The cost of the Hope Mars Mission was almost Dh735 million, senior UAE government officials revealed on Tuesday.
Mohammed Al Gergawi, Minister of Cabinet Affairs, made the announcement during a media briefing.
It is the Arab world’s first mission to Mars and was built by more than 150 Emirati engineers, scientists and researchers, with the help of three American universities.
“We were able to accomplish the Hope probe, from the idea to the launch, within just six years. Similar missions take at least 10 years,” Mr Al Gergawi said.
“The cost of the probe amounted to $200 million, which is considered among the lowest in the world compared to similar missions and projects – all thanks to the efforts of our engineers, research and scientific cadres, the sons and daughters of the Emirates who put their passion and faith in this project.”
Today, the mission also reached another milestone, when the spacecraft was positioned on to the rocket that will send it into space.
Hope was mounted on Mitsubishi Heavy Industries’ H-IIA rocket this week by a team of Emirati engineers at the launch site in Tanegashima Island, Japan.
“The encapsulation and the transfer of the probe to the rocket is a vital step in our historic mission. The process entails continuous monitoring and detailed testing to ensure that all systems are functioning to optimum levels,” said Omar Al Shehhi, the integration and spacecraft testing lead of the mission.
The probe was first encapsulated into the payload fairing – an external structure that protects the spacecraft – and then it was mounted securely on to the launch vehicle.
The next step is to charge the spacecraft and set it for take-off.
This stage of the mission also included functional tests of the craft’s subsystems, such as measuring the electrical power, communication, altitude control, command and control, propulsion, thermal control and software systems.
“Each and every stage and step – from encapsulation to getting it mounted on the rocket – is extremely critical,” said Mohammed Wali, the launch team’s deputy project manager.
“The encapsulation is a proud and emotional moment for the Hope probe project team. After six years of hard work, our Probe is one step closer to launch.”
About an hour after the launch, the probe will be separated from the launch rocket and the solar panels will become functional – beginning its seven-month journey towards the Red Planet.
The launch will take place at 12.51am, UAE time, on July 15 and will be streamed live on the social media channels of Mohammed Bin Rashid Space Centre.
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
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Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
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Manchester United 2
Smalling (28'), Lukaku (70')
How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
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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.”
The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
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UAE currency: the story behind the money in your pockets
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
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MATCH INFO
Champions League quarter-final, first leg
Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports