Abu Dhabi - Mubasher: The board of Al Yah Satellite Communications Company (Yahsat) has approved the entry into a shareholder agreement with the UAE-based Tawazun Holding Company to establish a joint venture capital.
The agreement will be signed by one of Yahsat's wholly-owned subsidiaries, according to a press release on Tuesday.
Tawazun's businesses focus on the procurements and contracts of the UAE Armed Forces and Abu Dhabi Police across the administrative, technical, contractual, legal, and financial aspects, as shown by the company's website.
It is noteworthy to mention that during the first nine months of 2021, Yahsat's net profits declined to $43.296 million, compared to $51.75 million in the same nine months of 2020.
