• Adnan Al Noorani, left, founder of the Future Innovation Summit, and Adnan Al Rais, Mars 2117 manager at the Mohammed bin Rashid Space Centre, on the first day of the conference in Dubai. All photos: Pawan Singh / The National
    Adnan Al Noorani, left, founder of the Future Innovation Summit, and Adnan Al Rais, Mars 2117 manager at the Mohammed bin Rashid Space Centre, on the first day of the conference in Dubai. All photos: Pawan Singh / The National
  • Delegates on the opening day of the Future Innovation Summit at Meydan hotel.
    Delegates on the opening day of the Future Innovation Summit at Meydan hotel.
  • Leading Emirati educator Maya Al Hawary and Mr Al Noorani speak during a panel discussion at the summit.
    Leading Emirati educator Maya Al Hawary and Mr Al Noorani speak during a panel discussion at the summit.
  • Mr Al Rais speaks during the session on the ‘Vision of UAE for the Space Industry’.
    Mr Al Rais speaks during the session on the ‘Vision of UAE for the Space Industry’.
  • Children sing the UAE national anthem on the opening day of Future Innovation Summit.
    Children sing the UAE national anthem on the opening day of Future Innovation Summit.

Plan to build a base on Mars 'not a fantasy', says Emirati space official


Sarwat Nasir
  • English
  • Arabic

The UAE’s plan to build a settlement on Mars by the year 2117 is not just a dream, a top Emirati space official has said.

Adnan Al Rais, Mars 2117 manager at the Mohammed bin Rashid Space Centre, said some people doubted whether the settlement project could ever happen.

But Mr Al Rais told the Future Innovation Summit on Wednesday that the UAE's plan to build a scientific settlement on Mars was a long-term plan to benefit humanity.

“Some people think about this like a fantasy but there is something ... definitely happening,” he said. “The UAE has a vision and a clear path for the next 100 years."

The Emirates in 2017 announced ambitious plans to build a human colony on the Red Planet in 100 years.

Since then, the space centre has sent its Hope spacecraft to study the planet’s atmosphere, and is building a Dh500 million science city in Dubai that simulates the conditions on Mars. It also aims to land a rover on the Moon this year.

The UAE has said the space programme is not just about missions, but also helping to create jobs. The sector provides more than 3,200 jobs, with more than 57 space companies and five space science research centres operating in the UAE.

"We're going to continue investing in science, technology and space, which means that we're going to continue investing in our youth continue," Mr Al Rais said.

But there is still no technology readily available that can transport humans to Mars, or protect them from the deadly radiation during the journey there and while on the planet.

