• The final version of UAE's Hope spacecraft, which launched to space on July 20. Courtesy: Dubai Media Office
    The final version of UAE's Hope spacecraft, which launched to space on July 20. Courtesy: Dubai Media Office
  • The operations control centre at Mohammed bin Rashid Space Centre in Dubai. Antonie Robertson / The National
    The operations control centre at Mohammed bin Rashid Space Centre in Dubai. Antonie Robertson / The National
  • The Hope probe has three scientific instruments. This is the Emirates Mars Infrared Spectrometre, which will measure the global distribution of dust, ice clouds, water vapour and the temperature of the Martian atmosphere. All photos courtesy of MBRSC
    The Hope probe has three scientific instruments. This is the Emirates Mars Infrared Spectrometre, which will measure the global distribution of dust, ice clouds, water vapour and the temperature of the Martian atmosphere. All photos courtesy of MBRSC
  • Engineers had installed the Mars infrared spectrometre on the Hope probe at Mohammed bin Rashid Space Centre' clean room
    Engineers had installed the Mars infrared spectrometre on the Hope probe at Mohammed bin Rashid Space Centre' clean room
  • The Emirates Eploration Imager will take high-resolution images of Mars and will study its lower atmosphere
    The Emirates Eploration Imager will take high-resolution images of Mars and will study its lower atmosphere
  • The exploration imager has an autonomous digital camera and will send back high-resolution colour images
    The exploration imager has an autonomous digital camera and will send back high-resolution colour images
  • The Emirates Mars Ultraviolet Spectrometer will study the upper atmosphere and traces of oxygen and hydrogen
    The Emirates Mars Ultraviolet Spectrometer will study the upper atmosphere and traces of oxygen and hydrogen
  • Emirati engineers have worked with three American universities for this mission
    Emirati engineers have worked with three American universities for this mission

AI firm Group 42 eyes intergalactic opportunities


Kelsey Warner
  • English
  • Arabic

Abu Dhabi's artificial intelligence firm Group 42 is looking to tap into the space sector for new commercial opportunities, according to a senior executive.

"Our mission is to help the UAE deliver on its AI agenda ... and it’s obvious that space is a natural use case for AI," said Talal Al Kaissi, who left the UAE Space Agency to join G42 earlier this month to oversee its new space programme.

With an emerging market for commercial space travel, Mr Al Kaissi said there are opportunities to develop space traffic management systems. He also sees potential in robotics and autonomous mining on extraterrestrial land, which can be done remotely or autonomously to reduce human error or risk.

Morgan Stanley estimates that commercial opportunities in space will be worth an estimated $1 trillion by 2040.

The UAE, a relative newcomer to space exploration and development, has ambitious plans for the coming decade. With the Hope probe underway to Mars, Sheikh Mohammed bin Rashid announced the Emirati Lunar Mission this week.

The Emirati-made lunar explorer will land on the surface of the Moon in 2024 in areas not reached by previous human exploration missions to capture images and data.

These undertakings are critical, particularly coming from the government during a difficult year for so many around the world, Mr Al Kaissi said during the Global Aerospace Summit.

“We’re in the business of manufacturing hope and inspiration,” he said. “Sometimes it’s hard to quantify that return, but it’s easy to see tangible results in terms of the value in inspiring people. At this time you need a lot more of that. It’s time to double down on investments in space.”

Developing AI systems to better understand the features of space and extraterrestrial destinations, as well as autonomous robotics would be "low hanging fruit" for the firm to start out with, but the company's plans are still under development, he said.

G42 has spent much of the year focusing on addressing needs during the pandemic.

The firm's supercomputer Artemis is being made available to researchers working to stem the virus and its subsidiary G42 Healthcare is involved in the vaccine trial with China's Sinopharm, developing faster Covid-19 tests.

It's time to double down on investments in space.

Increasing investment in space has also led to another major challenge of space debris – an area in which many companies see potential.

George Whitesides, the chief executive of Virgin Galactic, said that there was an opportunity to address space debris as a result of growing amount of traffic in orbit.

The next few years will see the addition of 1,000-unit constellations of satellites to Low Earth orbit as well as a greater number of vehicles headed into space.

"These will bring a lot of new benefits and capabilities to Earth but we need to make sure we have the right processes and regulations in place for sustainable space development," Mr Whitesides said, speaking from the Global Aerospace Summit.

He commended the UAE for developing a policy framework at the same time as it was getting its space programme underway.

