Tawazun Economic Council has signed a MoU with UAE’s flagship satellite services operator, Yahsat to set up a new company that will develop critical in-country capabilities in relation to the manufacturing of advanced satcom solutions within the UAE.
The new company will also focus on building intellectual property locally for increased national security and advanced technology development.
Under the MoU, the new company will develop technologies and produce products around three main streams: Aeronautical Satcom Technologies, Satellite Modem Technologies and Enablement of other Satcom Products and Technologies.
It will leverage the significant knowledge and expertise establishment in the UAE and will be complemented by select international experts to build a global leader in this sector.
The first seed project entails the development of a protected, multi-platform satellite modem for government and defense markets in the UAE and internationally.
Yahsat will play an integral role in ensuring that the new company’s products meet the requirements of its government customers with a differentiated and targeted product strategy, enabling the UAE Government and other local and international users to address key technology development, said the statement.
It will source key product development capabilities from leading solution providers and manufacturers to lay the foundation for local production lines and integrated value chain management, it added.
The MoU was signed by Eisa Al Shamsi, Deputy General Manager of Yahsat Government Solutions, and Matar Al Romaithi, Chief Economic Development Officer for Tawazun, in the presence of Yahsat Chairman Musabbeh Al Kaabi and CEO Masood M. Sharif Mahmood in addition to Tawazun CEO Tareq Al Hosani and other officials.
Al Kaabi said: "Yahsat and Tawazun are playing a key role in accelerating the advancement of the satellite communications sector in the UAE, this collaboration is further testament to our country’s position as a global pioneer across a number of high growth sectors."
"These partnerships are vital to the diversification of the UAE’s economy, and we are committed to supporting our UAE Investments’ portfolio companies as they contribute to our nation’s sustainable growth," he added.
Al Hosani said: "At Tawazun, we seek to reaffirm Abu Dhabi’s position as a leading regional hub of strategic technologies and manufacturing. We are excited about the long-term prospects of our collaboration with Yahsat."
"In less than a decade since it launched its first satellite, Yahsat has grown to be one of the world’s leading satellite enterprises, with an enviable track record of accomplishments that are a source of pride to all Emiratis. Our collaboration stands to gain tremendously from Yahsat’s expertise and connections, spurring innovation and technology development within the UAE," he added.-TradeArabia News Service