On the same day as the British Chancellor Jeremy Hunt mentioned the modern space race in his 2024 budget, executives, innovators, engineers and astronauts met at Farnborough Airport to discuss the future of the industry.
The chief executive of the UK Space Agency told the gathering that while “money is tight”, the importance of Britain's space industry should not be underestimated.
Addressing the Space Comm Expo in Farnborough, south-west of London, Dr Paul Bate added that while the looming general election in the UK causes “uncertainty”, what remains absolutely constant is “the value of space-based technology to prosperity, security, discovery and to driving efficiencies in public services”.
“My personal view is that space is going to be a government priority and it’s here to stay,” he added.
“Since its creation 14 years ago, the UK Space Agency has seen four general elections and when we look at what’s changed in that period, the UK’s space sector has gone from strength to strength.”
In his budget speech, Mr Hunt announced £10 million worth of funding for the UK's SaxaVord Spaceport in the Shetland islands, which was granted its licence in December.
“This will make a massive difference to what we are trying to do,” its chief operating officer Debbie Strang said at Space Comm Expo.
SaxaVord, which is a former site of the Royal Air Force (RAF) should see its first mission later this year. The first launch pad at the spaceport is finished and work on the second is under way.
The UK space industry is worth an estimated £17.5 billon to the country's economy with space exports valued at £5.9 billion in 2022.
Within the industry, 1,590 organisations employ 48,800 people, and the UK government aims to grow the country’s share of the global space economy from 6.5 per cent to 10 per cent by 2030.
One exhibitor, Moog, is a poster boy for how far the space industry has developed in recent years.
At its factory in Reading, west of London, it's developed a space vehicle that can deliver small satellites called cube sats to low orbits.
Today the smaller spacecraft are being made by folks who could never have made spacecraft in the past
Chester Crone,
business development director, Moog
Its main customer is the aerospace and defence giant Lockheed Martin and the space tug, as it is known, with its six cube sat payload, is set to be launched from the SaxaVord spaceport later this year.
“Today the smaller spacecraft are being made by folks who could never have made spacecraft in the past – the cost is so much lower,” Chester Crone, business development director of Moog, told The National.
“Small start-up companies are now very relevant in the industry, providing a lot of valuable hardware to folks that need it.”
“It’s been a transition. In the last 10 years the space industry has really changed.”
Ready to launch
Dr Bate also underlined the progress Britain has made in launch capabilities, through the development of spaceports across the country.
“We will be a launch nation on track to be the first to launch to orbit from the continent of Europe,” he said.
“It creates highly skilled jobs from Cornwall to the top of Scotland, as well as inspiring the next generation of space professionals.”
Having spaceports from Cornwall, in the far south-west of England, to the Shetlands, off the north coast of Scotland, and with more to come, certainly excited many of the delegates at Space Comm.
“There’s a lot of interest in the UK at the moment because we’ve got some new spaceports and we’ve got quite a large number of launchers coming to the UK already discussing the licensing process,” Colin Macleod, head of space regulation at the Civil Aviation Authority (CAA), told The National.
While Britain has been a significant player in creating technologies and products in the global space industry, for many the missing piece of the value chain was the ability to launch from its own territory in a commercial capacity.
Mr Crone at the space technology company Moog, said “bringing launch capability to the UK feels like the right thing to do at the right time”.
“It’s great, it’s about time. I think it’s wonderful that the UK is now focused on having its own launch capabilities and controlling its own destiny.”
International co-operation
However, as technology advances and costs decrease the only way is up for the number of space launches. This in turn means greater regulation, both in the UK and in other countries with space ambitions.
Nearly three years ago, the CAA took over space regulation for the UK. It oversees the commercial airspace that space launches need to cross to get to orbit.
The CAA meets regularly with its counterparts in other countries, given the multinational nature of many space missions.
“I was in the Middle East in January speaking to regulators from that part of the world,” Mr Macleod from the CAA said.
