Yahsat Announces New Board Appointments and Chief Executive Officer

ABU DHABI, UAE, Feb. 9, 2021 /PRNewswire/ -- Al Yah Satellite Communications Company (Yahsat) has announced the appointment of three new members to its Board of Directors. Musabbeh Al Kaabi, CEO of the UAE Investments platform at Mubadala Investment Company PJSC (Mubadala), will assume the position of Chairman of the Board, and Badr Al Olama, Executive Director of the UAE Clusters unit within Mubadala's UAE Investments platform, will join as a Board member.

Musabbeh Al Kaabi, Chairman of Yahsat

Masood Sharif Mahmood will also join the Board of Directors, stepping down from his current role as CEO of Yahsat Group with effect from 18^th April, after nearly 9 years in the role. Ali Al Hashemi, the current CEO of Thuraya Telecommunications Company and the General Manager of Yahsat Government Solutions, will take over as the new Chief Executive Officer of Yahsat Group from 18^th April, 2021.

New Board Members

Commenting on the announcement, Musabbeh Al Kaabi said, "Today's change is testament to Yahsat's dedication to strengthen the company's position as a robust market leader and globally recognized ICT champion and its effective succession planning to build talent suitably placed to drive the future growth of the company."

Through his role in Mubadala, Musabbeh Al Kaabi oversees the portfolio that supports the UAE's continued acceleration and transformation by investing in national champions, fostering vibrant industrial and commercial clusters, and partnering with world-class global entities. Musabbeh is also a member of Mubadala's Investment Committee, playing a strategic role advising on all major investment decisions related to all of Mubadala's sectors and businesses.

Badr Al Olama's addition to the Board brings a wealth of expertise through his capacity as an Executive Director of the UAE Clusters unit within UAE Investments Platform in Mubadala, overseeing a diverse portfolio of assets in multiple sectors including technology, aerospace and healthcare, as well as incubating new sectors to further diversify the UAE's economy such as clean energy and life sciences.

Masood Sharif Mahmood's appointment to the Board will ensure that the Group will continue to benefit from his extensive experience and longstanding leadership in the satellite industry and his role as a senior stakeholder in several UAE and international entities. Through this role, Masood will work closely with the management team to ensure a seamless transition and to support the Group in furthering its strategic objectives as it embarks on the next stage of growth and development.

Commenting on his appointment to the Board, Masood Sharif Mahmood said: "I am honoured to be able to continue to actively support the company as a member of the Board, and am confident that Yahsat will continue its significant contributions to the UAE space sector and economy, and further strengthen its place as a global leader in the satellite industry."

CEO Succession

Ali Al Hashemi's appointment as the new CEO of the Yahsat Group is a direct result of Yahsat's deep long-term succession planning initiatives and will ensure that the company maintains its momentum on the strategic vision and objectives that have been at the heart of Yahsat's transformational journey, making it one of the top eight operators in the world in just ten years of operation.

Al Hashemi brings a wealth of satellite knowledge and industry experience to the role, currently occupying the dual role of General Manager of Yahsat Government Solutions services and CEO of Thuraya Telecommunications Company, the mobile satellite services subsidiary of Yahsat. Applying his background in Mechanical Engineering and his MBA in Business from London Business School, he has overseen a significant and sustained period of growth in the Government Services division of Yahsat, securing several key long-term contracts with the UAE Government and UAE Armed Forces to cement Yahsat's position as the trusted and preferred partner for the nation's satellite solutions. In his role as CEO of Thuraya, he has successfully turned around the company within 2 years and, with the recently announced construction of Thuraya 4-NGS, the next generation satellite system, the Group's products and solutions portfolio will be greatly enhanced for both government and commercial customers, reinforcing its position as a leader in the mobile satellite solutions industry.