A SpaceX Falcon 9 rocket is launched from Florida, on October 7. Reuters
A SpaceX Falcon 9 rocket is launched from Florida, on October 7. Reuters
A SpaceX Falcon 9 rocket is launched from Florida, on October 7. Reuters
A SpaceX Falcon 9 rocket is launched from Florida, on October 7. Reuters

IAC 2024: World’s largest space conference to unveil new lunar spacesuit and Nasa's post-space station plans


Sarwat Nasir
  • English
  • Arabic

The world’s largest space conference will begin in Milan on Monday, with leading international players in the sector putting ambitious plans for the future on top of the agenda.

The week-long International Astronautical Congress (IAC) will host heads of major space agencies, from America's Nasa, to China, the European Space Agency, India, Canada and others.

The Emirates is also expected to have a strong contingent at the annual show, with a UAE Space Pavilion that will include officials from the UAE Space Agency, the Mohammed bin Rashid Space Centre (MBRSC) and private companies based in the country.

A panel hosted by the UAE Space Agency, which will be moderated by The National, will offer insights into how governments and companies are working together to make space missions possible.

Prada announced a partnership with Axiom Space in 2023 to develop spacesuits for a Nasa mission to the Moon. Photo: Prada
Prada announced a partnership with Axiom Space in 2023 to develop spacesuits for a Nasa mission to the Moon. Photo: Prada

Several panel sessions and highlight lectures are set to take place, but the conference also gives space agencies and companies an opportunity to sign important deals on the sidelines, form partnerships and they use the platform to make key announcements.

At previous IAC events, Saudi Arabia announced a deal with Axiom Space to send two astronauts to the space station and unveiled its astronaut programme, while Turkey also signed a similar to deal to launch its first astronaut.

Last year, billionaire Elon Musk joined in for a live call; he also attended the 2016 IAC that was held in Mexico. Amazon and Blue Origin founder Jeff Bezos attended the 2019 event in Washington.

Space agencies to offer updates on missions

IAC is the only conference where leaders of all major space agencies gather on stage to offer insights into their respective space projects.

This year, Nasa is expected to unveil its plans on how it will manage low-Earth orbit activities once the International Space Station is retired by the end of this decade.

Meanwhile, China will be discussing international collaboration opportunities in its expanding space programme, including updates on its lunar and Mars missions.

Nasa administrator Bill Nelson, left, and European Space Agency chief Josef Aschbacher at the 2022 International Astronautical Congress in Paris, France. Sarwat Nasir / The National
Nasa administrator Bill Nelson, left, and European Space Agency chief Josef Aschbacher at the 2022 International Astronautical Congress in Paris, France. Sarwat Nasir / The National

The Indian Space Research Organisation will likely share recent milestones from the Chandrayaan-3 mission, following its successful lunar landing last year.

Europe’s contribution will feature a session on dark matter discoveries from the Euclid spacecraft, which has started to reveal new insights into the mysteries of the universe.

Russia's Roscosmos is also expected to be present, but the country's space programme has faced challenges in recent years, particularly with sanctions and budget cuts affecting its projects.

Despite these setbacks, Roscosmos could likely provide updates on its partnership with China to develop the International Lunar Research Station.

Astronauts to share dangers of spaceflight

It would not be a space conference without astronauts. There is a panel dedicated to those who have seen Earth from above, including astronauts from the European Space Agency, Japan and the first Turkish astronaut.

They will gather to discuss the dangers of spaceflight.

"Every body intuitively knows that launching into space must be dangerous: rockets burst into flames and thunder just to hurl satellites and humans into space," the conference website said, describing the topic of the astronaut panel.

"Science tells you that space is dangerous: the vacuum and radiation kill humans if not shielded in the artificial cocoon of a spacecraft.

"But we see people buying themselves a ride into space sometimes just for reasons of being the first to do this or that. Rigorous testing and year-long training, once the reason for cost and schedule overruns of space missions – can they be replaced by higher risk acceptance?"

Asia Cup Qualifier

Final
UAE v Hong Kong

TV:
Live on OSN Cricket HD. Coverage starts at 5.30am

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars

2019 Asian Cup final

Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi

No Shame

Lily Allen

(Parlophone)

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
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UAE currency: the story behind the money in your pockets
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What drives subscription retailing?

Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.

The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.

The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.

The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.

UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.

That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.

Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.

BMW M5 specs

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Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

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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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Karwaan

Producer: Ronnie Screwvala

Director: Akarsh Khurana

Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar

Rating: 4/5

Updated: October 14, 2024, 3:12 AM