Ahmad Abdulkarim Julfar, CEO of UAE-based telco Etisalat, has been appointed chairman of local MSS operator Thuraya.
Julfar was elected during a meeting on 1 November to replace Mohammad Hassan Omran, who is retiring.
At the same meeting, Thuraya…
Ahmad Abdulkarim Julfar, CEO of UAE-based telco Etisalat, has been appointed chairman of local MSS operator Thuraya.
Julfar was elected during a meeting on 1 November to replace Mohammad Hassan Omran, who is retiring.
At the same meeting, Thuraya announced the appointment of Daniel Ritz, Etisalat’s chief strategy and M&A officer, to its board of directors.
According to Thuraya CEO Samer Halawi, Julfar’s telecoms experience will play a key role in supporting his group’s growth aspirations.
“We are also pleased to have Dr. Ritz join our board given his vast experience with strategy and business experience, especially at this time when we are looking at the next phase of development for the company,” said Halawi.
In an interview with SatelliteFinance in September, Halawi said the company had launched a major review of its business model to capture growth in the next five to 10 years.
He said the review, which follows a US$47m debt restructuring, could lead to plans for a third satellite, a new spacecraft constellation, or even the adoption of different frequency bands.
It also comes as the company records growing revenues in 2012 after five years of consecutive decline, which Halawi attributed to an overreliance on voice services, as well as delays to launch a satellite and certain products.
Etisalat has itself undergone a rapid expansion in Africa and the Middle East in recent years, although its acquisitions have since appeared to slow down as it focuses on core markets.
The telco is Thuraya’s largest shareholder with a 28% stake. Other shareholders include Abu Dhabi Investment Company, Arabsat, Q-Tel, Boeing; and US private equity funds including Third Point, Jefferies, Alden Global and Perry Partners.