  • HOPE MISSION MILESTONES - IN PICTURES: On July 16, 2014, the UAE announced its Mars mission would reach the planet in 2021, in time for the country's Golden Jubilee. Photo: Nasa
    HOPE MISSION MILESTONES - IN PICTURES: On July 16, 2014, the UAE announced its Mars mission would reach the planet in 2021, in time for the country's Golden Jubilee. Photo: Nasa
  • On May 8, 2015, during a glittering ceremony at Qasr Al Watan, Abu Dhabi, the name of the spacecraft and timeline of the mission is unveiled by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai. Photo: Emirates Mars Mission
    On May 8, 2015, during a glittering ceremony at Qasr Al Watan, Abu Dhabi, the name of the spacecraft and timeline of the mission is unveiled by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai. Photo: Emirates Mars Mission
  • On November 12, 2017, at the Dubai Airshow, a prototype of the Mars spacecraft goes on display. Photo: Mohammed bin Rashid Space Centre
    On November 12, 2017, at the Dubai Airshow, a prototype of the Mars spacecraft goes on display. Photo: Mohammed bin Rashid Space Centre
  • On January 5, 2020, Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, right, and Sheikh Mohamed sign the final piece of the Hope Probe before it is shipped to Japan for the launch. Photo: Wam
    On January 5, 2020, Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, right, and Sheikh Mohamed sign the final piece of the Hope Probe before it is shipped to Japan for the launch. Photo: Wam
  • On January 21, 2020, a launch window between July 14 and August 3, 2020, is announced. The spacecraft would lift off from Japan’s Tanegashima Space Centre, aboard the HII-A rocket. On May 19, it is announced the first launch attempt would be made on July 15, 2020. Photo: Dubai Media Office
    On January 21, 2020, a launch window between July 14 and August 3, 2020, is announced. The spacecraft would lift off from Japan’s Tanegashima Space Centre, aboard the HII-A rocket. On May 19, it is announced the first launch attempt would be made on July 15, 2020. Photo: Dubai Media Office
  • On April 5, 2020, Emirati engineers are sent, months in advance, to the launch site due to Covid-19. Some team members stay behind because only a limited number of people are allowed on site. Photo: Emirates Mars Mission
    On April 5, 2020, Emirati engineers are sent, months in advance, to the launch site due to Covid-19. Some team members stay behind because only a limited number of people are allowed on site. Photo: Emirates Mars Mission
  • On April 25, 2020, the space orbiter arrives on Tanegashima island, 1,000 kilometres south of Tokyo. Photo: Emirates Mars Mission
    On April 25, 2020, the space orbiter arrives on Tanegashima island, 1,000 kilometres south of Tokyo. Photo: Emirates Mars Mission
  • The vehicle travelled in a special container to avoid damage and flew on one of the world's largest cargo planes. Photo: Emirates Mars Mission
    The vehicle travelled in a special container to avoid damage and flew on one of the world's largest cargo planes. Photo: Emirates Mars Mission
  • Sarah Al Amiri, Minister of State for Advanced Technology and chairperson of the UAE Space Agency, and mission director Omran Sharaf, third left, discuss with engineers shipping the Hope probe to Japan. Photo: Mohammed bin Rashid Space Centre
    Sarah Al Amiri, Minister of State for Advanced Technology and chairperson of the UAE Space Agency, and mission director Omran Sharaf, third left, discuss with engineers shipping the Hope probe to Japan. Photo: Mohammed bin Rashid Space Centre
  • The Hope probe arrives in Tanegashima island for a launch attempt on July 15, 2020. Courtesy: Yoshiaki Sakita
    The Hope probe arrives in Tanegashima island for a launch attempt on July 15, 2020. Courtesy: Yoshiaki Sakita
  • Heavy rainfall and strong winds delay the mission twice, on July 15 and July 17. Courtesy: Shoma Watanbe
    Heavy rainfall and strong winds delay the mission twice, on July 15 and July 17. Courtesy: Shoma Watanbe
  • On July 20, 2020, the Hope probe lifts off and begins its 493-million-kilometre journey to Mars. AFP
    On July 20, 2020, the Hope probe lifts off and begins its 493-million-kilometre journey to Mars. AFP
  • Sarah Al Amiri celebrates a successful take-off with launch provider Mitsubishi Heavy Industries. AFP
    Sarah Al Amiri celebrates a successful take-off with launch provider Mitsubishi Heavy Industries. AFP
  • On July 22, 2020, the probe captures an image of Mars two days after it began its journey to the Red Planet. Sheikh Mohammed shared this image on Twitter. Photo: Sheikh Mohammed Twitter
    On July 22, 2020, the probe captures an image of Mars two days after it began its journey to the Red Planet. Sheikh Mohammed shared this image on Twitter. Photo: Sheikh Mohammed Twitter
  • On February 9, 2021, Sarah Al Amiri hosted an event at Dubai's Burj Park and gave live updates on the mission. Reuters
    On February 9, 2021, Sarah Al Amiri hosted an event at Dubai's Burj Park and gave live updates on the mission. Reuters
  • On February 9, 2021, mission director Omran Sharaf announces the Hope probe has successfully entered Mars orbit. Photo: Wam
    On February 9, 2021, mission director Omran Sharaf announces the Hope probe has successfully entered Mars orbit. Photo: Wam
  • Joyous scenes at the event in Burj Park. Christopher Pike / Reuters
    Joyous scenes at the event in Burj Park. Christopher Pike / Reuters
  • Moments after the announcement, Sheikh Mohamed bin Zayed and Sheikh Mohammed bin Rashid thank staff at mission control in Dubai. Photo: Ministry of Presidential Affairs
    Moments after the announcement, Sheikh Mohamed bin Zayed and Sheikh Mohammed bin Rashid thank staff at mission control in Dubai. Photo: Ministry of Presidential Affairs
  • On February 14, 2021, the spacecraft sends its first global image of the Red Planet. Photo: Emirates Mars Mission
    On February 14, 2021, the spacecraft sends its first global image of the Red Planet. Photo: Emirates Mars Mission
  • On October 1, 2021, the UAE releases the first set of data collected by the mission, including images and science readings of the atmosphere and weather. Photo: Emirates Mars Mission
    On October 1, 2021, the UAE releases the first set of data collected by the mission, including images and science readings of the atmosphere and weather. Photo: Emirates Mars Mission
  • This image taken by the Hope probe’s ultraviolet spectrometer shows sunlight reflected from the extended cloud of atomic hydrogen gas that surrounds Mars. The sunlight is visible only as a dark disk hidden within the gas. Emirates Mars Mission
    This image taken by the Hope probe’s ultraviolet spectrometer shows sunlight reflected from the extended cloud of atomic hydrogen gas that surrounds Mars. The sunlight is visible only as a dark disk hidden within the gas. Emirates Mars Mission
  • On January 1, a second set of data is released for free to the public. This image was enhanced by Andrea Luck and shows another cloudy day on the planet. The North Pole, Olympus Mons and Tharsis Montes are also visible. Photo: Hope Mars Mission / Andrew Luck
    On January 1, a second set of data is released for free to the public. This image was enhanced by Andrea Luck and shows another cloudy day on the planet. The North Pole, Olympus Mons and Tharsis Montes are also visible. Photo: Hope Mars Mission / Andrew Luck

Elon Musk’s SpaceX has developed the Starship rocket to send humans to Mars but it is yet to perform its first orbital flight.

