The UAE Space Agency and Masdar have teamed up to establish the country’s first space economic zone in Abu Dhabi’s Masdar City in a bid to encourage the growth of SpaceTech start-ups and allow its private sector to tap into the burgeoning space industry.
The new zone will create an integrated business ecosystem to further the growth of space industry. It will create a competitive private sector, build national capabilities and contribute to the country’s economic growth, the entities said in a joint statement on Thursday.
Space is the next frontier of business growth set to propel the national economy for the next 50 years, Sarah bint Yousif Al Amiri, UAE Minister of State for Advanced Technology and chairwoman of the UAE Space Agency, said.
“This programme is a game-changer that will take our flourishing space industry to the next level while simultaneously building on the UAE’s established position as a global hub for talent, investment and innovation,” she said.
The new space economic zone will offer world-class infrastructure and an enabling environment to encourage the development of the national space industry.
It will offer businesses an integrated package of benefits including incubation, office space, mentorship, networking, investment opportunities, priority access to government contracts and closer co-operation with global research centres.
“Our aim is not only to drive entrepreneurship and economic development within the fast-growing space sector, but to attract and foster the most talented professionals from across the region and beyond,” Masdar chief executive Mohamed Al Ramahi said.
The strategic agreement between the UAE Space Agency and Masdar was signed at Abu Dhabi Sustainability Week 2022.
Under the scheme, the Masdar City free zone will issue tailor-made business licences for space-related companies across the launch sector, satellite communication, logistics, data analysis, science, technology, engineering and much more, according to a media statement.
Masdar City is home to several education, strategic research centres, businesses and serves as the headquarters of the UAE Space Agency and the International Renewable Energy Agency.
The UAE Space Agency’s space economic zone programme has four key pillars – the space economy accelerator group, space labs, space government services and work space.
It aims to create a sustainable and effective framework to facilitate public-private partnerships, build an attractive and integrated business environment for local and global companies, support the growth of national space technologies and services, and stimulate innovation.
The new agreement “underpins our high-impact strategy to enhance the competitiveness of the private sector and stimulate innovation”, Salem Butti Salem Al Qubaisi, director general of the UAE Space Agency, said.
“We are excited about this new stage of growth for the space industry which will power the UAE during our next 50 years of human progress.”
Killing of Qassem Suleimani
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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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Indika
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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.”
If you go…
Emirates launched a new daily service to Mexico City this week, flying via Barcelona from Dh3,995.
Emirati citizens are among 67 nationalities who do not require a visa to Mexico. Entry is granted on arrival for stays of up to 180 days.
Barbie
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SCORES
Multiply Titans 81-2 in 12.1 overs
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(Shawn von Borg 4-15, Alfred Mothoa 2-11, Tshepo Moreki 2-16).
Killing of Qassem Suleimani
How to avoid crypto fraud
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