Jeff Bezos's Blue Origin is aiming to sign up Dubai's ultra-wealthy for its space tourism flights.
An event was held on Monday at The Arts Club Dubai, an exclusive members' club that charges a Dh15,750 ($4,280) annual subscription and Dh15,750 joining fee.
The club, which opened its doors at the Dubai International Financial Centre in 2020, is the first international outpost of a historic London private members’ club established in 1863.
About 75 members and invited guests attended the gathering, where Blue Origin representatives spoke about the experience on a New Shepard suborbital flight, which offers a few minutes of weightlessness and views of Earth against the darkness of space.
The National was asked not to take photographs of members. Several refused to comment on whether they had purchased a ticket or would be interested.
It's a private members' event for the Arts Club. So, the the members are creatives, heads of agencies, CEOs, C-level executives, business owners, entrepreneurs and philanthropists
“This event is about creating awareness of the opportunity,” said Anna Hazlett, principal director of AzurX, the strategic adviser of Blue Origin for the Middle East region.
“It's a private members' event for the Arts Club. So, the members are creatives, heads of agencies, CEOs, C-level executives, business owners, entrepreneurs and philanthropists.
“We've also invited our own sort of curated list of people that we know are interested.”
She said that this was the “beginning of a series of events” that the company plans to hold in the UAE and the region.
Blue Origin has never revealed its price per seat, but its competitor Virgin Galactic charges $450,000.
An audience member asked a Blue Origin spokesman at the event what a ticket would cost, but was told to ask the question in private.
The company has flown 31 people on its space tourism flights since 2021.
Flights have been grounded since late September as the US Federal Aviation Administration investigates a failed uncrewed mission.
The escape system of the spacecraft was activated after the New Shephard booster experienced an anomaly one minute into its flight.
Logan Ware, Blue Origin’s commercial director for Europe, Middle East and Africa, told The National that demand was “still very high” globally despite the incident.
“We’ve flown Hamish Harding, the first one from the UAE, so we’re absolutely interested in finding the other inspired individuals that want to go to space,” he said.
“And what we're excited about is New Shepard as a flight opportunity and having that overview effect and what we like is for that experience to then have a positive impact on the world.”
Hamish Harding, a British entrepreneur who has lived in the UAE for nearly three decades, flew on a New Shepard flight in June.
He did not reveal how much he paid for the flight, but said that space tourism would become more accessible to the wider public once the cost of a ticket is equal to a sports car.
“The prices are already reasonable in a sense. They're coming down to a level where I think there'll be more like a Chrysler sports car or something that many people can aspire to,” said Mr Harding.
“I think when it reaches the price of a good sports car, then that's probably much more achievable for lots of people to aspire to.”
He shared his flight experience with the audience and also spoke about having the “overview effect”, often described by astronauts as a powerful shift in how a person views the planet and life.
“It really does change people's lives, going into space, from a perspective point of view of how you see the Earth and it has changed most people's lives,” said Mr Harding.
Star Trek actor William Shatner, who flew on Blue Origin’s second space tourism flight, also describes the overview effect he experienced in his book Boldly Go: Reflections on a Life of Awe and Wonder. An excerpt of it was published in Variety last month.
“It was among the strongest feelings of grief I have ever encountered,” he said.
“The contrast between the vicious coldness of space and the warm nurturing of Earth below filled me with overwhelming sadness.
“Every day, we are confronted with the knowledge of further destruction of Earth at our hands: the extinction of animal species, of flora and fauna … things that took five billion years to evolve and suddenly we will never see them again because of the interference of mankind.
“It filled me with dread. My trip to space was supposed to be a celebration. Instead, it felt like a funeral.”
The%20Letter%20Writer
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ABU%20DHABI%20CARD
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What to watch out for:
Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways
The hulls of three ships will be used for the roof
The hulls will painted to make the largest Italian tricolour in the country’s history
Several pillars more than 20 metres high will support the structure
Roughly 15 tonnes of steel will be used
Results
6pm: Dubai Trophy – Conditions (TB) $100,000 (Turf) 1,200m
Winner: Silent Speech, William Buick (jockey), Charlie Appleby
(trainer)
6.35pm: Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m
Winner: Island Falcon, Frankie Dettori, Saeed bin Suroor
7.10pm: UAE 2000 Guineas Trial – Conditions (TB) $60,000 (Dirt)
1,400m
Winner: Rawy, Mickael Barzalona, Salem bin Ghadayer
7.45pm: Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
Winner: Desert Fire, Hector Crouch, Saeed bin Suroor
8.20pm: Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
Winner: Naval Crown, William Buick, Charlie Appleby
8.55pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
Winner: Al Tariq, Pat Dobbs, Doug Watsons
9.30pm: Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
Winner: Dubai Icon, Patrick Cosgrave, Saeed bin Suroor
THE%20STRANGERS'%20CASE
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Napoleon
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THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Dolittle
Director: Stephen Gaghan
Stars: Robert Downey Jr, Michael Sheen
One-and-a-half out of five stars
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20SupplyVan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2029%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20MRO%20and%20e-commerce%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A
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)
More on Quran memorisation:
Who's who in Yemen conflict
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
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Queen
Nicki Minaj
(Young Money/Cash Money)
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.”
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)