Next week's launch of the Hope probe to Mars by the UAE is part of a worldwide return to space that is inspiring youths to sign up in greater numbers for science and engineering careers, according to the leading aerospace firm BAE systems.
The British defence firm has a rapidly expanding space and Applied Intelligence division and has worked to introduce the facilities into a internship programme it has offered in partnership with Mubadala Development Company since 2015.
Executives running the programme told The National of the boost that the UAE's drive to send the probe to Mars – that will send back data on the Martian atmosphere – will have for the industry as a whole.
"It is a very complex activity but it is incredibly aspirational for the UAE to engage in something like this," said Andy Crisp, the head of UAE collaborations for BAE Systems. "You can feel the aspiration from people involved and living here you can feel the excitement building."
The AI Labs business based in Chelmsford, just north of London, specialises in radio signals from deep space and its head Nick James said the next generation, including Emiratis, was flocking to its doors.
"Space missions inspire the younger generation to go into science and engineering There’s nothing better than a space mission," he said. "For us to prosper as an industry, we need bright young people into it. Encouraging women and minorities and others into this industry is a good thing.
"There’s a huge expansion of usage of space both for commercial and government use and there are lots of aspects of that we are involved in."
Originally established by the telecoms pioneer Guglielmo Marconi, the site hosted Maryam Al Nuaimi and Ashwaq Saleh for six-month work placements most recently.
The Emirati graduates have been praised for groundbreaking work while at the facility, helping develop new products and work out technical solutions within data systems development.
Overall about 35 Emirati graduates have travelled to the UK to work on this internship scheme and a separate 18-week programme for aerospace since the Mubadala tie-up five years ago.
The goal of the partnership is to support the UAE’s ambitions of developing a significant presence in the aerospace sector and space through sharing and transferring knowledge.
Recruitment for a new tranche of interns will resume when the pandemic conditions allow, according to Mr Crisp.
The boost to science, technology and engineering is from missions like the Hope probe which is due to lift off from Japan on July 15 is universal. From the US to the UK and the UAE the rejuvenation of the space race has brought a new dynamic to the business.
At the Chelmsford site the heritage of involvement in space missions goes back decades. "Marconi supplied the ground station equipment to the Apollo mission to the moon and now we are looking to supply services to lunar space craft 50 years on," Mr James said.
"It is [just] a radio but when you realise its receiving signals from a space craft or around a comet it gives you a real buzz."
For Mr Crisp who interviews potential beneficiaries of the scheme and then debriefs returnees the great satisfaction is the personal growth that engineers like Ms Saleh and Ms Al Nuiami display.
What really striking over the six months is the change in confidence and knowledge," he said. "We as an organisation found it extremely rewarding to have Emirati women working with us."
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
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.”
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
The specs: Rolls-Royce Cullinan
Price, base: Dh1 million (estimate)
Engine: 6.75-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 563hp @ 5,000rpm
Torque: 850Nm @ 1,600rpm
Fuel economy, combined: 15L / 100km
All you need to know about Formula E in Saudi Arabia
What The Saudia Ad Diriyah E-Prix
When Saturday
Where Diriyah in Saudi Arabia
What time Qualifying takes place from 11.50am UAE time through until the Super Pole session, which is due to end at 12.55pm. The race, which will last for 45 minutes, starts at 4.05pm.
Who is competing There are 22 drivers, from 11 teams, on the grid, with each vehicle run solely on electronic power.
Brief scores:
Manchester United 4
Young 13', Mata 28', Lukaku 42', Rashford 82'
Fulham 1
Kamara 67' (pen),
Red card: Anguissa (68')
Man of the match: Juan Mata (Man Utd)
Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
