DUBAI: Mubadala plans to IPO its satellite unit in Abu Dhabi as the UAE capital seeks to bolster its bourse.
Musabbeh Al-Kaabi, the CEO of Mubadala's UAE investments platform, told Bloomberg TV the planned share sale was part of a broader push to diversify the emirate’s economy as well as its stock exchange.
He did not disclose a valuation range for the IPO. However Reuters earlier reported it could raise more $500 million, citing three sources.
Al Yah Satellite Communications Company (Yahsat) operates five satellites which provide communications solutions to more than 150 countries.
“We think it’s the right time to crystallize value to bring local and international investors and help work with us to grow the company going forward,” said Al-Kaabi. “We are bringing a technology play to the market that will bring diversification and will position ADX as a leading market in the region.”
He also revealed plans to IPO Emirates Global Aluminium (EGA), one of the world’s biggest producers of the metal.
“Definitely it’s a candidate for an IPO in the near future,” he said. “We are currently working with advisers on the timing.”
Mubadala plans satellite unit IPO, aluminum venture may follow
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Mubadala plans satellite unit IPO, aluminum venture may follow
- Al Yah Satellite Communications Company (Yahsat) operates five satellites which provide communications solutions to more than 150 countries
DP World announces new leadership appointments
DUBAI: DP World announced the appointment of Essa Kazim as Chairman of its Board of Directors and the appointment of Yuvraj Narayan as Group Chief Executive Officer.
Essa Kazim currently serves as Governor of the Dubai International Financial Centre and Chairman of Borse Dubai. He brings extensive experience in financial and economic affairs, having previously held senior leadership positions in several national institutions.
Yuvraj Narayan has extensive professional experience in financial management, corporate finance, supply chains, and global trade. Since joining DP World in 2004, he has led a number of strategic and transformational initiatives that supported the company’s expansion across international markets and strengthened its role as an integrated global provider of end-to-end supply chain solutions.
Narayan has served as Group Chief Financial Officer since 2005, contributing to the company’s financial resilience and operational efficiency.
DP World affirmed that the new appointments support its strategy for sustainable growth and reinforce its role in strengthening global supply chains and supporting Dubai’s position as a leading hub for trade and logistics.
