DUBAI (Reuters) - Al Yah Satellite Communications Company (Yahsat) has held the kick-off meeting with banks for a potential initial public offering, two sources familiar with the matter told Reuters. Yahsat, backed by Abu Dhabi state fund Mubadala Investment Co, has five satellites that serve more than 150 countries, information on its website shows. It also owns United Arab Emirates satellite phone operator Thuraya. Mubadala said in an email it does not comment on speculation and that in line with potential market opportunities, the fund may “choose to monetise certain assets at the right time”. Yahsat did not immediately respond to a request for comment. Yahsat last month named Ali Al Hashemi as its chief executive. Hashemi, who will take over the new post in April, is currently CEO of Thuraya. Mubadala’s chief executive Khaldoon al-Mubarak said in 2019 that the fund had an interest in encouraging initial public offerings in the UAE’s market and it has companies that could be listed locally. Gulf states have been seeking to extract value from their assets as the region seeks to diversify sources of cash. Abu Dhabi’s oil company ADNOC completed infrastructure deals over the last two years which raised billions of dollars by leasing its oil and gas pipeline assets to investors.