookrunners.

First Abu Dhabi Bank PJSC has been appointed as the lead receiving bank and Abu Dhabi Commercial Bank PJSC has been appointed as a receiving bank.

The IPO has been declared Sharia-compliant by the Internal Sharia Supervision Committee of HSBC Bank Middle East Limited.

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Yemen Minister: We Aim to Invest in Lithium Reserves for Renewable Energy

Yemeni Oil and Minerals Minister Saeed Al-Shammasi
Yemeni Oil and Minerals Minister Saeed Al-Shammasi
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Yemen Minister: We Aim to Invest in Lithium Reserves for Renewable Energy

Yemeni Oil and Minerals Minister Saeed Al-Shammasi
Yemeni Oil and Minerals Minister Saeed Al-Shammasi

Yemen has reserves of lithium, a key mineral for battery and electric vehicle production, according to preliminary studies, Oil and Minerals Minister Saeed Al-Shammasi said.

The findings underscore the urgent need for investment and infrastructure development.

Speaking to Asharq Al-Awsat on the sidelines of the Fourth International Ministerial Meeting at the International Mining Conference in Riyadh on Tuesday, Al-Shammasi revealed that the initial studies identified lithium reserves, a critical component in the production of batteries and solar panels.

“We also have copper reserves, but they require significant investment and infrastructure development,” he added.

Al-Shammasi said he met with Saudi Industry and Mineral Resources Minister Bandar Alkhorayef to explore collaboration opportunities with investors in the Kingdom.

He also announced a forthcoming meeting with the head of Saudi Arabia’s Chamber of Commerce and Industry to discuss joint projects.

“Recently, a Saudi-Yemeni Business Council was established to support the creation of joint ventures across various sectors,” he noted.

Al-Shammasi also highlighted the importance of the event, which builds on discussions from its previous edition. He said three new initiatives were introduced, focusing on investment in critical minerals essential for energy industries.

“These minerals will play a major role in the global energy landscape over the next 50 years, as countries seek to reduce dependence on oil,” Al-Shammasi said, emphasizing the need for investments and supportive legislation from resource-rich nations.

He stressed the importance of advanced technologies in modern mining and praised Saudi Arabia’s efforts, including the establishment of new research centers in the field.

Al-Shammasi further noted that the mining industry is helping reduce environmental pollution by leveraging alternative energy sources and critical minerals, aligning with the global shift away from traditional raw materials in sectors such as battery production and electric vehicles.