• Tourists will soar to 100,000 feet (30,500 metres) in the space lounges and be rewarded with 360-degree views of Earth below
    Tourists will soar to 100,000 feet (30,500 metres) in the space lounges and be rewarded with 360-degree views of Earth below
  • Space Perspective will launch explorer flights in 2025. All photos: Space Perspective
    Space Perspective will launch explorer flights in 2025. All photos: Space Perspective
  • An upcycled bar is located in each of the 'Spaceship Neptune' cabins
    An upcycled bar is located in each of the 'Spaceship Neptune' cabins
  • Seats on the world's first luxury space flight cost $495,000 per person, for a six-hour journey, with more than 1,000 tickets already sold
    Seats on the world's first luxury space flight cost $495,000 per person, for a six-hour journey, with more than 1,000 tickets already sold
  • 'Spaceship Neptune' capsules will accommodate up to eight passengers and will feature reclining chairs, panoramic windows and anti-glare technology to allow for picture-taking opportunities
    'Spaceship Neptune' capsules will accommodate up to eight passengers and will feature reclining chairs, panoramic windows and anti-glare technology to allow for picture-taking opportunities
  • Lifted into the air via a balloon larger than a football field, 'Spaceship Neptune' will be able to launch from ocean-based spaceports
    Lifted into the air via a balloon larger than a football field, 'Spaceship Neptune' will be able to launch from ocean-based spaceports
  • Space adventurers can secure their place now for a deposit of $1,000
    Space adventurers can secure their place now for a deposit of $1,000

Billionaire Richard Branson to co-pilot first crewed stratospheric balloon flight by Space Perspective


Sarwat Nasir
  • English
  • Arabic

British billionaire Sir Richard Branson is set to co-pilot the inaugural crewed flight of Space Perspective, an American space tourism company developing stratospheric balloons, it was announced on Thursday.

Space Perspective will offer hydrogen-powered, high-altitude balloon rides that float passengers about 31km above Earth. The price for a single seat is set at $125,000 (Dh459,125), with more than 1,800 reservations made so far, the company said. It conducted an uncrewed test flight in September, following the same trajectory that future commercial flights will take.

It was also revealed that Sir Richard has made an undisclosed amount of investment in the company, which has raised $100 million to date from several investors, including venture capital funds such as LightShed Partners, E2MC, Base, Green Sands Equity, Kirenaga and SpaceFund.

“Some of the most magnificent experiences of my life have happened on ballooning expeditions and I’m excited to support Space Perspective in its journey,” said Sir Richard. “I'm passionate about adventure and helping fellow entrepreneurs reach their business dreams. I look forward to dusting off my old ballooning licence ahead of some magnificent test flights.”

Sir Richard Branson has also made an undisclosed amount of investment in Space Perspective. Antonie Robertson / The National
Sir Richard Branson has also made an undisclosed amount of investment in Space Perspective. Antonie Robertson / The National

Sir Richard, who founded space tourism company Virgin Galactic, set ballooning records crossing the Atlantic and Pacific Oceans in 1987 and 1991.

The journey by Space Perspective promises panoramic views of the planet's curvature, while staying within the safety of a pressurised capsule designed for comfort and luxury, with meals and Wi-Fi. Up to eight passengers can board the Neptune capsule, which will be launched from a ship and splash down in the ocean. The capsule will be carried into the stratosphere using an enormous balloon.

Founded by Jane Poynter and Taber MacCallum, Space Perspective aims to make space more accessible to adventure-seekers. “We’re delighted by Richard’s decision to join Jane and I as co-pilot on the first crewed flight, leveraging his deep experience in ballooning to ensure a successful maiden voyage,” said Mr MacCallum. “Richard's pioneering efforts in the ballooning industry were a key inspiration for us when we founded Space Perspective.”

Space tourism is gaining popularity as companies try to offer unique experiences for passengers. In addition to Space Perspective, Spanish company Halo Space is another key player, developing high-altitude balloon flights that provide panoramic views of Earth. It also aims to offer luxurious space experiences, with plans to launch its own commercial flights from multiple locations around the world, including Saudi Arabia. Tickets will be priced at €150,000 (Dh596,190).

Halo Space's stratospheric balloons to launch from Saudi Arabia – in pictures

  • The first test flight by Halo Space carried out in India in 2022. All photos: Halo Space
    The first test flight by Halo Space carried out in India in 2022. All photos: Halo Space
  • A rendering of what the cabin inside the Aurora capsule would look like
    A rendering of what the cabin inside the Aurora capsule would look like
  • A parachute carries the Aurora capsule during a test flight in California
    A parachute carries the Aurora capsule during a test flight in California
  • One of Halo Space's test flights in California in 2023
    One of Halo Space's test flights in California in 2023
  • A Helicopter carries the Aurora capsule in a remote California desert
    A Helicopter carries the Aurora capsule in a remote California desert
  • A rendering of the view passengers will experience during the flight
    A rendering of the view passengers will experience during the flight
  • An artist's impression of a passenger inside the Aurora capsule
    An artist's impression of a passenger inside the Aurora capsule
  • Two passengers chatting in this artist's impression of the Aurora capsule
    Two passengers chatting in this artist's impression of the Aurora capsule

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

The Bio

Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”

Holiday destination: “I like Paris very much, it’s a city very close to my heart.”

Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”

Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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.”

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

Points to remember
  • Debate the issue, don't attack the person
  • Build the relationship and dialogue by seeking to find common ground
  • Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
  • Listen actively without interrupting
  • Avoid assumptions, seek understanding, ask questions

COMPANY PROFILE

Name: Rain Management

Year started: 2017

Based: Bahrain

Employees: 100-120

Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund

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Updated: October 17, 2024, 3:49 PM