Nora Al Matrooshi, the Arab world’s first female astronaut, has encouraged young people to "never give up", after revealing she was rejected by the nation’s space programme in 2018.
The 28-year-old was speaking on the first day of the Space Week at Expo 2020 Dubai. American and Japanese astronauts were also in attendance.
Ms Al Matrooshi, who has a background in mechanical engineering, became part of the nation’s astronaut corps earlier this year, along with Dubai Police helicopter pilot Mohammed Al Mulla.
“I actually did apply to the first batch, but unfortunately I didn’t make it. The second batch was my second chance. It was my opportunity to achieve the dream that I wanted since I was a child,” she said.
“I’m sure you know how powerful the imagination of a child is and that power inspired me to want to become an astronaut. As I grew up, that dream started to build and I started to think how I can do it.
“I did some research and what I needed to do. At that time in the UAE, there was no astronaut programme, but children tend not to look at boundaries, they believe all is achievable.
"So, on December 6, 2019, it was announced that the UAE was looking for the second batch of astronauts.”
Hazza Al Mansouri became the first Emirati in space in 2019, after flying to the International Space Station on a Russian rocket for an eight-day trip. Sultan Al Neyadi was his backup.
Both of them have completed their year-long training at Nasa’s Johnson Space Centre in Houston this month.
Ms Al Matrooshi and Mr Al Mulla will begin their training in Houston in January, including learning the Russian language, learning how to perform spacewalks and mastering the systems of the space station.
Ms Al Matrooshi also revealed some of the challenges she faced during the selection process.
“First, there were the online interviews. I think I got a bit unlucky on that part because the cameras were not working for the people interviewing me, so it was a bit awkward talking to a blank screen,” she said.
The second part involved general and advanced medical tests, where the candidates underwent colour blindness examinations and scans where Ms Al Matrooshi said she could hear blood pumping through her jugular vein.
“That was really interesting and very weird to hear at the same time,” she said.
The final interviews were her “favourite part” because she met Emirati and Nasa astronauts.
She said she was unaware that Maj Al Mansouri, Dr Al Neyadi, and US astronauts Jessica Meir and Anne McClain would interview her.
“I was star struck at that point because I really wanted to become like the astronauts in front of me," Ms Al Matrooshi said.
"I never thought that I'd actually get to meet them that soon.
"I couldn’t stop smiling throughout the interview."
After the interviews and fitness examinations, the two newest members of the UAE’s astronaut corps were finally selected.
“I was ecstatic. This was a dream I had since I was 5 or 6-years-old," Ms Al Matrooshi said.
"The team grew from two to four and all of us come from different backgrounds and all of us had different journeys, but we all managed to reach this point in our careers."
It is unclear when Ms Al Matrooshi will fly to space, but after she and Mr Mulla complete their 30-month training at Nasa, they would qualify for future missions.
If selected, the astronaut would have to complete mission-specific training, which could stretch up to a year.
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.”