Arabsat’s revenues top $200m in 2023
March 8, 2024
By Chris Forrester
Arabsat’s CEO Alhamedi Alanezi says the satellite operator’s revenues for last year exceeded $200 million (€182.9m). Alanezi said that the company’s expansion plans could be funded from its own resources without the need to raise debt.
Arabsat also announced that it has signed a MoU with Canada-based Telesat. The partnership aims to leverage Arabsat’s expertise as a leading MENA satellite provider, while identifying mutually beneficial areas of collaboration and long-term purchase opportunities. The agreement covers Telesat’s Lightspeed low Earth orbiting fleet, now under construction.
Arabsat itself is in the process of launching three new satellites in the near future. Badr-7 is in the manufacturing phase and is expected to be ready by the end of 2026 or early 2027. Badr-9 is expected to be ready by 2028, in addition to another satellite in partnership with HellasSat is expected to be launched within three years.
The company owns 10 operational satellites, in addition to two satellites under manufacture, the CEO said, noting that Arabsat has ambitious plans to expand in Africa and Asia, where it is building new stations through commercial alliances.
Alanezi added that Saudi Arabia is witnessing the second phase of communications industry development, which includes developing the 5G networks and the sector’s infrastructure. He underlined the need to focus on developing the satellite and communications infrastructure.