UAE Satellite Firm Seeks $1.2b In Funds

  • Middle East Newsline
  • May 23, 2008
ABU DHABI [MENL] -- The United Arab Emirates has sought funding for its
dual-use satellite program.
The state-owned Al Yah Satellite Communications Co. intends to raise
$1.2 billion to finance the launching of military and dual-use satellites
into space. Executives said Al Yah would seek $1 billion in loans as well as
another $185 million in standby and debt service funds for repayment over
the next 14 years.
"We are confident the financial markets will positively embrace our call
for financing, particularly considering the robust growth and demand for
satellite services in the region," Al Yah chief executive officer Jassem
Mohammed Al Zaabi said.
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