The billionaire also has plans to colonise the Red Planet and hopes to send a million people there by 2050.

But plans to colonise Mars have sometimes been criticised.

British astrophysicist Martin Rees has said: "Mars is a very hostile environment.

"What I certainly don’t buy is an idea espoused by Elon Musk and by my late colleague, Stephen Hawking, that we should expect that literally millions of people will go and settle on Mars as a way of escaping Earth problems."

Several research programmes are taking place to help the Mars 2117 goal, including the country’s participation in an analogue mission.

The project involves Saleh Al Ameri, an Emirati who is spending eight-months inside a Russian facility that mimics space travel and helps scientists to understand the effects on the human body of long-duration deep space missions on the human body.

Mr Al Rais said that the UAE is following international space plans, which are to land humans on the Moon, build a sustainable base on the surface and then eventually send humans to Mars from there.

“[The] Moon is basically the gateway to Mars," he said. "This is the roadmap set by international agencies and the UAE is part of that.

"This is called the global solutions roadmap. So, the Gateway [a planned lunar-orbiting station] will send humans back to the surface of the Moon and then there will be future missions to the surface of the Mars."

Hazza Al Mansouri, the UAE's first astronaut, speaks during the session on the ‘Vision of UAE for the Space Industry’ on the first day of the Future Innovation Summit in Dubai. Pawan Singh / The National
Hazza Al Mansouri, the UAE's first astronaut, speaks during the session on the ‘Vision of UAE for the Space Industry’ on the first day of the Future Innovation Summit in Dubai. Pawan Singh / The National

Maj Hazza Al Mansouri, the UAE’s first astronaut, spoke by video at the event on Wednesday. He is training in Houston for the country’s next mission to space, in which he will probably be the back-up astronaut.

“We are currently in an exciting period in the history of space exploration,” Maj Al Mansouri said.

“The UAE is preparing its astronauts to participate in a new advanced missions, collecting new data from Mars, preparing to launch a mission to the Moon and developing the most advanced, high accuracy, high resolution imaging satellites.

“In our quest to explore the vastness of space, we are creating technologies and deriving innovation that are now being used to benefit human society, from urban planning to disaster management, as well as exploring sustainable means to create a better more now and in the future.”

The Future Innovation Summit continues in Dubai on Thursday.

Adnan Al Noorani, left, founder of Future Innovation Summit, and Adnan Al Rais from the Mohammed bin Rashid Space Centre. Pawan Singh / The National
Adnan Al Noorani, left, founder of Future Innovation Summit, and Adnan Al Rais from the Mohammed bin Rashid Space Centre. Pawan Singh / The National
Silent Hill f

Publisher: Konami

Platforms: PlayStation 5, Xbox Series X/S, PC

Rating: 4.5/5

The Internet
Hive Mind
four stars

RACE CARD

6.30pm: Madjani Stakes Group 2 (PA) Dh97,500 (Dirt) 1,900m
7.05pm: Maiden (TB) Dh82,500 (D) 1,400m
7.40pm: Maiden (TB) Dh82,500 (D) 1,600m
8.15pm: Handicap (TB) Dh87,500 (D) 2,200m
8.50pm: Dubai Creek Mile Listed (TB) Dh132,500 (D) 1,600m
9.25pm: Conditions (TB) Dh120,000 (D) 1,900m
10pm: Handicap (TB) Dh92,500 (D) 1,400m

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

MATCH DETAILS

Manchester United 3

Greenwood (21), Martial (33), Rashford (49)

