Telecoms Space42 bags $5bn contract from UAE government By Pramod Kumar December 17, 2024, 10:27 AM Airbus Rendering of Yahsat's Al Yah 4 and Al Yah 5 satellites. Space42 will receive AED3.7bn in advanced payments to construct both the satellites Space42, a global space technology company based in Abu Dhabi, has signed an AED18.7 billion ($5.1 billion) contract with the UAE government to provide critical, secure satellite communication services for an additional 17 years beyond 2026 until 2043. Under the contract, the Abu Dhabi-listed company, a subsidiary of UAE company G42, will provide satellite capacity and related managed services with the existing Al Yah 1 and Al Yah 2 satellites in orbit. This will be supplemented by two new advanced satellites, Al Yah 4 and 5, which are expected to launch in 2027 and 2028, respectively. The contract will replace the capacity services agreement and managed services mandate, which ends in November and December 2026, respectively. The new deal combines related operations, maintenance, and technology management services of ground segment satellite systems and terminals currently provided under a separate agreement. Space42 will receive AED3.7 billion in advanced payments to construct the Al Yah 4 and 5 satellites. These new satellites will provide secure governmental communications across the Middle East, Africa, Europe and Asia. UAE and Mitsubishi sign agreement for asteroid belt mission US clears export of advanced AI chips to UAE New UAE space company to develop 50 satellites per year Space42 recently contracted Europe’s Airbus to construct the satellites and has selected Elon Musk’s SpaceX to launch them into orbit using the Falcon 9 rocket launch vehicle. The cost of the Al Yah 4 and 5 development programme, including spacecraft, ground segment infrastructure, launch, and insurance, will be AED3.9 billion. The company’s AED26 billion backlog of contracted revenues is equivalent to 10 times the last 12-month revenues as of September 30, 2024, providing long-term visibility of future cash flows up to 2043.
Mining Brazil and UAE sign minerals exploration deal The UAE and Brazil have signed an agreement potentially worth billions of dollars to invest in the search for minerals that are essential to the green energy transition. The memorandum of understanding aims to promote exploration for and development of “strategic” minerals, in a partnership that could reach R$15 billion ($2.45 billion) in investments, Brazil’s […] 4 hours ago
Energy Turkey needs $80bn for energy transition, says minister Turkey needs $80 billion to meet growing energy demand, which has tripled in the last two decades, the energy minister said on Monday. “We need to attract capital into our energy markets. We need to find new business solutions,” Alparslan Bayraktar said at the International Renewable Energy Agency assembly in Abu Dhabi, adding that the […] 4 hours ago
Construction Turkey to build low-cost housing to ease rent pressures Turkey has unveiled a new scheme to provide affordable homes for low-income earners and first-time buyers aimed at easing inflationary pressures generated by rising rents and helping to support the housing sector. Vice president Cevdet Yılmaz announced on Friday that state housing agency TOKİ would be overseeing the new low-cost housing programme, with work to […] 3 hours ago
Trade Jordan and Qatar trade volume rises 6% in 2024 Trade between Jordan and Qatar increased by 6 percent year on year in 2024 amid growing economic ties. The total volume reached QR910 million ($250 million), up from QR860 million in 2023, the state-run Petra news agency reported, citing data released by Qatar’s planning and statistics authority. Jordan’s exports to the Gulf state include consumer and […] 2 hours ago
