Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has lauded the latest findings of the UAE's Hope probe. Wam
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has lauded the latest findings of the UAE's Hope probe. Wam
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has lauded the latest findings of the UAE's Hope probe. Wam
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has lauded the latest findings of the UAE's Hope probe. Wam

Sheikh Mohammed tells of pride over remarkable Mars mission findings


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Sheikh Mohammed bin Rashid has spoken of his pride at the UAE's "contribution to the pursuit of human knowledge" as the country's space experts seek to further unravel the mysteries of Mars.

The Vice President and Ruler of Dubai hailed the Emirates' latest scientific achievements after its Hope probe revealed striking details of Deimos, a tiny moon of Mars, which indicate that the celestial body may not actually be a captured asteroid as previously thought.

The fascinating findings, which include new images and scientific readings, were shared with the world by the Emirates Mars Mission team on Monday.

The spacecraft, which has spent more than two years orbiting Mars in a first for the Arab world, flew as close as 100km to the moon's surface to capture crucial data on its composition that challenges long-standing theories that Mars’ moons are captured asteroids — space rocks trapped in a planet’s orbit.

Findings suggest a planetary origin, meaning that the rock may have come from Mars itself.

"In a first of its kind, Hope probe is 100km away from Deimos moon in Mars," Sheikh Mohammed tweeted.

"We are proud of our young scientists, our knowledge and our contribution to the pursuit of human knowledge."

Sheikh Mohammed had himself announced the UAE's stellar ambitions on social media in 2014.

“Today we announce two epic projects in our history: establishing UAE Space Agency and sending the first Arab spaceship to Mars by 2021,” he tweeted at the time.

The UAE achieved its lofty goal on February 9, 2021 when it became the first Arab nation to enter the Red Planet's orbit and only the fifth space agency to accomplish the task.

Since then, the Hope probe has been beaming back stunning images of the planet that has revealed its geographical features and atmospheric conditions.

Scientists around the world have been benefiting from the treasure trove of data the mission has released so far, including images of the planet’s mysterious aurora and abundance of oxygen.

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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Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

Dirham Stretcher tips for having a baby in the UAE

Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:

• Buy second hand stuff

 They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.

• Get a health card and vaccinate your child for free at government health centres

 Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.

• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.

Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.

• Once baby is ready for solids, cook at home

Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.

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Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

Updated: April 24, 2023, 4:21 PM