Ismail Ali Abdullah, chief executive of Strata Manufacturing. Pawan Singh / The National
Ismail Ali Abdullah, chief executive of Strata Manufacturing. Pawan Singh / The National
Ismail Ali Abdullah, chief executive of Strata Manufacturing. Pawan Singh / The National
Ismail Ali Abdullah, chief executive of Strata Manufacturing. Pawan Singh / The National

Strata to produce more parts on UAE's Earth-imaging satellite


Deena Kamel
  • English
  • Arabic

Mubadala Investment Company’s aerospace unit Strata has secured a new deal with Mohammed bin Rashid Space Centre to produce more parts for the UAE's Earth-imaging satellite MBZ-Sat.

The agreement between Strata Manufacturing and the MBRSC extends an existing partnership between the company and the centre to develop the UAE's space industry, Ismail Abdullah, Strata's chief executive, said in a statement on Wednesday.

“The signing of this contract demonstrates the value of collaboration among national industrial companies,” he said.

“In addition to supporting the UAE's aspirations in the space sector, Strata is pleased to be associated with the MBRSC as a trusted partner and collaborator.”

Strata's pivot into the space supply chain is part of Abu Dhabi's focus on high-technology manufacturing and the UAE's wider space ambitions. The move also underscores the company's efforts to diversify its operations with forays into advanced manufacturing, from biopharma to air-conditioning.

Strata's venture as a satellite parts maker builds on its aerospace experience as a supplier for the world's biggest plane makers Boeing and Airbus.

Its diversification into space is linked with the UAE's own plans to localise space manufacturing and the country's ambitious space plans.

“The MBRSC is dedicated to supporting national private businesses that will contribute to the growth of the UAE’s space industry,” Salem AlMarri, MBRSC's Director General, said.

“We have entrusted Strata to manufacture both mechanical and flat parts of MBZ-Sat, due to their high-calibre capabilities as manufacturers of a national product.”

The three-metre by five-metre satellite, weighing around 700 kilograms, will improve image capture resolution by more than double the capabilities of previously launched satellites.

It will also increase the downlink data transmission speed by three times the current capacity.

The fully automated image scheduling and processing system of MBZ-Sat will also be able to produce more than 10 times the images the Centre produces currently, the statement said.

The Centre is working with five private companies in the UAE to manufacture the satellite, including aerospace manufacturing company Strata, engineering solutions company EPI, Rockford Xellerix, Halcon and Falcon Group.

The UAE has laid out plans for growing the private space sector, and aims to attract companies to its planned space economic zones in Abu Dhabi, Dubai and Sharjah to set up operations.

French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

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Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

PROFILE

Name: Enhance Fitness 

Year started: 2018 

Based: UAE 

Employees: 200 

Amount raised: $3m 

Investors: Global Ventures and angel investors 

MATCH INFO

Barcelona 4 (Messi 23' pen, 45 1', 48', Busquets 85')

Celta Vigo 1 (Olaza 42')

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.”

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

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UAE currency: the story behind the money in your pockets
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The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

The drill

Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.

Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”

Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”

Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.” 

UJDA CHAMAN

Produced: Panorama Studios International

Directed: Abhishek Pathak

Cast: Sunny Singh, Maanvi Gagroo, Grusha Kapoor, Saurabh Shukla

Rating: 3.5 /5 stars

Updated: May 19, 2023, 4:33 PM