It was a birthday gift that most children could only dream of — a trip to outer space.
Zainab Azim’s parents bought her a seat on a Virgin Galactic suborbital flight when she turned 11, and now she is on the way to becoming the first hijab-wearing space tourist.
Now 19, the Pakistani-Canadian student is of legal age and eligible to fly on a spacecraft using her $250,000 ticket.
Ms Azim visited Dubai on February 11 to speak on a panel at the International Day for Women and Girls in Science at Expo 2020 Dubai.
Before that, she spoke to The National about her expected journey to space and the need to create more opportunities for women in Stem — science, tech, engineering and maths — fields.
“The ticket was a gift from my parents because I always had an interest in space,” Ms Azim said, who is co-founder of the non-profit Global Initiative and Vision for Education organisation.
More than 600 Virgin Galactic ticket holders around the world are also waiting for a turn on the spaceplane, which flies above 80 kilometres but does not pass the Karman line — the boundary between Earth's atmosphere and the beginning of space.
The first passenger flight, which carried Virgin owner Richard Branson himself, was completed last summer.
But, shortly after, authorities grounded the spaceplane for deviating from its flight path. Virgin Galactic announced that operations would resume at the end of this year.
So it could be a few years until Ms Azim gets her ride to space, but she remains “excited”.
“I am excited, but I know my mum is already scared and we don’t even have a date for it yet,” Ms Azim said, who is currently a university student in Toronto, pursuing a double major in neuroscience and public policy and a minor in psychology and astrophysics.
“I’m her only daughter and I have two brothers younger than me, so I do understand her fear. My dad is also excited, but not more excited than me.”
Ms Azim would be the first hijab-wearing space tourist, but not the first female Muslim to go to space.
In 2006, Iranian-American businesswoman Anousheh Ansari went to the International Space Station on a self-funded mission for which she paid about $20 million.
Also, Emirati engineer Nora Al Matrooshi is the first Arab female to be selected as an astronaut. She is in line to become the first hijab-wearing astronaut on the space station if she gets a chance to go there before the floating laboratory is retired in 2031.
Apart from feeling enthusiastic about the suborbital flight experience, Ms Azim said she also “feels uncomfortable” about spending such a hefty amount on the ticket.
She hopes that space tourism companies will create programmes that give easier access to those who could not such sums.
“I am excited about it, but ‘I want to go to space’ is not enough for me to spend $250,000 on a ticket,” she said.
“There needs to be a bigger reason and a bigger goal. It has to create an impact for other people. I don't feel comfortable doing that for myself.”
Over the past few years, Ms Azim has participated in many conferences and workshops around the world as a speaker and mentor to encourage young people to pursue their passions in stem.
Last year, the United Nations Office for Outer Space Affairs selected her as a mentor for the Space4Women Network, which runs initiatives to promote gender equality in space fields.
Discrimination against women was rife at Nasa in the 1960s when the space exploration began.
While that gender gap has somewhat narrowed, the space sector continues to be male dominated in some parts of the world.
More than 600 people have flown to space so far, but only 10 per cent of them were women.
Richard Branson through the years — in pictures
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.”
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
Scoreline:
Everton 4
Richarlison 13'), Sigurdsson 28', Digne 56', Walcott 64'
Manchester United 0
Man of the match: Gylfi Sigurdsson (Everton)
Match info:
Burnley 0
Manchester United 2
Lukaku (22', 44')
Red card: Marcus Rashford (Man United)
Man of the match: Romelu Lukaku (Manchester United)