Thuraya Looks at Raising Equity to Fnance Projects
The UAE’s satellite telecom company, Thuraya, is looking at raising equity as one option in financing its medium-term projects.
“The company is also considering debt finance or creating a separate company to oversee our push into the Asian markets,” said Jamal Al Jarwan, executive manager for business development.
“In fact, the feasibility of setting up Thuraya Asia is under study by experts in the company.
“Nothing has been finalised, but we should have something in place in due course.”
The official added that delivery of the third satellite, now under construction in the US by Boeing Satellite Systems, should take place by next June. But no decision has been taken on when it will be launched into orbit.
Thuraya has two satellites in space which extend its coverage to over 100 countries.
In the medium term there are plans to add Ethiopia and the Democratic Republic of Congo to its network, said Al Jarwan.
Europe already represents a major market, helped by good demand from business travellers and multinationals with operations in Africa and South Asia.
To consolidate its recent gains, Thuraya has ventured into the voice-based communications market for the maritime sector. Pilot tests were conducted in the Atlantic Ocean and on sea routes from the Gulf to the subcontinent and key Arab ports.
The initial response has been described as extremely favourable.
Orders for the production of the terminals have been placed with South Korean and Danish companies. The initial order is for 2,000 terminals, which will be raised by another 3,000 in the first six months.
Another contract with a Turkish vendor for the terminals is under negotiation.
Also, four service pro-viders for Thuraya’s maritime solutions have been appointed, with another four in the wings.
“We are targeting a segment of the maritime industry which has not been addressed by the competition,” said Al Jarwan.
“Our solution is for relatively short-distance vessels and sectors such as yachting. This is not for deep-sea vessels.”
Thuraya’s coverage area includes the Red Sea, Mediterranean Sea, Arabian Gulf, Arabian Sea, the Baltic and Caspian seas, Black Sea and parts of the Indian and Atlantic oceans.
Al Jarwan said the new solution would also be the cheapest within the maritime sector, though he declined to mention the price structure.
The solution is available in both post-paid and pre-paid formats.
Target markets include Dubai, Bandar Abbas, Cyprus, Morocco, Greece, Spain and the UK.
About Dubai:
About UAE:
Add us to Favorites 
Refer a Friend
