A major space conference in Abu Dhabi next month will address the new geopolitics of space and challenges in the sector.
The Abu Dhabi Space Debate, to be held on December 5 and 6, will bring together world leaders, policy-makers, military leaders, heads of space agencies, scientists and engineers.
President Sheikh Mohamed and Israeli President Isaac Herzog will attend the conference in person, while Indian Prime Minister Narendra Modi will address the conference online.
The gathering comes at a time of landmark events in space, including mega-constellations of satellites that are crowding low-Earth orbit and countries increasingly looking to militarise space.
There are also concerns about whether enough regulations are in place as private companies try to commercialise low-Earth orbit and tap into the lunar economy.
The agenda and list of speakers were revealed at a press conference in Abu Dhabi on Thursday.
Sarah Al Amiri, Minister of State for Public Education and Advanced Technology and chairwoman of the UAE Space Agency, said during the briefing that “there is no doubt we are at the dawn of a new space age”.
“From two space-capable actors in the world in the 1960s, the Americans and the Soviets, we are now looking at a multilateral world where some 70 nations have space programmes, where private sector players are taking the roles of launch provider, space station builder, satellite funder ― roles previously only in the hands of governments,” she said.
“The challenges we face are inter-linked ― our internationally supported space legislation dates back in many instances to the 1960s, our institutions are not agile enough for today’s world of space capability.
“This is precisely why the Abu Dhabi Space Debate is vital to our development of the space sectors.”
There will also be a session on the space industry and Cop28, which will be held at Expo City Dubai next year.
An investigation into the role of space agreements, such as the Artemis Accords, will also take place.
The accords are a US-led international agreement that outlines responsible space exploration, especially of the Moon.
However, the agreement is not yet legally binding and most of it is a repetition of the UN’s Outer Space Treaty formed in 1967.
Omran Sharaf, Assistant Minister of Foreign Affairs and International Co-operation for Advanced Science and Technology, said there were huge challenges, from “the undermining of multilateralism by vested nationalistic interests through to the democratisation of space and its assets".
“We have to face the facts, we are not currently distributing access to space equally or fairly and we are not encouraging truly inclusive dialogue. Can we overcome this? I believe we can. Will it be simple or easy? I believe it will not,” he said.
The Abu Dhabi Space Debate will be held at the Adnoc Business Centre.
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The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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The view from The National
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
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Mohammed Al Khatib (JOR) v Gimbat Ismailov (RUS)
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Trent Girdham (AUS) v Jayson Margallo (PHI)
Lightweight
Usman Nurmagomedov (RUS) v Roman Golovinov (UKR)
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Tarek Suleiman (SYR) v Steve Kennedy (AUS)
Lightweight
Dan Moret (USA) v Anton Kuivanen (FIN)
Match info
Manchester United 1
Fred (18')
Wolves 1
Moutinho (53')
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The flights
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Where to stay
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.
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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.”
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
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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