{"id":93437,"date":"2024-07-02T00:00:00","date_gmt":"2024-07-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/yahsat-to-launch-its-aed-3-9-bn-satellites-through-musks-spacex\/"},"modified":"2024-07-02T00:00:00","modified_gmt":"2024-07-02T00:00:00","slug":"yahsat-to-launch-its-aed-3-9-bn-satellites-through-musks-spacex","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/07\/02\/yahsat-to-launch-its-aed-3-9-bn-satellites-through-musks-spacex\/","title":{"rendered":"Yahsat to launch its AED 3.9 bn satellites through Musk\u2019s SpaceX"},"content":{"rendered":"

SPACE- <\/p>\n

Yahsat\u2019s AED 3.9 bn satellites to launch aboard SpaceX rocket:<\/strong> Abu Dhabi\u2019s Al Yah<\/a>Satellite Communications Company (Yahsat)<\/a> has tapped SpaceX for the launch of its two new AED 3.9 bn satellites, Al Yah 4 and Al Yah 5, a statement (pdf)<\/a> reads. Scheduled for launch in 2027 and 2028, the satellites will be sent into space on the US company\u2019s Falcon 9 rocket.<\/p>\n

REFRESHER- <\/strong>Yahsat awarded Airbus Defence & Space a AED 3.9 bn contract last month<\/a> to build the two new satellites. The satellites will replace the currently operational Al Yah 1 and Al Yah 2.<\/p>\n

INVESTMENT-<\/p>\n

Axa IM Alts opens its first MENA branch in Abu Dhabi: <\/strong>Axa IM Alts<\/a>, the alternative investments division of France\u2019s Axa Investment Managers (AXA IM)<\/a> and a subsidiary of Axa, opened its first office in the MENA region in the Abu Dhabi Global Market, according to a statement<\/a>. The office will focus on raising capital for Axa\u2019s private and alternative asset portfolios. The firm has USD 200 bn in assets under management. <\/p>\n

The firm tapped Ammar Bukhamsin<\/strong> (LinkedIn<\/a>) as co-head of the MENA client group<\/strong> and senior executive officer<\/strong>, and promoted Fran\u00e7ois Boissin <\/strong>(LinkedIn<\/a>) to co-head.<\/p>\n

EDUCATION- <\/p>\n

#1- Taaleem to operate Harrow schools in the GCC: <\/strong>UAE-based Education provider Taaleem<\/a><\/a> acquired exclusive rights to own and operate the Harrow International School<\/a> brand in the UAE, Saudi Arabia, Bahrain, Oman, Qatar, and Kuwait under an agreement it signed with the UK boarding school, according to a DFM disclosure (pdf)<\/a>.<\/p>\n

#2- UK Reigate Grammar school is coming to Sharjah: <\/strong>Sharjah-based developer Arada<\/a>Developments<\/a> signed an agreement with investment firm Bright Capital Investment<\/a> to build a school campus for the UK\u2019s Reigate Grammar School<\/a> \u2014 the first in the Emirates \u2014 at its AED 9.5 bn<\/a> woodland megaproject Masaar, according to a statement<\/a> from Arada. The school is slated for launch in 2027 and will have a capacity for 2.7k students. Reigate Grammar Schools are currently operating in Saudi Arabia, China, and Vietnam.<\/p>\n

AVIATION- <\/p>\n

#1- Flydubai is adding new non-stop flights to two destinations in Iran, <\/strong>with the budget carrier introducing four weekly flights to Kish Island, starting 7 September, and two weekly flights to Kerman, from 9 September, it said in a statement<\/a>.<\/p>\n

#2- Emirates to start flying newly refurbished Boeing 777 jets in August: <\/strong>Emirates will fly its newly refurbished Boeing 777 jets on routes to Geneva starting 11 August, Tokyo Haneda from 1 September, and Brussels, starting 11 September, Wam<\/a> reports. The upgraded aircraft will see the introduction of more premium economy and business class seats. A total of 81 jets of the same model will be refurbished as part of a revamping program by the airline.<\/p>\n

MANUFACTURING-<\/p>\n

Eaton to build a sustainable production facility in Jafza:<\/strong> Irish power management company Eaton<\/a> signed an agreement with Jebel Ali Freezone (Jafza) to build a sustainable manufacturing facility for advanced electrical components used in transmitting power in data centers, buildings, and solar energy plants, among others, Wam<\/a> reports. The company will also build an R&D center, with construction scheduled to kick off next year and wrap up in 2026.<\/p>\n

STARTUPS-<\/p>\n

#1- <\/strong>e& will<\/strong> provide tailored telecom services and products to UAE-based startups and <\/strong>entrepreneurs <\/strong>as part of a partnership with Khalifa Fund for Enterprise Development, aimed at supporting the UAE\u2019s startup ecosystem, according to an Abu Dhabi Media office statement<\/a>. The initiative will be offered to Khalifa Fund members through a designated online platform. <\/p>\n

#2- Indian beauty retailer Purplle closed a USD 120 mn funding round led by the Abu <\/strong>Dhabi Investment Authority<\/strong> (Adia), with the possibility of another tranche coming up, the Economic Times<\/a> reports. Around 70% of this amount was used to buy shares of early investors, including IvyCap, Blume Ventures, and Mumbai Angels. Additionally, 85 Purplle employees liquidated some of their shares through buyback programs. The remaining funds were invested as primary capital for the company's growth.<\/p>\n

Background:<\/strong> We first heard of the funding round in mid-June<\/a>. <\/p>\n

TECH-<\/p>\n

G42 data analytics subsidiary Presight and US-based AI company <\/strong>Wand AI<\/a><\/strong> partnered <\/strong>to develop and deploy an advanced generative AI platform<\/strong>, which integrates into existing systems to create AI assistants for various industries, including finance, retail, real estate, construction, and legal sectors, according to two separate statements (here, pdf<\/a>, and here<\/a>).<\/p>\n

TRADE-<\/p>\n

Abu Dhabi Chamber of Commerce and ADEX partner to boost exports and support <\/strong>SMEs:<\/strong> The Abu Dhabi Chamber of Commerce and Industry and the Abu Dhabi Exports Office (ADEX) inked a cooperation agreement to boost national export rates and support investors in accessing global markets, according to a statement<\/a>. Under the agreement, both parties will collaborate to evaluate financing requests from investors and companies, provide funding and guarantees to foreign importers of Emirati goods and services, and organize training programs and events to promote ADEX's services and enhance local companies' competitiveness. <\/p>\n

INS.-<\/p>\n

Africa Specialty Risks sets up shop in DIFC: <\/strong>Africa Specialty Risks (ASR), a reins. group focusing on pan-African and Middle East markets, will open its first office in the region in Dubai International Financial Centre (DIFC) in Dubai, according to a press release<\/a>. ASR Middle East will offer a range of corporate and specialty ins. services across ASR\u2019s nine business lines, catering to corporates and investors in the region. The new office will be headed by ASR\u2019s head of political violence and terrorism of Africa specialty risks, Zouheb Azam (LinkedIn<\/a>), who will serve as senior executive officer. <\/p>\n

ENERGY-<\/p>\n

AIQ and Halliburton partner on advanced AI energy solutions:<\/strong> AIQ, Adnoc\u2019s AI joint venture with G42, will offer its RoboWell autonomous well control (AWC) solution on Halliburton\u2019s Landmark iEnergy hybrid cloud platform under a new agreement, a press release<\/a> reads. <\/p>\n

What\u2019s RoboWell?<\/strong> The solution helps boost production efficiency for gas lifted wells by up to 30%. <\/p>\n","protected":false},"excerpt":{"rendered":"

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