- Yahsat aims to integrate the UNGC’s Ten Principles into its operations to promote fair and responsible business practices
- This move is in line with both the UN’s sustainability vision and the UAE’s commitment to meeting the global sustainable development goals
Abu Dhabi: Al Yah Satellite Communications Company PJSC (ADX: YAHSAT), the UAE’s flagship satellite solutions provider, today announced that it has joined the world’s largest corporate sustainability initiative, the United Nations Global Compact (UNGC). As an official member, Yahsat will integrate the ten core UNGC principles into its business operations, encompassing human rights, labour, environmental stewardship and anti-corruption measures.
Yahsat will incorporate these principles into every facet of its sustainability and Environmental, Social, and Governance (ESG) strategy so that it is rigorously adopted throughout its entire operations. The company also plans to play an active role in a variety of collaborative projects that will advance the sustainability vision of both the United Nations and the United Arab Emirates, with a particular focus on the Sustainable Development Goals (SDGs).
Ali Al Hashemi, Yahsat Group Chief Executive Officer, said: “Yahsat is extremely proud to be the first UAE space technology company to join the United Nations Global Compact and incorporate its ten principles into Yahsat’s core business. This reflects our unwavering commitment to transparency and accountability for all our actions that impact people and the planet. Yahsat already has a proven track record of strong ethical governance practices, making it an ideal UNGC member, which is focused on building a sustainable future for us all”.
As an official UNGC member, Yahsat will annually issue “Communication on Progress” of implementation of the UNGC’s Ten Principles.
About Yahsat:
Al Yah Satellite Communications Company PJSC (Yahsat) is a public company listed on the Abu Dhabi Securities Exchange (ADX) and a subsidiary of Mubadala Investment Company PJSC, offering multi-mission satellite services in more than 150 countries across Europe, the Middle East, Africa, South America, Asia and Australasia.
Yahsat’s fleet of 5 satellites reaches more than 80% of the world’s population, enabling critical communications including broadband, broadcasting, backhauling and mobility solutions. Based out of Abu Dhabi in the UAE, Yahsat provides C, Ku, Ka and L-band satellite communications solutions for land, maritime and aero platforms to consumers, governments and enterprises. Its businesses consist of Yahsat Government Solutions, Thuraya, YahClick (powered by Hughes) and YahLink. Yahsat also participates in Hughes do Brasil, an equity partnership with Hughes, and Yahlive, an equity partnership with SES. In 2020, Yahsat commenced construction of Thuraya 4-NGS, the next-generation telecommunications system for Thuraya, which is scheduled for launch in H1 2024 and expected to commence services in H1 2025.
For more information, visit: www.yahsat.com; Follow us on Twitter: @YahsatOfficial
Legal Notice and Cautionary statement regarding forward-looking information
This announcement includes forward-looking statements, which are based on current expectations and projections about future events. These statements may include, without limitation, words such as “expect”, “will”, “looking ahead” and any other words and terms of similar meaning. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and its investments, and speak only as at the date of this announcement. Forward-looking statements are based on assumptions of future events and information currently available to the Company which may not prove to be accurate and the Company does not accept any responsibility for the accuracy or fairness thereof and expressly disclaims any obligation to update any such forward looking statement. No representation or warranty is made that any forward-looking statement will come to pass. You are therefore cautioned not to place any undue reliance on forward-looking statements. For further information regarding forward-looking statements, and the factors that may cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements please refer to our Annual Report for 2021, which is available on our website at https://www.yahsat.com/Reports/2022/index.html
The amount and payment of dividends by the Group is subject to consideration by the Board of Directors of the cash management requirements of the Group for operating expenses, interest expense, and anticipated capital expenditures, and market conditions, the then current operating environment in its markets, and the Board of Directors’ outlook for the business of the Company. In addition, any level or payment of dividends will depend on, among other things, future profits and the business plan of the Company, as determined at the discretion of the Board of Directors.
Neither this announcement nor anything contained herein constitutes a financial promotion, or an invitation or inducement to acquire or sell securities in any jurisdiction.
For investor enquiries, please contact: ir@yahsat.ae
For media enquiries, please contact: corporatecomms@yahsat.ae; yahsat@hkstrategies.com
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