Asteroid bigger than Burj Khalifa flies over UAE


Sarwat Nasir
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An asteroid larger than Burj Khalifa safely passed by Earth last night and in the early hours of Wednesday.

Known as asteroid (7482) 1994 PC1, the space rock measures 1.05 kilometres across, while the world’s tallest building in Dubai stands at 0.83km.

It flew past the planet from a distance of 1.9 million km, which is five times the distance between the Earth and the Moon.

It flew over the UAE at a speed of about 76,192kph.

Astrophotographers live-streamed footage of the space rock’s journey.

Roy Cooper / The National
Roy Cooper / The National

The space rock will not come this close to Earth for the next 200 years.

Asteroids are rocky leftovers from the formation of the early system. More than 1.1 million have been found but many remain undiscovered.

Scottish-Australian astronomer Robert McNaught discovered this one in 1994.

An astrophotographer in Abu Dhabi had been tracking its journey.

Aldrin Gabuya from the Al Sadeem Observatory captured footage of the space rock on January 16, as it approached Earth.

“Unlike the planet-killer comet in the Don't Look Up movie, asteroid 7482 (1994 PC1) will safely zoom past us,” the observatory tweeted.

“Not too close to collide with our planet, but not too far to be observed with a small scope.”

Astronomers around the world regularly track asteroids to ensure none of them are a threat to the Earth.

To test Earth’s defences against any threats from space rocks, Nasa launched a spacecraft last year that would intentionally crash into an asteroid to see if it could be deflected off course.

The Double Asteroid Redirection Test (Dart) mission will involve Didymos and Dimorphos, a binary asteroid system about 11 million km from Earth.

Dimorphos will be struck by the spacecraft between September and October, with the aim of changing its path.

Last year Nasa launched its Lucy spacecraft, which will visit eight asteroids over 12 years to study the evolution of the solar system.

It will fly by one Main Belt asteroid and seven Trojan asteroids. These are leftover parts of planets that are travelling in an orbit before and behind Jupiter.

The UAE also announced plans last year to launch a mission to the Main Asteroid Belt, and a Venus fly-by.

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Directed by: Sandeep Reddy Vanga

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Rating: 2.5/5 

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.”

The specs

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Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

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Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
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Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

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Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

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Updated: January 20, 2022, 8:04 AM