DUBAI //
Establishing and nurturing a space programme has helped the UAE to develop
a workforce of skilled Emirati engineers in high-tech industries
, a senior official said.
The next step for the programme run by the Emirates Institute for Advanced Science and Technology (Eiast) is to build and test satellites domestically.
"In about 18 months or so we hope to have the facilities in place in Dubai to become self-sufficient in building our own satellites," said Salem Al Marri, Eiast assistant director general for scientific and technical affairs.
"We hope to have a development laboratory and a testing facility with a thermal chamber to test satellites up and running soon."
The institute, set up by the Dubai Government in 2006, has so far made its satellites in collaboration with South Korea.
Eiast already has DubaiSat-1 in orbit, with
DubaiSat-2
expected to be launched from Yasny Cosmodrome in Russia at the end of the year.
The development costs are about US$50 million (Dh183m) a satellite, Mr Al Marri said.
DubaiSat-3, the UAE's first locally built satellite, is
set to be launched in 2017
.
"All our satellites are for Earth observation for human-resource development, particularly of the UAE but also the rest of the world," Mr Al Marri said.
The technology is used primarily by the Government, as well as some private companies.
"When we started it was a real challenge," Mr Al Marri said.
"We didn't have the technical base or the skilled engineers but thanks to the support of the Dubai Government over the years we have managed to reach the point where we can now do it ourselves."
Mr Al Marri was at the UN-UAE Symposium on Basic Space Technology at Zayed University's Dubai campus.
"Our entire team is Emirati. Not only that, this project has helped to set the foundations of our very own high-tech industry," he said.
The new manufacturing plant will be at Eiast's headquarters in Al Khawaneej.
The institute worked with a South Korean company, Satrec Initiative, on its previous satellite development.
Dr Rainer Sandau, technical director of satellites and space applications at the International Academy of Astronautics, said there were long-term economic benefits for countries with their own space programmes.
"If a country chooses to have a space programme it forces itself to develop high-tech industries and high levels of education," Dr Sandau said.
"A domestic programme is also tailored to the needs of that particular country and becomes an important asset once it is operational.
"The initial investment can then be offset by selling the use of these assets to private companies or government organisations."
After the financial crisis, investment in space programmes were cut back across the globe, but there are now signs of recovery, Mr Sandau said.
He told delegates that developing countries should focus their efforts on constellations or groups of smaller satellites.
"These constellations are more cost effective than having one large satellite," Mr Sandau said.
"As well as that, if one of the satellites has a fault or does not work for whatever reason the rest of the group can continue without much disruption."
It is crucial that a country looking to create a space programme has the political desire and willingness to invest in both higher education, training and facilities for it to be effective, Mr Sandau said.
The symposium ends on October 23.
nhanif@thenational.ae
Family reunited
Nazanin Zaghari-Ratcliffe was born and raised in Tehran and studied English literature before working as a translator in the relief effort for the Japanese International Co-operation Agency in 2003.
She moved to the International Federation of Red Cross and Red Crescent Societies before moving to the World Health Organisation as a communications officer.
She came to the UK in 2007 after securing a scholarship at London Metropolitan University to study a master's in communication management and met her future husband through mutual friends a month later.
The couple were married in August 2009 in Winchester and their daughter was born in June 2014.
She was held in her native country a year later.
The%20specs
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Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
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Andor
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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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