“I’m really willing to share the lessons we’ve learnt setting up a new regulatory capability in the UK with other countries, so that they don’t make some of the mistakes that we might have made, so they can start from a perspective of having evidence of what works and what doesn’t really work in what’s a really complicated regulatory environment.”
International co-operation doesn't stop with regulators either. UK companies not only export products and skills to other countries with space industry ambitions, but also seek to nurture relationships overseas.
Britain's largest aerospace and defence manufacturer, BAE Systems, promotes good practices in space and has solid ties with governments and companies in several countries.
“We are producing a lot of skills in the UK that we are looking to export globally, both to help create jobs here, but also in other places, and build those relationships,” Elizabeth Seward, head of space strategy and market development at BAE Systems, said.
“We actually have two interns from the UAE with us at the moment, learning about space and space engineering as we help grow those international connections.”
The case for space
Dr Bate told the Space Comm Expo that industry must “make the case for space” to policymakers and investors as it reaches out to new audiences.
“Space is no longer a ‘nice to have’. It’s a ‘need to have',” he added.
Mr Crone agreed, simply because of the growing demand for data and the infrastructure and products that the industry creates to meet that demand.
“If you take space away from people completely, shut down all spacecraft in orbit, life would shut down,” he said.
“Your cars can’t drive, your red [traffic] lights won’t work, your stores won’t operate. There’s probably not a single business on the planet that doesn’t need the internet, that doesn’t need access to data.
“Governments would shut down, industries would shut down – the world would be paralysed if all satellites ceased to exist.
“The world needs to be educated on the importance of space.”
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.
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
The specs: 2019 Aston Martin DBS Superleggera
Price, base: Dh1.2 million
Engine: 5.2-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 725hp @ 6,500pm
Torque: 900Nm @ 1,800rpm
Fuel economy, combined: 12.3L / 100km (estimate)
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20electric%20motors%20with%20102kW%20battery%20pack%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E570hp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20890Nm%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERange%3A%3C%2Fstrong%3E%20Up%20to%20428km%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C700%2C000%3C%2Fp%3E%0A
SERIE A FIXTURES
Friday Sassuolo v Torino (Kick-off 10.45pm UAE)
Saturday Atalanta v Sampdoria (5pm),
Genoa v Inter Milan (8pm),
Lazio v Bologna (10.45pm)
Sunday Cagliari v Crotone (3.30pm)
Benevento v Napoli (6pm)
Parma v Spezia (6pm)
Fiorentina v Udinese (9pm)
Juventus v Hellas Verona (11.45pm)
Monday AC Milan v AS Roma (11.45pm)
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
MATCH INFO
Chelsea 1
Alonso (62')
Huddersfield Town 1
Depoitre (50')
UAE currency: the story behind the money in your pockets
PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
Upcoming games
SUNDAY
Brighton and Hove Albion v Southampton (5.30pm)
Leicester City v Everton (8pm)
MONDAY
Burnley v Newcastle United (midnight)
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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.”
Mohammed bin Zayed Majlis
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E6.5-litre%20V12%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E725hp%20at%207%2C750rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E716Nm%20at%206%2C250rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EQ4%202023%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C650%2C000%3C%2Fp%3E%0A
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
FIXTURES
All times UAE ( 4 GMT)
Friday
Saint-Etienne v Montpellier (10.45pm)
Saturday
Monaco v Caen (7pm)
Amiens v Bordeaux (10pm)
Angers v Toulouse (10pm)
Metz v Dijon (10pm)
Nantes v Guingamp (10pm)
Rennes v Lille (10pm)
Sunday
Nice v Strasbourg (5pm)
Troyes v Lyon (7pm)
Marseille v Paris Saint-Germain (11pm)
WRESTLING HIGHLIGHTS
More from Rashmee Roshan Lall
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
South and West: From a Notebook
Joan Didion
Fourth Estate