The UAE's Hope Probe is estimated to be 30 days away from reaching Mars. The scope of its mission makes it one of the most important in recent years and a major scientific achievement. After a year that has buffeted the world with bad news – and a less-than-hopeful start to 2021 – the probe's mission offers a reminder to humanity to pause and look up.
Covid-19 emerged early last year. Not long afterwards, much of the world was in lockdown. People were glued to government press conferences detailing spiralling infection and death rates. There were glimmers of positivity, pinned especially on the possibility that vaccines would liberate us from restrictions on movement. The first vaccines have been realised earlier that expected, with multiple countries releasing jabs at an unprecedented rate. This was a seminal achievement that will go down in history. However, the world is not out of the woods yet, as we increasingly discover the huge logistical challenges of inoculating people.
Last year, therefore, was not one in which we looked much to the far future. Instead, the world was preoccupied with the daily challenge of remaining level in such difficult times and bracing for tomorrow.
The probe's mission offers a reminder to humanity to pause and look up
But beyond tomorrow, foundations are being laid for better days. In the GCC, this includes last week's signing of the Al Ula statement, carving a path for normal relations with Qatar and re-establishing unity in the Gulf.
Further afield, the Hope Probe reminds us that even as the world is at a standstill, humanity is still breaking new ground in astonishing ways. The mission's primary objective is to capture data on Mars's atmosphere over a two-year period, taking the first photo of the entire planet in history.
Omran Sharaf, Emirates Mars Mission director. Photo: Emirates Mars Mission
Sarah Al Amiri, the UAE's Minister of State for Advanced Sciences, is playing an important role in space exploration. Photo: Emirates Mars Mission
Omar Al Shehhi, lead of integration and testing of the Hoep spacecraft. Photo: Emirates Mars Mission
Mohammed Wali, deputy project manager of the launch team. Courtesy: Emirates Mars Mission
This riveting process has already racked up some astonishing numbers. The spacecraft has travelled a total distance of almost 500 million kilometres. The technical challenge is huge, and a testament to the ambition of the 200-strong team of Emirati engineers behind the project. To illustrate just one part of the challenge, the probe will imminently need to reduce its speed from 121,000 km per hour to 18,000 kph in just half an hour, burning a huge amount of fuel as it enters the planet's atmosphere.
Sheikh Mohammed bin Rashid, Prime Minister of the UAE and Ruler of Dubai, said in November that the project means that the nation is now a culture that prioritises science in shaping its future. In terms of the wider Arab world, if successful, the mission makes the UAE the first country in the region to explore a planet.
In 1969, when Nasa published photos taken by Neil Armstrong and Buzz Aldrin of the Earth from the surface of the Moon, a wave of emotion swept the globe. People saw how small our planet is in the greater scheme of things.
If this year continues to challenge us as 2020 did, perhaps we could turn to the new generation of space explorers in 2021 who are pushing the boundaries of human excellence, giving us source a of hope above and beyond what we know today.
UAE currency: the story behind the money in your pockets
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.”
- 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)
How much do leading UAE’s UK curriculum schools charge for Year 6?
Nord Anglia International School (Dubai) – Dh85,032
Kings School Al Barsha (Dubai) – Dh71,905
Brighton College Abu Dhabi - Dh68,560
Jumeirah English Speaking School (Dubai) – Dh59,728
Gems Wellington International School – Dubai Branch – Dh58,488
The British School Al Khubairat (Abu Dhabi) - Dh54,170
Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
