ABU DHABI // Within minutes, tourists could be shot 100 kilometres above the Earth to weightlessness, and could admire world wonders like the Grand Canyon or the sun's shimmer on a number of oceans from the upper reaches of the atmosphere.
Space tourism generated a number of proposals yesterday at the Global Space and Satellite Forum. Competitors in the emerging industry competed for potential funding from the capital during the event at the Abu Dhabi National Exhibition Centre (Adnec).
Industry leaders detailed projects planned in other countries, and estimated that the space tourism industry could be worth US$7.5 billion (Dh27.67bn) by 2030, with as many as 300,000 people having the opportunity to launch into a suborbital ride.
The companies also touted the "life-changing" experience that will soon be offered in other parts of the world.
The UAE has invested in local satellite technology and holds a large stake in Virgin Galactic, the world's first commercial space flight firm. The company, founded by British billionaire Richard Branson, has said its first passengers could lift off as early as next year from its yet-to-be-finished American spaceport.
Virgin Galactic also has said it wishes to eventually build a spaceport in Abu Dhabi, while other companies, such as Bigelow Aerospace, have met with local officials to bring space tourism to the UAE.
That has prompted other international firms to take notice, as well. Andrew Nelson, the chief operating officer of US-based Xcor Aerospace, said at the conference yesterday that the company's first rocketplanes should launch by 2014 from the island of Curacao in the Netherlands Antilles and from South Korea. The spacecraft could also be available for launch from the UAE by that time, he said.
The benefit of the rocket, dubbed the Lynx, is that it would require less infrastructure because it launches and lands horizontally, much like an airplane.
The total ride would last 30 minutes, with less than five minutes in space. Besides space tourism, the shuttle would also be used for microgravity research.
Industry officials said a ticket to outer space currently runs between US$95,000 (Dh348,650) and $200,000 (Dh734,000).
While there are advantages of outsourcing space technology and support for aircraft or satellites, the benefit for a country to launch its own spacecraft is that "you are always in control of decisions, quality, cost," said Christopher Bauer, the vice president of commercial sales for space transport company Space Explorations Technologies, or SpaceX.
The UAE must now decide whether it is cost-effective to have its own space technology built and launched locally rather than abroad, said Dr Omar al Emam, a space technology adviser for the Arab Science and Technology Foundation. Doing so could take decades, he said.
"Space is no longer something nice to be involved in, but essential to provide certain services," he said. "The question would be then whether to build and launch your own satellite or if it is cheaper to commission others to do so to your specifications."
The conference, which also examines the use of satellites for everything from television broadcasting to earth observation and national security, "puts the country on the cutting edge, at least in the region," said Dennis Jones of US-based Jones Consulting Group.
Today, Mr Jones is scheduled to chair panels on earth observation, commercial imagery and remote sensing technology.
"As it is staking out a position of leadership in the space domain, a lot of companies and countries want to cooperate with the UAE," he said.
Local officials highlighted how satellite imaging gathered by DubaiSat-1, typically used for everything from urban planning to monitoring shoreline erosion, was useful to international authorities in disaster recovery after Japan's tsunami and nuclear crises.
"The benefit of having our own satellite and technology is that the data is available to us whenever we need it," said Adnan Mohammed al Rais, the head of ground systems for the Emirates Institution for Advanced Science and Technology (EIAST), which operates the satellite.
"We have our own images so that if anything were to happen with an emergency, pollution, any special case, we are prepared and do not have to submit a request to someone else," Mr Rais said.
EIAST plans to launch its second satellite, DubaiSat-2, next year.
econroy@thenational.ae
UAE control centre takes over Yahsat satellite:
ABU DHABI // Operations for Yahsat’s first commercial satellite have been handed over to its control centre, where Emirati engineers will conduct the final in-orbit tests before it begins beaming services to users next month.
With the assistance of Yahsat officials, the satellite had been controlled by a team of engineers in French Guiana, where it was launched last month, and then by its manufacturers in France. Earlier this week, the satellite reached its mark in orbit, about 36,000 kilometres above Earth.
Yahsat, or Al Yah Satellite Communications, is owned by Mubadala Development, a strategic investment company controlled by the Abu Dhabi Government. Engineers and technicians at the control centre in Al Falah, about a half-hour drive outside the capital, will now work around the clock, testing equipment to make sure antennas and receivers are working correctly and that the coverage areas are in-line, said Ross Barker, director of satellite operations.
“These are the same tests that are done in the factory, but we have to make sure that the launch was not too strenuous and that the harsh space environment has not affected it,” he said, adding that it is very unlikely there will be any changes.
Services for internet, mobile-phone and television from the satellite should begin beaming down to users in five weeks, he said.
* Erin Conroy
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About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
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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.”
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Charlotte Gainsbourg
Rest
(Because Music)
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
The specs
Engine: 2.9-litre, V6 twin-turbo
Transmission: seven-speed PDK dual clutch automatic
Power: 375bhp
Torque: 520Nm
Price: Dh332,800
On sale: now