The initial public offering (IPO) of Yahsat, the satellite company of Abu Dhabi state investor Mubadala, is set to raise Dhs2.68 billion ($730 million) after the deal was priced around the middle of an indicative price range.
Al Yah Satellite Communications Co (Yahsat) priced its IPO at Dhs2.75, against an earlier indicative price range of 2.55-3.05 dirhams a share, it said in a statement.
This is the first major IPO on the Abu Dhabi bourse since Abu Dhabi National Oil Co Distribution was listed in 2017. Mubadala is selling a 40 per cent stake in the deal, giving Yahsat a market capitalisation of Dhs6.7 billion.
The Emirates Investment Authority has exercised its preferential right to subscribe 5 per cent of the final offer size.
The deal garnered strong demand for the IPO at the middle of the indicative price range, Reuters reported on Thursday, citing three sources familiar with the deal.
Yahsat, which was set up in 2007, is one of the largest providers of satellite communications services in the world in terms of annual revenues, Mubadala has previously said. It also owns satellite phone operator Thuraya.
Meanwhile, Oracle has announced that Tourism Development Fund (TDF) has completed a major Oracle Cloud implementation supporting the organization’s objective in enabling investors and drive the development of Saudi’s tourism sector
With a capital of $4 billion, TDF aims to be the key enabler of tourism development in the Kingdom. By providing financing solutions for investors, TDF aims to drive the development of distinguished tourism projects in various regions of the Kingdom, thereby accelerating the National Tourism Strategy’s goal of raising the tourism sector’s contribution from 3% to 10% by 2030 and creating 1 million new jobs by 2030.
The implementation, which spans Oracle Software as a Service (SaaS), Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) cloud solutions, is designed to drive automation and integration of TDF’s core functions including core banking, finance, human resources and procurement.
By implementing a “Cloud First” strategy, TDF is driving data integration and unified business processes across its core functions, resulting in a number of benefits such as increased productivity, reduced costs, and improved controls. Streamlined operations and enhanced connectivity will better position TDF to enable the investors driving the development of Saudi’s tourism sector.
Yasser Alkhathlan, Executive Director Business Technology of TDF, said: “The Oracle Cloud implementation is key to our success, enabling us to respond quickly and transparently to businesses that operate in the tourism ecosystem. The integration and automation of core business functions also allows us to scale our operations quickly and securely, introduce innovative solutions to support tourism sector SMEs, and monitor the performance of our fund in real time. We are now also running a pilot project with Oracle to explore the implementation of Artificial Intelligence capabilities to drive further automation and deliver an unmatched customer and employee experience.”
He continued: “We also have confidence in Oracle’s services given that their next generation cloud region is in Jeddah, and that Oracle is also a certified Level 1 cloud provider, as defined by the Communications and Information Technology Commission (CITC) in Saudi Arabia. Since its cloud solutions are hosted in the country, they are aligned with the Kingdom’s Cloud Computing Regulatory Framework (CCRF) and compliant with the National Cybersecurity Authority (NCA) security models.”
The Oracle Cloud implementation includes the migration of core IT systems to Oracle Cloud Infrastructure and the implementation of Oracle Fusion Cloud Enterprise Resource Planning (ERP), Oracle Fusion Cloud Enterprise Performance Management (EPM), Oracle Fusion Cloud Human Capital Management (HCM). Oracle Fusion Cloud Customer Experience (CX) and Oracle Integration Cloud.
Fahad Al Turief, Managing Director – Oracle Saudi Arabia and Vice President – Cloud, Saudi Arabia and LEENA markets, said: “With this end-to-end implementation, TDF is realizing all the benefits of cloud including lower total cost of ownership, improved agility and secure performance, access to upgrades, and the ability to continuously innovate. TDF is a true catalyst for Saudi Arabia’s tourism sector and with this initiative, the organization now has access to a connected business platform that will result in further enhanced operations.”
Oracle offers suites of integrated applications plus secure, autonomous infrastructure in the Oracle Cloud.
