Al Yah Satellite Communications, better known as Yahsat, secured a contract worth Dh28.3 million ($7.7m) from the UAE government to provide satellite communications for its public platforms.
The Abu Dhabi-listed company will “design and deliver an integrated satcom system” and ground control services through its subsidiary, Yahsat Government Solutions, it said in a statement on Friday.
“This contract award serves as a testament to Yahsat’s position as the preferred partner of the UAE government,” said group chief executive Ali Al Hashemi.
"Yahsat is well poised to anticipate the ever-changing communications needs of governments, enterprises and consumers.”
The satellite operator, a unit of Mubadala Investment Company, raised about $731m from its initial public offering in July.
It sold 975.9 million shares, or 40 per cent of equity through the IPO, which was oversubscribed several times, with significant demand from both qualified institutional and retail investors in the UAE, Yahsat said at the time.
“We are pleased to continue serving our strategic partners — including the UAE government — and look forward to delivering on our ongoing commitment to provide tailored, secure and integrated satcom solutions,” Mr Al Hashemi said.
In February, Yahsat secured a contract worth Dh909.5m to provide managed services to the UAE government for its satellite communications capabilities.
The same month, it also secured a Dh24m contract from Abu Dhabi Ship Building to deliver secure satellite communication solutions.
Yahsat offers multi-mission satellite services in more than 150 countries across Africa, Asia, Australasia, Europe, the Middle East and South America.
Its fleet of five satellites reaches more than 80 per cent of the world’s population, enabling critical communications such as broadband connectivity, broadcasting and backhauling, as well as mobility solutions.
One of the major projects that Yahsat is working on is the Thuraya 4 Next Generation satellite [T4-NGS], which is scheduled to be launched next year and is set to commence commercial services in the second half of 2024.
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Ten tax points to be aware of in 2026
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If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
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Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
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Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
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There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
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Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
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Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
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