Japan’s ispace is preparing to attempt a second Moon landing on Friday, more than two years after its first mission ended in failure moments before touchdown.
The private space company is aiming to deliver its Resilience lander safely onto the lunar surface at 4.17am JST (11.17pm GST) on June 6, with a livestream on the company's website scheduled to begin an hour earlier.
If successful, it would be a major milestone for ispace and will help validate the role of commercial firms in lunar exploration.
The company's spacecraft - which was carrying the UAE's Rashid rover and payload from other countries - crashed on the lunar surface during a landing attempt in 2023.
“Just over two years ago, on April 26, 2023, ispace, operating Hakuto-R Mission 1, became the first private company in the world to attempt a lunar landing," company founder Takeshi Hakamada said on Wednesday.
"While the mission achieved significant results, we lost communication with the lander just before touchdown.
“Since that time, we have drawn on the experience, using it as motivation to move forward with resolve. We are now at the dawn of our next attempt to make history."
The mission is part of a broader vision by ispace, which is listed on the Tokyo Stock Exchange, to help build what it calls a cislunar economy, in the space between the Earth and the Moon.
But the company must first prove that it can land a spacecraft intact, something only a handful of government space agencies and two private firms have achieved to date.
Second chance
After ispace’s 2023 lunar landing attempt, engineers discovered that the Hakuto-R lander had misjudged its altitude. Believing it had landed when it was still in the air, it shut off its engines prematurely, causing it to crash.
It was the first attempt by a private company and, despite failing, it provided crucial data for engineers.
The Resilience lander is carrying commercial payloads, including the Tenacious rover by the European Space Agency, and aims to demonstrate ispace’s capability to offer transportation services to the Moon. A third mission is planned for 2026.
Tough field
Several private companies have attempted to land on the Moon in recent years.
In January 2024, US-based Astrobotic launched its Peregrine lander, but a propellant leak soon after deployment led to mission failure.
The following month, Intuitive Machines achieved the first successful private Moon landing with its Odysseus lander, though the spacecraft tipped over after touchdown.
In March this year, Texas-based Firefly Aerospace became the first company to complete a fully successful private lunar landing with its Blue Ghost mission, operating on the surface for two weeks.
Intuitive Machines followed with Athena, which also reached the Moon but landed on its side, prematurely ending the mission.
Creating lunar access
While the short-term goal of these missions is proving technical capability, experts say the long-term stakes are much higher.
Dr Dimitra Atri, an astrophysicist at New York University Abu Dhabi, said the Moon could serve as a critical hub for future deep space missions.
“Harnessing the water on the Moon to produce oxygen and hydrogen, essential components of rocket fuel, holds the potential to transform lunar mining operations into a ‘gas station’ for future space missions,” he told The National.
“The Moon could serve as a launching point for spacecraft, offering a cost-effective alternative due to its lower gravity.”
Commercial players such as ispace hope to play a leading role by offering regular transport to and from the lunar surface.
Anna Hazlett, founder of UAE space advisory firm AzurX, told The National that if companies succeed in establishing access, it would change how space missions are designed.
“A commercial lunar transport service lowers the barrier to entry for space agencies and research institutions,” she said.
“It’s a shift from bespoke, typically government-led missions to scalable lunar logistics, much like what SpaceX did for low Earth orbit.”
Dr Atri said this business model would also benefit scientists like him.
“If I want to carry out a scientific experiment on the Moon, I will have to design the entire mission, propose it to a space agency, and the launch will be in about a decade from conception,” he said.
“In the case of private companies, I only need to focus on building my experiment and the company will deliver the payload to the Moon rather quickly."
Nerve-racking moments
ispace has made upgrades to its lander systems, including improved software and navigation tools, for the second landing.
Because the Moon has no atmosphere, engineers cannot use parachutes to slow down the spacecraft. Instead it has to use its propulsion system to change velocity and attitude.
The unstable terrain of the lunar surface can hamper a safe landing.
“We strongly believe this endeavour and its long-term success will contribute to making life on Earth sustainable for all humanity,” said Mr Hakamada.
If the vehicle successfully lands, it will operate on the Moon for two weeks.
Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
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%3Cp%3E-%20Diriyah%E2%80%99s%201.9km%20King%20Salman%20Boulevard%2C%20a%20Parisian%20Champs-Elysees-inspired%20avenue%2C%20is%20scheduled%20for%20completion%20in%202028%3Cbr%3E-%20The%20Royal%20Diriyah%20Opera%20House%20is%20expected%20to%20be%20completed%20in%20four%20years%3Cbr%3E-%20Diriyah%E2%80%99s%20first%20of%2042%20hotels%2C%20the%20Bab%20Samhan%20hotel%2C%20will%20open%20in%20the%20first%20quarter%20of%202024%3Cbr%3E-%20On%20completion%20in%202030%2C%20the%20Diriyah%20project%20is%20forecast%20to%20accommodate%20more%20than%20100%2C000%20people%3Cbr%3E-%20The%20%2463.2%20billion%20Diriyah%20project%20will%20contribute%20%247.2%20billion%20to%20the%20kingdom%E2%80%99s%20GDP%3Cbr%3E-%20It%20will%20create%20more%20than%20178%2C000%20jobs%20and%20aims%20to%20attract%20more%20than%2050%20million%20visits%20a%20year%3Cbr%3E-%20About%202%2C000%20people%20work%20for%20the%20Diriyah%20Company%2C%20with%20more%20than%2086%20per%20cent%20being%20Saudi%20citizens%3Cbr%3E%3C%2Fp%3E%0A
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The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
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Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
The Little Things
Directed by: John Lee Hancock
Starring: Denzel Washington, Rami Malek, Jared Leto
Four stars
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
UAE currency: the story behind the money in your pockets
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Dir: Jesse Peretz
Starring: Chris O'Dowd, Rose Byrne, Ethan Hawke
Two stars
Fourth Arab Economic and Social Development Summit
As he spoke, Mr Aboul Gheit repeatedly referred to the need to tackle issues affecting the welfare of people across the region both in terms of preventing conflict and in pushing development.
Lebanon is scheduled to host the fourth Arab Economic and Social Development Summit in January that will see regional leaders gather to tackle the challenges facing the Middle East. The last such summit was held in 2013. Assistant Secretary-General Hossam Zaki told The National that the Beirut Summit “will be an opportunity for Arab leaders to discuss solely economic and social issues, the conference will not focus on political concerns such as Palestine, Syria or Libya". He added that its slogan will be “the individual is at the heart of development”, adding that it will focus on all elements of human capital.
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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.”