A spaceport located at the northern-most tip of Scotland is targeting summer 2024 to host the UK's first vertical rocket launch.
SaxaVord Spaceport on Unst in Shetland has been granted a licence by the Civil Aviation Authority (CAA), granting it permission to host up to 30 launches each year for companies requiring satellites in polar orbit.
The site is the only vertical launch orbital spaceport in Western Europe.
Horizontal launches, as the term suggests, involve spacecraft that take off horizontally like aircraft.
Satellites in polar orbits include those which monitor Earth’s environment, such as remote sensing satellites and some weather satellites, as well as some military surveillance satellites, according to experts.
Scott Hammond, Deputy Chief Executive of SaxaVord Spaceport, told The National next summer should be "achievable" to host the site's first launch.
"I think we will be putting up satellites that will go up and grab old satellites and get them out of orbit so as to decrease space waste," he added.
The site is working with several companies, including Edinburgh-based rocket company Skyrora, in addition to German firms Rocket Factory Augsburg and HyImpulse, as well as Lockheed Martin ABL Space Systems.
"They will come and launch from our site. So we are very much like an airport. So you imagine they are like the Lufthansa or the British Airways coming to fly out of Edinburgh or something like that," said Mr Hammond.
The site is currently testing and exercises to prepare, he said.
The regulator verified that the privately-owned spaceport met the safety and environmental requirements for vertical space launches.
Owned by husband and wife Frank and Debbie Strang, the former RAF base is located on a remote peninsula on Unst.
So far, just under £30 million has been spent on developing the spaceport, which includes three launch pads and a hangar for assembling rockets.
German companies Rocket Factory Augsburg and HyImpulse hope to carry out launches from SaxaVord in 2024.
Tim Johnson, director of space regulation at the CAA, said: "Granting SaxaVord their licence is an era-defining moment for the UK space sector.
SaxaVord spaceport - in pictures
"This marks the beginning of a new chapter for UK space as rockets may soon launch satellites into orbit from Scotland.
"We are undertaking vital work to make sure the UK's space activities are safe and sustainable for all."
Mr Strang said the award of the licence is "historic", adding: "Our team is very proud that the government has entrusted us with operating a complex, multi-disciplinary and multi-launch spaceport, and we all take this responsibility very seriously.
"There is much to do still but this is a fantastic way to end the year and head into Christmas."
He and his wife took over the former RAF base in 2004. They also have plans for a hotel and visitor centre at SaxaVord.
Both the UK and Scottish governments welcomed the news of the licence.
UK Transport Secretary Mark Harper said: "The United Kingdom's space industry is growing, with SaxaVord set for lift-off to become this country's first vertical spaceport.
"Today's historic announcement will boost Shetland's economy and put the United Kingdom at the forefront of spaceflight innovation."
The Scottish Government's Innovation Minister Richard Lochhead said: "This milestone heralds a new era for space in Scotland.
"As the UK's first licensed vertical spaceport, SaxaVord and Scotland can soon be a gateway to space, deploying cutting-edge small satellites into orbit for international and domestic customers alike."
While Spaceport Cornwall became the UK's first licensed spaceport, SaxaVord's licence allows it to host vertical launches rather than horizontal launches of rockets carried by aircraft.
A launch from the site in Cornwall ended in failure in January, after a problem with a fuel filter during the flight led to the loss of the nine small satellites the LauncherOne rocket was carrying. The company behind the mission, Virgin Orbit, has since filed for bankruptcy.
But Spaceport Cornwall has said it is continuing to "operate as a multi-user site with demand for launch rising globally set against the backdrop of a lack of launch sites".
THE BIO
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Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
The National's picks
4.35pm: Tilal Al Khalediah
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7pm: Flood Zone
7.40pm: Straight No Chaser
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New Zealand squad
Tim Southee (capt), Trent Boult (games 4 and 5), Colin de Grandhomme, Lockie Ferguson (games 1-3), Martin Guptill, Scott Kuggeleijn, Daryl Mitchell, Colin Munro, Jimmy Neesham, Mitchell Santner, Tim Seifert, Ish Sodhi, Ross Taylor, Blair Tickner
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Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
Match info
Karnataka Tuskers 110-3
J Charles 35, M Pretorius 1-19, Z Khan 0-16
Deccan Gladiators 111-5 in 8.3 overs
K Pollard 45*, S Zadran 2-18
Netherlands v UAE, Twenty20 International series
Saturday, August 3 - First T20i, Amstelveen
Monday, August 5 – Second T20i, Amstelveen
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The specs: 2019 Jeep Wrangler
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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.”
