The modern space race is getting closer to making astronauts out of tourists – and a new survey finds that there is already pent-up demand, even as questions linger over the industry.
About 39 per cent of people with a net worth of more than $5 million (Dh18.3m), a total addressable market of about 2.4m, are interested in paying at least $250,000 (the current price) for a Virgin Galactic flight to the edge of space, according to financial services firm Cowen.
These findings come as Virgin Galactic takes another step towards offering commercial space flights, which will one day provide paying customers about six minutes of weightlessness as the spacecraft hurtles through Earth's atmosphere.
If space tourism is seen as a once-in-a-lifetime purchase and the price isn't lowered to increase the customer base, potential customers will decline once operational flights begin
The window to begin spaceflight tests opens up on Thursday, October 22 with the launch date still to be finalised. The flight will be the first of two that the space tourism company must complete before its founder, Richard Branson, hops on board an event that will usher in Virgin Galactic's commercial flight service.
Will there be repeat customers?
While opportunities may soon open up, much remains unproven – including the market for space tourists, Laura Forczyk, owner of US space consulting firm Astralytical and author of Rise of the Space Age Millennials, tells The National.
One issue that the Cowen survey did not address is the question of repeat customers.
"What happens after those high-worth individuals fly? Will any of them fly again?" says Forczyk. "If space tourism is seen as a once-in-a-lifetime purchase and the price isn't lowered to increase the customer base, potential customers will decline once operational flights begin."
This means ticket prices for future trips to space are likely to come down in order to attract new customers.
An accident, she adds, is also "inevitable".
“The negative news coverage and government inquiry will hurt the confidence of future customers and potential customers. How the spaceflight providers respond to accidents will set the tone for the space tourism community.”
The US government, the leading regulator for this industry, currently has no procedures for certifying the safety of launch vehicles or space travel for tourists, according to The Future of Space Tourism, a Congressional research report that was released last month.
What will the experience actually be like?
Forczyk is in the research and interviewing stages of writing a book about space tourism and private spaceflight. She has interviewed 14 astronauts who have been to space and seven "future flyers".
A recurring theme from these interviews has been the so-called overview effect, she says – the concept that seeing Earth from space will reveal "just how connected we are to each other and to the planet".
This accounts for why early designs for low Earth orbit shuttles have cameras and mirrors on board. Virgin Galactic's VSS Unity has plans for 16 cabin cameras, plus those in the cockpit and mounted externally. These "will generate high-definition output to provide everything from the first Instagram posts to a beautifully edited and historically significant personal movie," the company says.
The cabin also includes a first for space travel: a large, circular mirror on the aft bulkhead which, by adding a tint to the reflective surface, allows astronauts to view themselves while weightless and illuminated by the natural brightness of the Earth.
But this moment should not be about self-promotion, Forczyk says, even though it may well usher in a new kind of intergalactic influencer. "It's about sharing a rare experience with those around the world who are not yet able to fly in space themselves. It's about showing them that a wide diversity of people can fly in space, and maybe one day they can, too."
Who's in the space tourism race?
Elon Musk's SpaceX is also in the space tourism race. As Virgin Galactic's nearest competitor, the company is currently in the lead in terms of milestones.
SpaceX has been running regular cargo resupply missions to the International Space Station since 2012 and pioneered the use of reusable rockets. In May, the company's Crew Dragon spacecraft sent people to the ISS, and returned them safely to Earth last month.
Its next-generation Starship rocket aims to eventually launch up to 100 people into space, and perhaps all the way to Mars, but Musk said the rocket has far more to accomplish before humans are strapped in.
"We've got to first make the thing work; automatically deliver satellites and do hundreds of missions with satellites before we put people on board," he said, speaking at the recent "Humans to Mars conference.
Others are also elbowing in. Boeing is developing its Starliner spacecraft and hopes to begin carrying astronauts to the ISS next year.
Jeff Bezos's Blue Origin meanwhile, has eyes on the Moon.
Last month, the company, alongside Lockheed Martin and Northrop Grumman and Draper, delivered a mock-up to Nasa of a lunar lander. The team is now collaborating with the space agency to test it and prepare for crewed missions to the moon that could begin as early as 2024.
"Testing this engineering mock-up for crew interaction is a step towards making this historic mission real," Brent Sherwood, Blue Origin's vice president of advanced development programmes, said.
Nasa’s partnerships with Blue Origin and SpaceX, among others, is intentionally changing the economics of space travel: driving down cost and spurring innovation. These dynamics will allow for a market to open up to space tourism in the future.
“The concept of a space tourist is fairly new,” according to the US Congressional report, but it is not unheard of.
In 1998, US billionaire video game developer Richard Garriott co-founded Space Adventures, the only private company to send paying customers to orbital space so far. Space Adventures sent a total of seven paying customers to space between 2001 and 2009, aboard the Russian Roscosmos' Soyuz rockets when seats were available.
Seats sold for approximately $20m, says Forczyk.
Extensive training in Russia, the high cost and physical requirements were likely to have all been prohibitive.
"After Nasa's space shuttle programme ended, Nasa began purchasing flights from Roscosmos at a much higher price, eliminating space tourism seats," she says.
But these days, attitudes - and shuttles - are swiftly changing.
England squad
Joe Root (captain), Alastair Cook, Keaton Jennings, Gary Ballance, Jonny Bairstow (wicketkeeper), Ben Stokes (vice-captain), Moeen Ali, Liam Dawson, Toby Roland-Jones, Stuart Broad, Mark Wood, James Anderson.
RACECARD
6pm Emaar Dubai Sprint – Conditions (TB) $60,000 (Turf) 1,200m
6.35pm Graduate Stakes – Conditions (TB) $100,000 (Dirt) 1,600m
7.10pm Al Khail Trophy – Listed (TB) $100,000 (T) 2,810m
7.45pm UAE 1000 Guineas – Listed (TB) $150,000 (D) 1,600m
8.20pm Zabeel Turf – Listed (TB) $100,000 (T) 2,000m
8.55pm Downtown Dubai Cup – Rated Conditions (TB) $80,000 (D) 1,400m
9.30pm Zabeel Mile – Group 2 (TB) $180,000 (T) 1,600m
10.05pm Dubai Sprint – Listed (TB) $100,000 (T) 1,200m
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
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.”
Thor%3A%20Love%20and%20Thunder%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Taika%20Waititi%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Chris%20Hemsworth%2C%20Natalie%20Portman%2C%20Christian%20Bale%2C%20Russell%20Crowe%2C%20Tessa%20Thompson%2C%20Taika%20Waititi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EHakbah%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENaif%20AbuSaida%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ESaudi%20Arabia%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E22%20%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24200%2C000%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Epre-Series%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EGlobal%20Ventures%20and%20Aditum%20Investment%20Management%0D%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
The 100 Best Novels in Translation
Boyd Tonkin, Galileo Press
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
Managing the separation process
- Choose your nursery carefully in the first place
- Relax – and hopefully your child will follow suit
- Inform the staff in advance of your child’s likes and dislikes.
- If you need some extra time to talk to the teachers, make an appointment a few days in advance, rather than attempting to chat on your child’s first day
- The longer you stay, the more upset your child will become. As difficult as it is, walk away. Say a proper goodbye and reassure your child that you will be back
- Be patient. Your child might love it one day and hate it the next
- Stick at it. Don’t give up after the first day or week. It takes time for children to settle into a new routine.And, finally, don’t feel guilty.
The biog
Family: He is the youngest of five brothers, of whom two are dentists.
Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.
Where he works: Liberty Dental Clinic
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