Partizan Belgrade 0

Tank warfare

Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

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Fixtures

Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs

Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms

Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles

Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon

Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon

Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

UFC%20FIGHT%20NIGHT%3A%20SAUDI%20ARABIA%20RESULTS
%3Cp%3E%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20card%3Cbr%3EMiddleweight%3A%3C%2Fstrong%3E%0D%3Cbr%3ERobert%20Whittaker%20defeated%20Ikram%20Aliskerov%20via%20knockout%20(Round%201)%0D%3Cbr%3E%3Cstrong%3EHeavyweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EAlexander%20Volkov%20def%20Sergei%20Pavlovich%20via%20unanimous%20decision%0D%3Cbr%3E%3Cstrong%3EMiddleweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EKelvin%20Gastelum%20def%20Daniel%20Rodriguez%20via%20unanimous%20decision%0D%3Cbr%3E%3Cstrong%3EMiddleweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EShara%20Magomedov%20def%20Antonio%20Trocoli%20via%20knockout%20(Round%203)%0D%3Cbr%3E%3Cstrong%3ELight%20heavyweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EVolkan%20Oezdemir%20def%20Johnny%20Walker%20via%20knockout%20(Round%201)%0D%3Cbr%3E%3Cstrong%3EPreliminary%20Card%0D%3Cbr%3ELightweight%3A%3C%2Fstrong%3E%0D%3Cbr%3ENasrat%20Haqparast%20def%20Jared%20Gordon%20via%20split%20decision%0D%3Cbr%3E%3Cstrong%3EFeatherweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EFelipe%20Lima%20def%20Muhammad%20Naimov%20via%20submission%20(Round%203)%0D%3Cbr%3E%3Cstrong%3EWelterweight%3A%3C%2Fstrong%3E%0D%3Cbr%3ERinat%20Fakhretdinov%20defeats%20Nicolas%20Dalby%20via%20split%20decision%0D%3Cbr%3E%3Cstrong%3EBantamweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EMuin%20Gafurov%20def%20Kang%20Kyung-ho%20via%20unanimous%20decision%0D%3Cbr%3E%3Cstrong%3ELight%20heavyweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EMagomed%20Gadzhiyasulov%20def%20Brendson%20Ribeiro%20via%20majority%20decision%0D%3Cbr%3E%3Cstrong%3EBantamweight%3A%3C%2Fstrong%3E%0D%3Cbr%3EChang%20Ho%20Lee%20def%20Xiao%20Long%20via%20split%20decision%3C%2Fp%3E%0A
ALRAWABI%20SCHOOL%20FOR%20GIRLS
%3Cp%3ECreator%3A%20Tima%20Shomali%3C%2Fp%3E%0A%3Cp%3EStarring%3A%C2%A0Tara%20Abboud%2C%C2%A0Kira%20Yaghnam%2C%20Tara%20Atalla%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

The bio

Favourite book: The Alchemist by Paulo Coelho

Favourite travel destination: Maldives and south of France

Favourite pastime: Family and friends, meditation, discovering new cuisines

Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.

Favourite Author: My father for sure

Favourite Artist: Damien Hurst

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

The story in numbers

18

This is how many recognised sects Lebanon is home to, along with about four million citizens

450,000

More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps

1.5 million

There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m

73

The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association

18,000

The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme

77,400

The number of people believed to be affected by the current nationality law, according to the 2009 UN study

4,926

This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee

The%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
What is cyberbullying?

Cyberbullying or online bullying could take many forms such as sending unkind or rude messages to someone, socially isolating people from groups, sharing embarrassing pictures of them, or spreading rumors about them.

Cyberbullying can take place on various platforms such as messages, on social media, on group chats, or games.

Parents should watch out for behavioural changes in their children.

When children are being bullied they they may be feel embarrassed and isolated, so parents should watch out for signs of signs of depression and anxiety

SPECS

Toyota land Cruiser 2020 5.7L VXR

Engine: 5.7-litre V8

Transmission: eight-speed automatic

Power: 362hp

Torque: 530Nm

Price: Dh329,000 (base model 4.0L EXR Dh215,900)

BUNDESLIGA FIXTURES

Saturday, May 16 (kick-offs UAE time)

Borussia Dortmund v Schalke (4.30pm) 
RB Leipzig v Freiburg (4.30pm) 
Hoffenheim v Hertha Berlin (4.30pm) 
Fortuna Dusseldorf v Paderborn  (4.30pm) 
Augsburg v Wolfsburg (4.30pm) 
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)

Sunday, May 17

Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)

Monday, May 18

Werder Bremen v Bayer Leverkusen (9.30pm)

Company profile

Name: Steppi

Founders: Joe Franklin and Milos Savic

Launched: February 2020

Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year

Employees: Five

Based: Jumeirah Lakes Towers, Dubai

Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings

Second round raised Dh720,000 from silent investors in June this year

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

The%20Killer
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EDavid%20Fincher%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EMichael%20Fassbender%2C%20Tilda%20Swinton%2C%20Charles%20Parnell%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%C2%A0%3C%2Fp%3E%0A
The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press

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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The biog

Name: Abeer Al Shahi

Emirate: Sharjah – Khor Fakkan

Education: Master’s degree in special education, preparing for a PhD in philosophy.

Favourite activities: Bungee jumping

Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.

UAE currency: the story behind the money in your pockets
From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

MATCH INFO

Scotland 59 (Tries: Hastings (2), G Horne (3), Turner, Seymour, Barclay, Kinghorn, McInally; Cons: Hastings 8)

Russia 0

Updated: May 11, 2022, 1:47 PM