"We've made no secret of potentially doing something in Al Ain," he said, referencing a 2019 preliminary agreement with the UAE Space Agency to put a launch location for its commercial space shuttles in the emirate.

"We’re looking for markets where people are excited to fly from," he said. "What an exciting time we live in."

RESULT

Liverpool 4 Southampton 0
Jota (2', 32')
Thiago (37')
Van Dijk (52')

Man of the match: Diogo Jota (Liverpool)

Dunbar
Edward St Aubyn
Hogarth

MATCH INFO

Euro 2020 qualifier

Ukraine 2 (Yaremchuk 06', Yarmolenko 27')

Portugal 1 (Ronaldo 72' pen)

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
South Africa squad

Faf du Plessis (captain), Hashim Amla, Temba Bavuma, Quinton de Kock (wicketkeeper), Theunis de Bruyn, AB de Villiers, Dean Elgar, Heinrich Klaasen (wicketkeeper), Keshav Maharaj, Aiden Markram, Morne Morkel, Wiaan Mulder, Lungi Ngidi, Vernon Philander and Kagiso Rabada.

RACE CARD

5pm: Maiden (PA) Dh80,000 1,400m
5.30pm: Maiden (PA) Dh80,000 1,200m
6pm: Arabian Triple Crown Round-1 (PA) Listed Dh230,000 1,600m
6.30pm: HH The President’s Cup (PA) Group 1 Dh2.5million 2,200m
7pm: HH The President’s Cup (TB) Listed Dh380,000 1,400m
7.30pm: Wathba Stallions Cup (PA) Handicap Dh70,000 1,200m.

If you go

The flights 

Emirates flies from Dubai to Funchal via Lisbon, with a connecting flight with Air Portugal. Economy class returns cost from Dh3,845 return including taxes.

The trip

The WalkMe app can be downloaded from the usual sources. If you don’t fancy doing the trip yourself, then Explore  offers an eight-day levada trails tour from Dh3,050, not including flights.

The hotel

There isn’t another hotel anywhere in Madeira that matches the history and luxury of the Belmond Reid's Palace in Funchal. Doubles from Dh1,400 per night including taxes.

 

 

Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
RESULT

Fifth ODI, at Headingley

England 351/9
Pakistan 297
England win by 54 runs (win series 4-0)

COMPANY PROFILE

Name: Cofe

Year started: 2018

Based: UAE

Employees: 80-100

Amount raised: $13m

Investors: KISP ventures, Cedar Mundi, Towell Holding International, Takamul Capital, Dividend Gate Capital, Nizar AlNusif Sons Holding, Arab Investment Company and Al Imtiaz Investment Group 

SQUADS

South Africa:
JP Duminy (capt), Hashim Amla, Farhaan Behardien, Quinton de Kock (wkt), AB de Villiers, Robbie Frylinck, Beuran Hendricks, David Miller, Mangaliso Mosehle (wkt), Dane Paterson, Aaron Phangiso, Andile Phehlukwayo, Dwaine Pretorius, Tabraiz Shamsi

Bangladesh
Shakib Al Hasan (capt), Imrul Kayes, Liton Das (wkt), Mahmudullah, Mehidy Hasan, Mohammad Saifuddin, Mominul Haque, Mushfiqur Rahim (wkt), Nasir Hossain, Rubel Hossain, Sabbir Rahman, Shafiul Islam, Soumya Sarkar, Taskin Ahmed

Fixtures
Oct 26: Bloemfontein
Oct 29: Potchefstroom

Company profile

Name: Dukkantek 

Started: January 2021 

Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani 

Based: UAE 

Number of employees: 140 

Sector: B2B Vertical SaaS(software as a service) 

Investment: $5.2 million 

Funding stage: Seed round 

Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office  

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Joe Root's Test record

Tests: 53; Innings: 98; Not outs: 11; Runs: 4,594; Best score: 254; Average: 52.80; 100s: 11; 50s: 27

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

About Takalam

Date started: early 2020

Founders: Khawla Hammad and Inas Abu Shashieh

Based: Abu Dhabi

Sector: HealthTech and wellness

Number of staff: 4

Funding to date: Bootstrapped

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FIXTURES

New Zealand v France, second Test
Saturday, 12.35pm (UAE)
Auckland, New Zealand

South Africa v Wales
Sunday, 12.40am (UAE), San Juan, Argentina

Teams in the EHL

White Bears, Al Ain Theebs, Dubai Mighty Camels, Abu Dhabi Storms, Abu Dhabi Scorpions and Vipers

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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