A new dedicated commercial earth observation satellite manufacturing centre will be set up in Abu Dhabi.
The project is a collaboration between the Abu Dhabi Investment Office (Adio) and the emirate's Space 42. The plant will also serve to create a national space workforce with hands-on industrial expertise, the Abu Dhabi Media Office reported.
The initiative was announced during the Make it in the Emirates 2025 manufacturing conference in Abu Dhabi. The media office also reported that the centre would support the emirate's transformation into a global hub for advanced manufacturing.
“This strategic partnership brings together global capability and national ambition,” said Badr Al Olama, director general of Adio. “By enabling transformative companies like Space42 to scale breakthrough technologies here in Abu Dhabi, we are delivering on our mandate to accelerate the emirate’s economic growth and establish future-ready industries.
“The transformational project demonstrates Abu Dhabi’s vision in action, enabling knowledge transfer, advancing critical infrastructure and delivering sustainable economic impact.”
The synthetic-aperture radar (SAR) satellites, which are capable of capturing high-resolution imagery in all weather and light conditions, are said to be crucial for national security, environmental monitoring and disaster response. Space42 Space Systems will oversee the full manufacturing of the satellites, from system design to launch readiness.
“Bringing commercial satellite manufacturing into the UAE marks a pivotal step in realising Space42’s strategy,” said Hasan Al Hosani, chief executive of Banayat Smart Solutions at Space42.
“It enhances our sovereign capability in earth observation and strengthens our position as the preferred partner for premium geospatial data. Abu Dhabi is at the centre of this ambition, providing the environment to test, scale and export space-based capabilities that are sovereign at origin and global in application.”
The project, announced on Wednesday afternoon, means that Abu Dhabi will, for the first time assemble, integrate and test commercial SAR satellites. As a result it will place the emirate at the forefront of the global space economy and reinforcing its status as a centre of excellence for space innovation, the media office said.
In March, the UAE's most recent SAR satellite lifted off aboard a SpaceX Falcon 9 rocket. The Etihad-Sat was equipped with technology capable of monitoring the planet in any weather, day and night
The new centre will also play a major role in supporting Abu Dhabi's plan to develop a pipeline of local talent within the sector. Among the initiatives will be academic and industry programmes including internships for Emiratis as well as technical lectures, industry site visits and research collaborations with leading Abu Dhabi universities.
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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.
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Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
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Slow loris biog
From: Lonely Loris is a Sunda slow loris, one of nine species of the animal native to Indonesia, Malaysia, Thailand and Singapore
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