UAE space mission officials are in talks with SpaceX about a launch date for an Earth observation satellite built by Emirati engineers, after the company's Falcon 9 rocket was grounded by US authorities because of technical problems.
The MBZ-Sat satellite was scheduled for launch this month, but that is now uncertain as the Federal Aviation Administration (FAA) completes an investigation into the issues. The SpaceX rocket has suffered several problems this year.
Amer Al Sayegh, senior director of the space engineering department at the Mohammed bin Rashid Space Centre, told The National on Tuesday that discussions were being held with SpaceX to finalise a launch date. The satellite will remain in the UAE before it is shipped to a spaceport in Florida for launch.
“They have had these recent incidents with their launcher, so we are in discussion with them to finalise the date,” Mr Al Sayegh said on the sidelines of the Space Research Conference, held by the UAE Space Agency in Abu Dhabi. “They’ve had a few other [incidents] before, in July and in August, some failures in second stage, so the FAA has worked with them on improvement, and so we're still waiting for confirmation from them.”
The MBZ-Sat, named after President Sheikh Mohamed, is a key part of the UAE's efforts to establish a strong private space sector through collaborations between government-run space centres and private companies. With 90 per cent of the satellite built by UAE companies, the project is aimed at bolstering those efforts and so encouraging further investment and development in the sector.
The space centre worked with five private companies in the country to develop the satellite – aerospace manufacturing company Strata, engineering solutions company EPI, management consultancy Rockford Xellerix, Halcon, a company that manufactures precision-guided systems, and Falcon Group, an inventory management company.
MBZ-Sat is three times more powerful than KhalifaSat, an Emirati-built satellite operating Earth since 2018.
MBZ-Sat has a fully automated image scheduling and processing system that will allow it to produce 10 times more images than the space centre does.
Its downlink data transmission speed will be three times faster than its predecessor.
“All of these companies have been with us since the beginning,” Mr Al Sayegh said. “We're proud that their products are now part of the satellite that will go to space.”
Incidents with SpaceX rocket
The Falcon 9 has suffered three technical problems in three months, leading the FAA to ground the rocket. The latest incident was on September 28, when the booster missed its re-entry zone in the South Pacific.
The FAA launched an investigation into the incident and has since only allowed one SpaceX mission to launch, while others are grounded. In the summer, the agency grounded the rocket for two weeks after an incident on July 11 that involved a liquid-oxygen leak in the upper stage. This resulted in the loss of 20 Starlink satellites.
On August 28, the rocket being grounded for two days after a failed landing attempt.
Grounding a rocket causes disruption, with aerospace companies forced to delay missions until the FAA finishes its investigation and clears the rocket for launch. This creates a backlog of payloads waiting to go to space, forcing the company to adjust timetables and perhaps miss launch windows for time-sensitive missions.
Despite these setbacks, SpaceX is regarded as one of the most dependable companies in the space industry.
Rashid rover 2
Mr Al Sayegh also discussed the second Rashid lunar rover project. The four-wheeled rover is being developed after the landing vehicle carrying its predecessor crashed-landed on the surface of the Moon last year.
The space centre selected Hakuto-R Mission 1, a lander built by Japanese company ispace, to carry the first rover to the Moon.
The space centre has finalised a deal for a lander to carry the new rover and an announcement should be made “soon”, Mr Al Sayegh said.
“We've already started working on the second rover and we're good in terms of schedule,” he said. “In the current decision, we've taken into consideration which company has done it before and has already got experience. Our target is to reach the surface of the Moon and we'll do it, from our perspective, the most successful, safest way.”
There have been several lunar landing attempts by private companies in the past three years, including US companies Astrobotic and Intuitive Machines. Astrobotic's mission with its Peregrine lander ended in failure, with the spacecraft incapable of making a controlled descent to the lunar surface.
The Nova-C lander by Intuitive Machines was hailed as a success despite breaking a landing leg on touchdown, marking the first American lunar landing since the Apollo era. The spacecraft transmitted data for about a week after landing.
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Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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UAE currency: the story behind the money in your pockets
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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.
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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Russia's Muslim Heartlands
Dominic Rubin, Oxford