• Billionaire businessman Jeff Bezos embraces veteran aviator Wally Funk after Blue Origin’s reusable New Shepard craft capsule returned from space on Tuesday, July 20, 2021.
    Billionaire businessman Jeff Bezos embraces veteran aviator Wally Funk after Blue Origin’s reusable New Shepard craft capsule returned from space on Tuesday, July 20, 2021.
  • Jeff Bezos, Funk and and gap-year student Oliver Daemen, 18, disembark after Blue Origin’s reusable New Shepard capsule returned from space.
    Jeff Bezos, Funk and and gap-year student Oliver Daemen, 18, disembark after Blue Origin’s reusable New Shepard capsule returned from space.
  • Jeff Bezos disembarks after the flight.
    Jeff Bezos disembarks after the flight.
  • New Shepard touches down on Earth.
    New Shepard touches down on Earth.
  • New Shepard approaches the ground.
    New Shepard approaches the ground.
  • The capsule carrying Jeff Bezos and three crew members returns to Texas by parachute.
    The capsule carrying Jeff Bezos and three crew members returns to Texas by parachute.
  • The booster rocket returns to the launch pad.
    The booster rocket returns to the launch pad.
  • The rocket lifts off.
    The rocket lifts off.
  • The launch viewed from far.
    The launch viewed from far.
  • The rocket is launched on the world’s first unpiloted suborbital flight.
    The rocket is launched on the world’s first unpiloted suborbital flight.
  • It took off from Blue Origin’s launch site, near Van Horn in western Texas, US.
    It took off from Blue Origin’s launch site, near Van Horn in western Texas, US.
  • Blue Origin’s New Shepard rocket is launched from its spaceport.
    Blue Origin’s New Shepard rocket is launched from its spaceport.
  • The rocket lift-off.
    The rocket lift-off.
  • The launch pad. Blue Origin’s first crewed mission was an 11-minute flight from Texas and back. Reaching an altitude of 106 kilometres, it coincided with the 52nd anniversary of the first Moon landing.
    The launch pad. Blue Origin’s first crewed mission was an 11-minute flight from Texas and back. Reaching an altitude of 106 kilometres, it coincided with the 52nd anniversary of the first Moon landing.
  • People watch on a television screen as the rocket sits on the launch pad.
    People watch on a television screen as the rocket sits on the launch pad.
  • The crew members prepare for the flight.
    The crew members prepare for the flight.
  • The crew members prepare for the flight.
    The crew members prepare for the flight.
  • Jeff Bezos, the founder of Amazon.com, rings a bell before boarding the flight.
    Jeff Bezos, the founder of Amazon.com, rings a bell before boarding the flight.
  • This still image taken from video by Blue Origin shows Funk, Daemen and the Bezos brothers before they leave for the flight.
    This still image taken from video by Blue Origin shows Funk, Daemen and the Bezos brothers before they leave for the flight.
  • A monitor in a zone reserved for the media shows Wally Funk being interviewed.
    A monitor in a zone reserved for the media shows Wally Funk being interviewed.
  • This still image taken from video by Blue Origin shows Funk, Jeff and Mark Bezos, and Daemen as they ascend the crew tower for the flight.
    This still image taken from video by Blue Origin shows Funk, Jeff and Mark Bezos, and Daemen as they ascend the crew tower for the flight.
  • This still image taken from video by Blue Origin shows, from left, Mark Bezos, Jeff Bezos, Wally Funk and Oliver Daemen as they travel to the launch pad.
    This still image taken from video by Blue Origin shows, from left, Mark Bezos, Jeff Bezos, Wally Funk and Oliver Daemen as they travel to the launch pad.
  • Jeff Bezos, his brother Mark Bezos, a private equity executive, Wally Funk and Oliver Daemen pose in an undated photograph.
    Jeff Bezos, his brother Mark Bezos, a private equity executive, Wally Funk and Oliver Daemen pose in an undated photograph.

Jeff Bezos's Blue Origin has its eye on UAE desert for spaceport


Sarwat Nasir
  • English
  • Arabic

Jeff Bezos’ Blue Origin is looking at the UAE’s desert as a possible location for a spaceport for tourists.

The company has successfully sent eight people into space through its New Shepard suborbital flights — including Star Trek actor William Shatner, 90, who became the oldest person in space.

In an exclusive interview with The National, Brent Sherwood, senior vice president of advanced development programmes for Blue Origin, said the UAE was an “obvious choice” for a spaceport and that it was looking to expand its launch sites from the current one in El Paso, Texas.

“Now that we are operational for tourism, the next thing we are looking at is other locations around the planet to establish launch and landing sites for New Shepard,” he said.

A couple of nights ago I slept over in Sharjah and did some stargazing in the desert. It’s very promising to think about areas here
Brent Sherwood,
Blue Origin

“It’s an obvious place to look here. All we really need is some desert. One of the endearing qualities of the West Texas desert is that it is hard to get to the El Paso airport. You have to drive for a couple of hours and it is in the middle of nowhere.

“A couple of nights ago I slept over in Sharjah and did some stargazing in the desert. It was only 30 minutes away from Dubai, so I think it’s very promising to think about areas here.”

Mr Sherwood was speaking to The National on the sidelines of the International Astronautical Congress, which is taking place at the Dubai World Trade Centre until October 29.

Booking space tourism trips from the UAE

AzurX is a private company in Dubai that is working as a strategic adviser to Blue Origin and will work as a bridge between the UAE and space tourism company.

Anna Hazlett, chief executive of AzurX, told The National that it would be helping Blue Origin with its localisation strategy in the UAE, and would assist customers with space tourism flights and opportunities on Orbital Reef — a new private space station Blue Origin announced on Monday.

“The AzurX team is proud to assist Blue Origin in exploring Orbital Reef and space tourism in the UAE,” she said.

“We look forward to developing this exciting program with Blue Origin and bringing opportunities to the UAE, Emirati visionaries, entrepreneurs, and businesses.”

Orbital Reef would be a “mixed-use business park” that would provide easier access to a diverse group of people ranging from tourists to media, science and finance.

Are tickets affordable?

Blue Origin has not revealed the price of a ticket on a New Shepard flight, but one was sold for $28 million during an auction.

Mr Sherwood said prices are expected to decrease once reusable orbital vehicles become more common.

“Costs are coming down already, let's say even in the pricing of New Shepard suborbital seats, where we're seeing that price curve,” he said.

“The first seat was result of an auction and that was a lot of money, but the seats we’ve sold since were not sold for that price, they were sold for less.

“We have a database of interested passengers and we are observing that price point come down. It’s very exciting because we’ve only flown two human missions so far and we’re already seeing that decrease. That will continue as reusable orbital vehicles get more common.

“As to the question of getting all the way down to a price where you and I do it, that’s going to be a while and that’s going to be a long time coming, I think.”

He said Orbital Reef offers more of a “value proposition” than a “short ride to space”.

“With Orbital reef, I can go someplace. So, just like people come to Dubai because it's a destination in itself, it has these attractions and things that are unique in the world,” he said.

“That's what Orbital Reef will be. It’s not just going to space, it’s going to a place in space that has its own set of amenities and entertainments and all that.”

Rival Virgin Galactic signed an agreement with the UAE in 2019 for a spaceport. A memorandum of understanding was signed between the UAE Space Agency and Abu Dhabi Airports to use the Al Ain airport facilities for commercial space flights, but there has been no update on construction provided since then.

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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.”

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CHAMPIONS TROPHY 

2025: Pakistan; 2029: India  

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Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
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Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

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Updated: October 27, 2021, 9:24 AM