The UAE Space Agency has signed an agreement to be part of the Artemis Accords, an international treaty by US space agency Nasa that outlines responsible and peaceful space exploration.
Created earlier this year, the Accords set international standards of how the Moon should be explored and lists guidelines on activities such as mining on the Moon, releasing scientific data publicly, transparency with the public on policies and providing emergency assistance.
Nasa is moving forward with plans to establish a human base on the Moon and a lunar-orbiting space station through the Artemis programme.
The ultimate goal is to use the Moon as a base to send astronauts to Mars.
“Artemis will be the broadest and most diverse international human space exploration programme in history, and the Artemis Accords are the vehicle that will establish this singular global coalition,” Jim Bridenstine, Nasa administrator said.
“With today’s signing, we are uniting with our partners to explore the Moon and are establishing vital principles that will create a safe, peaceful, and prosperous future in space for all of humanity to enjoy.”
Other countries that have signed the Accords are Australia, Canada, Italy, Japan, Luxembourg and the United Kingdom.
we welcome this initiative Nasa has taken to strengthen the broad principles of peaceful human collaboration and co-existence in space
The pact will create opportunities for collaboration between agencies who also plan to reach the Moon.
The UAE is to launch a small rover to the near side of the Moon by 2024. Nasa will also launch a lunar mission, Artemis 1, in the same year, a crewed lunar fly-by in 2023 and send the first woman and next man on the surface by 2024.
The Accords also list “safety zones” on the Moon, where mining and exploration will take place.
The Moon is said to be rich in metals like iron and titanium, which can be used to further develop outer-space technology.
UAE’s lunar mission aims to provide scientific and technological answers on how mobility on the surface can be improved and to find better astronaut suit materials.
“From agreeing on basic standards regarding the interoperability of systems through to underpinning important principles of safety and standards to guide operational excellence, the Accords help us to work together for the benefit of all,” said Sarah Al Amiri, UAE Minister of State for Advanced Technology and chairwoman of the UAE Space Agency.
“It is in this spirit that we welcome this initiative Nasa has taken to strengthen the broad principles of peaceful human collaboration and co-existence in space.”
While Nasa has received a lot of international support for its Artemis programme, the head of Russia’s space programme recently said the American space agency’s plans were “too US-centric” for Russia to participate.
Dmitry Rogozin, director-general of Roscosmos, also has not shown interest in becoming an Artemis Accords partner.
“The most important thing here would be to base this programme on the principles of international co-operation that we’ve all used [to fly the International Space Station]," Mr Rogozin said during a virtual press conference at the International Astronautical Congress on Monday.
“If we could get back to considering making these principles as the foundation of the programme, then Roscosmos could also consider its participation.”
However, he expressed in interest in using the docking gateway of Lunar Gateway – the lunar-orbiting space station Nasa is planning – in the future.
Mr Bridenstine said that Nasa and its international partners remained hopeful of working more closely with Russia.
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
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UAE currency: the story behind the money in your pockets
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Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Infiniti QX80 specs
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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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Rohit Sharma (captain), Shikhar Dhawan (vice-captain), KL Rahul, Suresh Raina, Manish Pandey, Dinesh Karthik (wicketkeeper), Deepak Hooda, Washington Sundar, Yuzvendra Chahal, Axar Patel, Vijay Shankar, Shardul Thakur, Jaydev Unadkat, Mohammad Siraj and Rishabh Pant (wicketkeeper)
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MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
SPECS
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Getting there
The flights
Emirates and Etihad fly to Johannesburg or Cape Town daily. Flights cost from about Dh3,325, with a flying time of 8hours and 15 minutes. From there, fly South African Airlines or Air Namibia to Namibia’s Windhoek Hosea Kutako International Airport, for about Dh850. Flying time is 2 hours.
The stay
Wilderness Little Kulala offers stays from £460 (Dh2,135) per person, per night. It is one of seven Wilderness Safari lodges in Namibia; www.wilderness-safaris.com.
Skeleton Coast Safaris’ four-day adventure involves joining a very small group in a private plane, flying to some of the remotest areas in the world, with each night spent at a different camp. It costs from US$8,335.30 (Dh30,611); www.skeletoncoastsafaris.com
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching