Space Perspective has opened ticket sales costing $125,000 each for space balloon flights to the stratosphere. Photo: Space Perspective
Space Perspective has opened ticket sales costing $125,000 each for space balloon flights to the stratosphere. Photo: Space Perspective
Space Perspective has opened ticket sales costing $125,000 each for space balloon flights to the stratosphere. Photo: Space Perspective
Space Perspective has opened ticket sales costing $125,000 each for space balloon flights to the stratosphere. Photo: Space Perspective

Space Perspective to select Gulf for space tourism flight launch site in 2025


Deena Kamel
  • English
  • Arabic

Space Perspective, the US space tourism company developing stratospheric balloons, said discussions with Gulf countries seeking to be a launch site for its commercial flights in the Middle East are progressing quickly, with a decision expected next year.

The Florida-based company is spending time in the Gulf to evaluate opportunities and expects to select a location in the first quarter of 2025, Michael Savage, its chief executive, told The National on Wednesday on the sidelines of the Skift Global Forum East in Dubai.

"We have interest from the UAE and entities from Abu Dhabi have come to visit mission control more than once. And we have interest from Qatar and from Saudi Arabia," he said.

"Our customer base likes to vacation in and visit this region, this has become a global hub for high-net worth vacationing ... and because this is a luxury experience, it's ideal for us to be as close as possible to that demographic."

Space Perspective's discussions with these Gulf countries are "accelerating really fast" and competition is heating up in the race to be first to host these space tourism flights in the region, Mr Savage said.

"Each country offers its own advantages and each has its own challenges, we have to vet that and see where the alignment is," he said. "We're spending a lot of time here through the end of the year to vet those opportunities and find the right partner."

Space Perspective will offer hydrogen-powered, high-altitude balloon rides that float passengers about 31km above Earth. The price for a single seat is $125,000 (Dh459,125). The journey promises panoramic views of the planet's curvature, while staying within the safety of a pressurised capsule designed for comfort and luxury, with meals and Wi-Fi.

The company will conduct crewed flight tests in 2025 and expects its first commercial flight to take off in 2026, most likely around Florida's Gulf coast, Mr Savage said.

The UAE has ambitions for economic development through space activities, including tourism. The country's space strategy involves creating an economic impact by creating partnerships with private companies, as well as research and development in space.

The Gulf region's location would be ideal for the company to launch its commercial flights because the capsule will be launched from a ship and splash down in the ocean, Taber MacCallum, co-founder of Space Perspective, told The National.

"Since there is so much water around this region, it's pretty straightforward to figure out how to do operations in this region," he said. "There's times we can fly over the Emirates, for example, east or west, and launch on side and splash down on the other. The region really lends itself to a marine-based operation."

This comes as the UAE pushes forward with its agenda to develop a knowledge-based economy, including space research and exploration, which involves partnerships with private companies.

Space Perspective said the UAE's interest in space and empowering the female workforce in the STEM (science, technology, engineering, and mathematics) field aligns with its own goals.

"It's always better to be in a region that is growing and investing than to be in a region that is flat ... it's really exciting what's happening here and see the level of investment and growth in these high-tech knowledge economies," Mr MacCallum said. "It's a very attractive thing. And the Gulf is situated between Asia and Europe, so there's a lot of advantages to this region but very fundamentally, it's the up and coming place on the planet."

Meanwhile, luxury space travel operator SpaceVIP is in "active conversations" to open an office in Dubai in the next 12 to 18 months, Roman Chiporukha, co-founder and chief executive of SpaceVIP, told The National.

He describes SpaceVIP as a "space tourism broker" and a "travel agent for space".

The idea of setting up an office in Dubai would be "to have a presence here to let people know that these opportunities exist", educate young people about space and raise awareness about how the technological innovations developed for space applications can be used to solve problems on Earth such as water scarcity, he said.

Western Region Asia Cup T20 Qualifier

Sun Feb 23 – Thu Feb 27, Al Amerat, Oman

The two finalists advance to the Asia qualifier in Malaysia in August

 

Group A

Bahrain, Maldives, Oman, Qatar

Group B

UAE, Iran, Kuwait, Saudi Arabia

 

UAE group fixtures

Sunday Feb 23, 9.30am, v Iran

Monday Feb 25, 1pm, v Kuwait

Tuesday Feb 26, 9.30am, v Saudi

 

UAE squad

Ahmed Raza, Rohan Mustafa, Alishan Sharafu, Ansh Tandon, Vriitya Aravind, Junaid Siddique, Waheed Ahmed, Karthik Meiyappan, Basil Hameed, Mohammed Usman, Mohammed Ayaz, Zahoor Khan, Chirag Suri, Sultan Ahmed

Timeline

1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line

1962
250 GTO is unveiled

1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company

1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens

1976
First automatic Ferrari, the 400 Automatic, is made

1987
F40 launched

1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent

2002
The Enzo model is announced

2010
Ferrari World opens in Abu Dhabi

2011
First four-wheel drive Ferrari, the FF, is unveiled

2013
LaFerrari, the first Ferrari hybrid, arrives

2014
Fiat Chrysler announces the split of Ferrari from the parent company

2015
Ferrari launches on Wall Street

2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary

Global Fungi Facts

• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

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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.”

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

UAE currency: the story behind the money in your pockets
The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

EA Sports FC 26

Publisher: EA Sports

Consoles: PC, PlayStation 4/5, Xbox Series X/S

Rating: 3/5

Profile of Hala Insurance

Date Started: September 2018

Founders: Walid and Karim Dib

Based: Abu Dhabi

Employees: Nine

Amount raised: $1.2 million

Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers

 

RESULT

Bayern Munich 3 Chelsea 2
Bayern: Rafinha (6'), Muller (12', 27')
Chelsea: Alonso (45' 3), Batshuayi (85')

UAE SQUAD FOR ASIAN JIU-JITSU CHAMPIONSHIP

Men’s squad: Faisal Al Ketbi, Omar Al Fadhli, Zayed Al Kathiri, Thiab Al Nuaimi, Khaled Al Shehhi, Mohamed Ali Al Suwaidi, Farraj Khaled Al Awlaqi, Muhammad Al Ameri, Mahdi Al Awlaqi, Saeed Al Qubaisi, Abdullah Al Qubaisi and Hazaa Farhan

Women's squad: Hamda Al Shekheili, Shouq Al Dhanhani, Balqis Abdullah, Sharifa Al Namani, Asma Al Hosani, Maitha Sultan, Bashayer Al Matrooshi, Maha Al Hanaei, Shamma Al Kalbani, Haya Al Jahuri, Mahra Mahfouz, Marwa Al Hosani, Tasneem Al Jahoori and Maryam Al Amri

Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

Sinopharm vaccine explained

The Sinopharm vaccine was created using techniques that have been around for decades. 

“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.

"What is left is a skeleton of the virus so it looks like a virus, but it is not live."

This is then injected into the body.

"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.

"You have to be exposed more than one time to what we call the antigen."

The vaccine should offer protection for at least months, but no one knows how long beyond that.

Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.

“Since it is inactivated, it will not last forever," she said.

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Updated: November 22, 2024, 8:32 AM