It is the busiest year in space exploration for the UAE, with another ambitious mission on the horizon.
The UAE Space Agency has finalised the science objectives and spacecraft design for a mission to the asteroid belt that lies between Mars and Jupiter.
The Emirates hopes to launch the spacecraft in 2028 on a six-year journey to the main asteroid belt.
The mission was first announced in 2021, but details have been revealed in a paper that will be presented to a conference in the US in June.
The National breaks down everything you need to know about the UAE's mission to the asteroid belt.
What exactly is the mission?
The spacecraft, whose name has not yet been announced, will aim to study seven asteroids.
It will journey past six space rocks, gathering data as it goes, before attempting a landing on a seventh.
To reach the belt, it will use gravity assistance from Venus, Earth and Mars.
It may capture images of Venus, sometimes called Earth's evil twin because it has a similar size and structure, but with a surface temperature of up to 400°C.
The project will be run by the UAE Space Agency, with the University of Colorado Boulder's Laboratory for Atmospheric and Space Physics helping in its development.
The same university helped the agency's Hope probe achieve its mission to Mars.
The space agency hopes to boost the private space sector in the UAE through its latest mission.
Start-ups and established companies will build about 50 per cent of the spacecraft, boosting the national economy.
Why the asteroid belt?
Scientists are interested in the asteroid belt because it contains remnants of the solar system and could give clues into how Earth and other planets were formed.
Nasa estimates that it contains between 1.1 million and 1.9 million asteroids larger than 1km in diameter, and millions more smaller ones.
“Early in the history of the solar system, the gravity of newly formed Jupiter brought an end to the formation of planetary bodies in this region and caused the small bodies to collide with one another, fragmenting them into the asteroids we observe today,” Nasa's website explains.
The seven asteroids that the UAE spacecraft will explore are 10253 Westerwald, 623 Chimaera, 13294 Rockox, 88055, 23871, 59980. The craft will then attempt to land on 269 Justitia.
Asteroid 623 Chimaera is the largest leftover piece from the C-type Chimaera family and is one of the most ancient objects in the solar system.
The 269 Justitia is another mysterious rock with a reddish hue and possible origins in the distant solar system.
Apart from the scientific value, Nasa has previously estimated that the mineral wealth in the belt's asteroids is equivalent to about $100 billion for every person on Earth today.
How will this help scientists?
Scientists hope that the mission will be able to answer several questions.
These include learning more about the origin and evolution of water-rich asteroids, what their chemical make-up reveals about the belt's evolution and if they are linked to specific meteorites.
To help unlock these mysteries, the spacecraft will capture data to reveal the geologic history and volatile content of the asteroids.
It will also investigate the interior structure of 269 Justitia and study the temperatures and thermophysical properties of several asteroids.
Scientists know that the belt has water-rich asteroids because of previous missions and discoveries made by ground-based telescopes.
Nasa's Dawn spacecraft, launched in 2007, found water-bearing minerals on the surface of Vesta, the second largest body in the asteroid belt.
It also found abundant water ice on Ceres, another large body in the belt.
Nasa's Jupiter-bound Galileo spacecraft also beamed back images of asteroids in the belt in 1991.
What is the timeline?
The UAE Space Agency hopes to launch the spacecraft in early 2028.
It will perform a series of fly-bys and gravity assists at Venus, Earth and Mars before flying past its first asteroid in early 2030.
A sequence of six asteroid passes will be performed throughout 2033, with a landing attempt on 269 Justitia in April 2034.
The spacecraft will have large solar arrays and solar electric propulsion.
The mission will be the UAE's space programme's most challenging yet, with a total journey of 3.6 billion kilometres — seven times the distance the Hope probe travelled to reach Mars in February 2021.
Other asteroids
Asteroids are not only found in the main asteroid belt.
There are also trojan asteroids, which share an orbit with a larger planet.
Nasa launched its Lucy spacecraft in 2021, which will visit eight asteroids over 12 years to study the evolution of the solar system.
It will fly past one main belt asteroid and seven trojan asteroids.
There are also near-Earth asteroids, which are rocks that pass close to Earth.
Last year, a Nasa spacecraft successfully deflected an asteroid by crashing into one of its rock's moons.
The test aimed to show that technology could be used to prevent an asteroid threat to Earth, if needed.
The years Ramadan fell in May
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
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The specs
Price: From Dh529,000
Engine: 5-litre V8
Transmission: Eight-speed auto
Power: 520hp
Torque: 625Nm
Fuel economy, combined: 12.8L/100km
How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
Results
6.30pm: The Madjani Stakes (PA) Group 3 Dh175,000 (Dirt) 1,900m
Winner: Aatebat Al Khalediah, Fernando Jara (jockey), Ali Rashid Al Raihe (trainer).
7.05pm: Maiden (TB) Dh165,000 (D) 1,400m
Winner: Down On Da Bayou, Royston Ffrench, Salem bin Ghadayer.
7.40pm: Maiden (TB) Dh165,000 (D) 1,600m
Winner: Dubai Avenue, Fernando Jara, Ali Rashid Al Raihe.
8.15pm: Handicap (TB) Dh190,000 (D) 1,200m
Winner: My Catch, Pat Dobbs, Doug Watson.
8.50pm: Dubai Creek Mile (TB) Listed Dh265,000 (D) 1,600m
Winner: Secret Ambition, Tadhg O’Shea, Satish Seemar.
9.25pm: Handicap (TB) Dh190,000 (D) 1,600m
Winner: Golden Goal, Pat Dobbs, Doug Watson.
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Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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More coverage from the Future Forum
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
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.”
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Dubai Rugby Sevens
November 30-December 2, at The Sevens, Dubai
Gulf Under 19
Pool A – Abu Dhabi Harlequins, Jumeirah College Tigers, Dubai English Speaking School 1, Gems World Academy
Pool B – British School Al Khubairat, Bahrain Colts, Jumeirah College Lions, Dubai English Speaking School 2
Pool C - Dubai College A, Dubai Sharks, Jumeirah English Speaking School, Al Yasmina
Pool D – Dubai Exiles, Dubai Hurricanes, Al Ain Amblers, Deira International School
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.