The increasing complexity of the global economy and its interconnected systems is creating a host of challenges, such as climate change and food security, and raising the risk of natural disasters. We, therefore, require novel approaches to data collation and insights to address and mitigate these challenges.
The ability to address them using aggregated and real-time insights into the Earth’s systems, to develop more effective and sustainable solutions, is the need of the hour. This is where the Space Data Centre can play a key role.
Launched by the UAE government last year, the Space Data Centre is poised to transform the way space data is used globally. By providing scientists, public and private entities, start-ups and community members access to satellite data, the Centre will help facilitate the development of new solutions to help us understand and address national and global challenges.
Towards implementing the Centre’s objectives, the UAE Space Agency has signed a partnership agreement with Bayanat, an AI-based geospatial products and services provider, to develop and operate a geospatial analytics platform that is a one-stop shop for satellite imagery and computational and AI-based capabilities. Availability of such a tool is a milestone for strengthening space infrastructure.
Additionally, the Agency has launched the Space Analytics and Solutions (SAS) Programme to stimulate the development of Earth observation downstream applications for tackling sustainability challenges, and to leverage local and international partnerships and investments in the space industry. Surely, it is going to provide an opportunity for start-ups, SMEs and research and development centres to expedite adopting latest technologies for tackling sustainability challenges.
Currently, the SAS programme has been empowering the UAE space ecosystem to provide space-based solutions for a number of challenges, including monitoring greenhouse gases, food security and climate-induced disasters. It is all about democratising the space technologies and high-quality space data.
In line with its projects and initiatives to tackle climate change, the Agency has also signed a co-operation agreement with Planet Labs, a pioneer in Earth data and insights. The partnership aims to construct an innovative “loss and damage atlas”, driven by satellite data.
The atlas aims to leverage the power of satellite data to empower nations to confront the multifaceted impacts of climate change. It also complements the Early Warning Systems initiative launched by the World Meteorological Organisation to enhance early warning systems and mitigate the risks of weather-related events in various countries, all of which are important topics for discussion at Cop28.
With a focus on developing its sustainable space capabilities in research, scientific missions, manufacturing and specialised expertise, the UAE has also launched something called the Sirb synthetic aperture radar (SAR) satellite constellation project, with its first SAR satellite scheduled for launch in 2026.
The Sirb satellites will be built through a number of partnerships between the public and private sectors together with international players. Submissions are being opened for a range of system integration, development and subsystem construction opportunities as part of the constellation development, launch, operation and commercialisation plan.
Sirb will help not only to bolster the country’s satellite manufacturing and operation capabilities, it also aims to create a group of radar satellites equipped with cutting-edge imaging technology capable of capturing high-resolution images of land use, ice cover and surface changes, as well as following the weather to monitor climate change.
The Sirb project is supported by the UAE’s Dh3 billion ($820 million) space fund, which sets out to grow the nation’s private space sector, and enhances efforts to address climate change, environmental sustainability, disaster response and food security.
It also aims to nurture partnerships with global organisations and offer incentives, through the space economic zones project, to strengthen the UAE’s position as a global hub for talent, investment and innovation.
Today’s space sector is a fast-growing international opportunity that has enormous potential to increase our understanding of the effects of climate change (and opportunities for mitigation) across climate, weather, food and water security and the anticipation, mitigation and response to climate-driven events. We have the opportunity now to collaborate globally and forge partnerships between space-capable nations that truly see the space sector helping to define, refine and build solutions to our most pressing climate challenges.
Space technology will continue to empower individuals and organisations worldwide to harness the power of science in addressing pressing global challenges. By bridging the gap between space science and real-world challenges, the cutting-edge space technology will surely pave the way for a brighter future – a future in which space technology serves as a beacon of hope for humanity’s collective progress.
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.”
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
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UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
Results:
6.30pm: Handicap | US$135,000 (Dirt) | 1,400 metres
Winner: Rodaini, Connor Beasley (jockey), Ahmad bin Harmash (trainer)
7.05pm: Handicap | $135,000 (Turf) | 1,200m
Winner: Ekhtiyaar, Jim Crowley, Doug Watson
7.40pm: Dubai Millennium Stakes | Group 3 | $200,000 (T) | 2,000m
Winner: Spotify, James Doyle, Charlie Appleby
8.15pm: UAE Oakes | Group 3 | $250,000 (D) | 1,900m
Winner: Divine Image, William Buick, Charlie Appleby
8.50pm: Zabeel Mile | Group 2 | $250,000 (T) | 1,600m
Winner: Mythical Image, William Buick, Charlie Appleby
9.20pm: Handicap | $135,000 (T) | 1,600m
Winner: Major Partnership, Kevin Stott, Saeed bin Suroor