Experts say UAE should participate in space studies programme



DUBAI // The UAE should host a reputed space academy course that would provide a focus-group study of its Mars programme, experts have urged.

The International Space University each year has a nine-week study programme in a different host country. This year it will be in Montreal, Canada, and next year in Ohio, the US.

Saeed Al Dhaheri was the first Emirati to take part in the course, when it was inaugurated at Massachusetts Institute of Technology in Boston in 1988.

Mr Al Dhaheri said the programme would provide a vital plank in helping to prepare Emiratis for leading roles in the country’s space agency, to be formed by decree this year.

“We talk about needing to build a skills capacity for the UAE,” he said.

“The only way to do this is to educate our people and put them into these professional programmes on space science and engineering, as well as participating in these international events. The ISU is one of the channels that can fulfil some part of their education.”

Mr Al Dhaheri, a former UAE University professor and now an undersecretary at the Ministry of Foreign Affairs, said so far only 12 GCC nationals had taken part in the space studies programme or the ISU master’s programme, which is held in Strasbourg, France.

He said his course, the theme of which was establishing a base on the Moon, involved more than 100 people from 30 countries.

Those taking part were split into groups, with each looking at a different aspect of the mission.

Their findings were presented in a paper that is now part of the research being considered by Nasa in its plans to establish a manned station on the Moon.

Mr Al Dhaheri said a UAE programme could ask for the theme to be a Mars probe, to help provide ideas for the country’s orbiter mission to the Red Planet in 2021. “By doing this, the UAE can tap into expertise from all over the world,” he said.

“You’re not only working with people from your own country but with professionals from all different fields, from all different countries.”

Abdul Ismail, chief executive of the UK consultancy Interplanetary Expeditions, shared the course with Mr Al Dhaheri and is now on the ISU board of trustees.

He runs a LinkedIn group called UAE space sector professionals.

“One of the many benefits of a nation hosting a space studies programme is the fact that the host can propose a team project that could be of immense benefit to them,” Mr Ismail said.

“So you will have a team of international students, including Emirati participants, led by experts from space agencies, corporate space companies or academia producing a document that in some cases has gone on to be implemented for real-life application, such as defining national policy.”

A kind of bidding process determines which country hosts the space studies programme.

It is similar, although on a much smaller scale, to the choice of hosts for the Olympic Games.

Mr Ismail said the UAE had a growing space industry that included the DubaiSat projects, YahSat, Thuraya and now the national space agency.

“The UAE now stands a much better chance at hosting the space science programme than it would have done even six years ago,” he said.

A benefit of the programme was that it involved people from all different academic backgrounds, including electrical and mechanical engineering, aerospace and other related fields, Mr Ismail said.

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€39 million: Liverpool agreed a fee, including add-ons, in the region of 39m (nearly Dh176m) to sign Salah from Roma last year. The exchange rate at the time meant that cost the Reds £34.3m - a bargain given his performances since.

13: The 25-year-old player was not a complete stranger to the Premier League when he arrived at Liverpool this summer. However, during his previous stint at Chelsea, he made just 13 Premier League appearances, seven of which were off the bench, and scored only twice.

57: It was in the 57th minute of his Liverpool bow when Salah opened his account for the Reds in the 3-3 draw with Watford back in August. The Egyptian prodded the ball over the line from close range after latching onto Roberto Firmino's attempted lob.

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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.”

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