The ceremony would be conducted by the founder of Virgin, the British businessman Sir Richard Branson.
The ceremony would be conducted by the founder of Virgin, the British businessman Sir Richard Branson.
The ceremony would be conducted by the founder of Virgin, the British businessman Sir Richard Branson.
The ceremony would be conducted by the founder of Virgin, the British businessman Sir Richard Branson.

Virgin to offer marriages made in outer space


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DUBAI // Couples in the UAE are about to get the chance to get married in space - but will have to spend Dh4.4m (US$1.2m) for the privilege of doing so.

Virgin Galactic, the world's first commercial space tourism company, will soon offer couples the chance to get married in a truly "out of this world" location. "Having a wedding in space is a completely new and exciting idea, and even though the price is an issue right now, in the future it will become less expensive as demand increases," said Sharon Garrett, head of space marketing and public relations at the Virgin Galactic office in Dubai.

The ceremony would be conducted by none other than the founder of the company, the British businessman Sir Richard Branson. While wacky ideas for charter are always an option for Mr Branson, Virgin Galactic is currently focused on preparing for its first commercial space trip, which is scheduled to take off from the Mojave Desert Spaceport in California early next year. The company has sold 200 tickets for the journey at Dh734,000 each.

There were Arabs confirmed on the first flight, although Ms Garrett declined to disclose their identities. She said the passengers ranged in age from 18 to 88; 80 per cent were men. "These are average people that have no past experience with anything to do with space," Ms Garrett said. UAE residents have been among the curious, but so far they have been content to let other nationalities take the maiden voyage.

"I have received a lot of calls from Emiratis who are waiting till we launch the first spaceship [before] booking their tickets," Ms Garrett said. Earlier this month, a Dubai-based Arab company became the first in the world to charter one of Virgin Galactic's spaceships, paying a deposit of Dh1.8m to send its top management into space. However, Ms Garrett said marketing the first commercial flight in the Middle East had not been easy because people living in this region were generally less inclined to accept risks related to travel.

"That's why we started a programme in March called 'A Taste of Space', which will introduce people to the idea by taking them to the NASA centre in Philadelphia and placing them in a simulator to give them the experience of the spaceship take off," she said. Tickets for the programme will cost Dh45,000 per person. The four-night, five-star trip includes a first-class ticket to New York and a limousine transfer to the NASA centre.

There are five spaceships and two mother ships under construction at The Spaceship Company, which was formed by Burt Rutan and Mr Richard Branson in mid 2005 and is jointly owned by Virgin Group and Scaled Composites. Virgin Galactic is also investing Dh825.7m to build its own spaceport in New Mexico, which will be completed by 2010. In five years time, the company wants to conduct one space trip a week. It is also considering building the first astronaut hotel in New Mexico, although no details have been announced.

This quashes rumours that the company had planned a spaceport in Ras al Khaimah, although Ms Garrett said it could be considered some time in the future. She called the desert "a perfect location because of the large empty space and less cloud cover".

The specs: 2019 Infiniti QX50

Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
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Power: 268hp @ 5,600rpm
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Fuel economy: 6.7L / 100km (estimate)

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Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

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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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PROFILE OF HALAN

Started: November 2017

Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga

Based: Cairo, Egypt

Sector: transport and logistics

Size: 150 employees

Investment: approximately $8 million

Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar

UAE currency: the story behind the money in your pockets
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

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The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

Previous men's records
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Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

Key facilities
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