DUBAI, UNITED ARAB EMIRATES - February 09, 2021: HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces (3rd R) and HH Sheikh Mohamed bin Rashid Al Maktoum, Vice-President, Prime Minister of the UAE, Ruler of Dubai and Minister of Defence (2nd R), witness the arrival of the Hope Probe in the orbit of Mars, at Mohammed Bin Rashid Space Centre. Seen with HH Sheikh Hamdan bin Mohamed Al Maktoum, Crown Prince of Dubai (4th R) and HH Sheikh Mansour bin Zayed Al Nahyan, UAE Deputy Prime Minister and Minister of Presidential Affairs (5th R). ( Mohamed Al Hammadi / Ministry of Presidential Affairs ) ---
DUBAI, UNITED ARAB EMIRATES - February 09, 2021: HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces (3rd R) and HH Sheikh Mohamed bin Rashid Al Maktoum, Vice-President, Prime Minister of the UAE, Ruler of Dubai and Minister of Defence (2nd R), witness the arrival of the Hope Probe in the orbit of Mars, at Mohammed Bin Rashid Space Centre. Seen with HH Sheikh Hamdan bin Mohamed Al Maktoum, Crown Prince of Dubai (4th R) and HH Sheikh Mansour bin Zayed Al Nahyan, UAE Deputy Prime Minister and Minister of Presidential Affairs (5th R). ( Mohamed Al Hammadi / Ministry of Presidential Affairs ) ---
DUBAI, UNITED ARAB EMIRATES - February 09, 2021: HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces (3rd R) and HH Sheikh Mohamed bin Rashid Al Maktoum, Vice-President, Prime Minister of the UAE, Ruler of Dubai and Minister of Defence (2nd R), witness the arrival of the Hope Probe in the orbit of Mars, at Mohammed Bin Rashid Space Centre. Seen with HH Sheikh Hamdan bin Mohamed Al Maktoum, Crown Prince of Dubai (4th R) and HH Sheikh Mansour bin Zayed Al Nahyan, UAE Deputy Prime Minister and Minister of Presidential Affairs (5th R). ( Mohamed Al Hammadi / Ministry of Presidential Affairs ) ---
DUBAI, UNITED ARAB EMIRATES - February 09, 2021: HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces (3rd R) and HH Sheikh Mohamed bin

What lessons can be learned from the UAE’s Mars mission?


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On February 9, along with my fellow Emiratis, UAE residents and many others around the world, my family and I sat impatiently in front of the television, waiting for the UAE’s Hope Probe to enter the Martian orbit. The probe successfully did so on its first attempt, leading Emiratis and well-wishers to cheer.

Last week, the UAE’s first mission to Mars sent back its first picture taken of the red planet. His Highness Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, commented on Twitter alongside the image, saying: “The transmission of the Hope Probe's first image of Mars is a defining moment in our history and marks the UAE joining advanced nations involved in space exploration. We hope this mission will lead to new discoveries about Mars which will benefit humanity.”

The Hope Probe made the UAE the first country in the Arab World to reach Mars, and only the fifth in the world. Not only did this mission inspire pupils across the country and the Arab World to consider a career in space, but it provides invaluable life lessons.

No dream is too big

If the Hope Probe has proved anything, it is that nothing is impossible or beyond our imagination. The UAE worked relentlessly for the past few years on this mission, and it succeeded. Entrepreneurs are often advised by their friends or colleagues to focus on their local markets and that becoming the next big thing is a stroke of luck that doesn’t favour everyone. A friend of mine has been continuously advised by her family to not dream too big so that she wouldn’t disappoint herself, and to be satisfied with her humble business. But she didn’t settle. She aimed high and was able to prove them wrong. You should do the same. Opportunities often unveil as high and far as you aim.

Don’t let challenges deter you from your goal

The UAE launched its Hope Probe to Mars on July 20 last year, in the midst of a global pandemic. This served as a gentler reminder to not let challenges deter us from our focus. In business, it is not uncommon to face situations beyond your control. It could be an economic downturn or a pandemic that forces you to re-strategise and rethink your entire business operation. Stay focused and view challenges as opportunities that could inspire you to learn and grow.

The first close-up image of Mars captured by the Arab-made Hope probe. Sheikh Mohammed bin Rashid / Twitter
The first close-up image of Mars captured by the Arab-made Hope probe. Sheikh Mohammed bin Rashid / Twitter

It takes teamwork to go to space

Going to space is one mission that can’t be done solo. More than 200 Emirati engineers, men and women, worked on the development of the Hope Probe. In life, just as in business, teamwork will get us to our destination faster. An acquaintance told me recently how for the longest time, she managed everything herself in her business, because she believed that she could do it faster than anyone else, and that no one would get things done the way she did. It wasn’t long before she collapsed from stress, and knew that she was sabotaging her business by working this way. Teamwork brings fresh perspectives. Collaborating helps you innovate, evade potentially negative consequences and most importantly, to learn and grow together.

Don’t stop when you reach your destination

Mars isn’t the limit for the UAE. The country already had plans to send the first Arab mission with Emirati astronauts to the moon by 2024. The UAE will also establish specialist satellite development plans, educational programmes, a space centre simulator and other initiatives.

Build on your goals. Challenge yourself and explore your horizons. You never know where you might land next.

In the middle of a global pandemic, the Hope Probe gave us hope. It reminded us to always aim beyond our expectations, shoot for the furthest star and let challenges inspire us to strive and succeed.

Manar Al Hinai is an award-winning Emirati journalist and entrepreneur, who manages her marketing and communications company in Abu Dhabi

if you go

The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow. 
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes). 

House-hunting

Top 10 locations for inquiries from US house hunters, according to Rightmove

  1. Edinburgh, Scotland 
  2. Westminster, London 
  3. Camden, London 
  4. Glasgow, Scotland 
  5. Islington, London 
  6. Kensington and Chelsea, London 
  7. Highlands, Scotland 
  8. Argyll and Bute, Scotland 
  9. Fife, Scotland 
  10. Tower Hamlets, London 

 

Why your domicile status is important

Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.

Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born. 

UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.

A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.

Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

How to help

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

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.”

BIO

Favourite holiday destination: Turkey - because the government look after animals so well there.

Favourite film: I love scary movies. I have so many favourites but The Ring stands out.

Favourite book: The Lord of the Rings. I didn’t like the movies but I loved the books.

Favourite colour: Black.

Favourite music: Hard rock. I actually also perform as a rock DJ in Dubai.

Five personal finance podcasts from The National

 

To help you get started, tune into these Pocketful of Dirham episodes 

·

Balance is essential to happiness, health and wealth 

·

What is a portfolio stress test? 

·

What are NFTs and why are auction houses interested? 

·

How gamers are getting rich by earning cryptocurrencies 

·

Should you buy or rent a home in the UAE?  

What is a Ponzi scheme?

A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.