Astronomers have said that the first images from the James Webb Space Telescope exceeded their expectations and are eager for data that will “soon transform our understanding of the universe”.
Four images and one spectrum from the $10 billion telescope were released this week, including unprecedented views of galaxy clusters, birth and death of stars and atmospheric conditions of a giant gas planet.
The images have helped to reveal space objects that were invisible to telescopes that were not as powerful as this one.
Now, the space observatory is in its full science phase and will look back more than 13.5 billion years in the past and observe atmospheres of planets outside of our solar system.
Dimitra Atri, a planetary scientist at the New York University Abu Dhabi, said he was fascinated by the new images.
“I think we are entering a new era in astrophysics, and it will be hard to keep up with the pace of new discoveries with this incredible instrument,” he told The National.
“This new knowledge will transform our understanding of how the universe evolved in those early years.”
He said his favourite images were ones of the Carina Nebula, which shows the birthplace of stars, as well as the Southern Ring Nebula, where stars are dying, expelling dust and gas in the process.
Atmospheric readings of WASP-96 b, a planet outside of our solar system, or exoplanet, were also released.
“The planet is 1,120 light years away and JWST was able to observe the signature of water vapour and clouds in the atmosphere of the planet.
“The quality of this data was simply unthinkable before the release yesterday.
“As a scientist who studies planetary atmospheres, I am confident that we will soon discover biosignature gases on a large number of exoplanets ― gases which are most likely produced as a result of biological processes.
“We will also get to see images from solar system planets very soon.”
The first image from the telescope was revealed by US President Joe Biden at a White House briefing on July 11.
It was of the galaxy cluster SMACS 0723, the deepest into the universe we have seen so far, about 13 billion years in the past.
However, Nasa said the telescope will “see” even further, capturing galaxies that formed shortly after the Big Bang, which was 13.8 billion years ago.
Dr Aayush Saxena, a research fellow in extragalactic astronomy at University College London, said the telescope has “revolutionary capabilities” after seeing the image of SMACS 0723.
“It was incredible to see this stunning multi-colour image of the galaxy cluster, complete with beautiful ‘arcs’ that arise due to the bending of light from objects that lie behind massive clusters of galaxies,” he said.
“To be able to achieve such sensitivity and resolution at infrared wavelengths is truly paradigm shifting, opening up a whole range of possibilities.
“These capabilities will be revolutionary to detect some of the first galaxies to have formed in the universe.”
While scientists will benefit from the images and data, amateur astrophotographers, astronomers and space enthusiasts are equally excited about the telescope.
Thabet Al Qaissieh, owner and co-founder of Al Sadeem Astronomy — a space observatory in Abu Dhabi — said the images will inspire more people into astronomy.
“This will no doubt give the science community endless amounts of valuable and new data to analyse and discover,” he said.
“What is really exciting, is how the non-science community, and in some cases people who are not even involved in astronomy, have been equally excited to see a ‘new’ look of the universe.
“Whether professional, amateur astronomers, casual space nerds, and even sci-fi fans, they are engaging in those preliminary images, and that is the most exciting aspect of this new era of space exploration.”
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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