Abu Dhabi's research and development centre is primed to deliver a major boost to the UAE's flourishing space programme.
The Advanced Technology Research Council is to set up a propulsion centre to help to put the nation on the fast track in the global space race.
The propulsion research centre will embrace advances in technology in an effort to make spacecraft go faster and further than before, as well as improve their fuel efficiency and carbon emissions.
The cutting-edge strategy aims to cement the Emirates' growing status as a leading player in the space sector.
The country has taken huge strides forward in recent years, from putting its first astronaut on the International Space Station to sending the historic Hope Probe on a successful journey to Mars in a first for the Arab world.
A mission to the Moon is set for lift-off next year while a long-term plan to explore the asteroid belt and complete a fly-by of Venus in 2028 is already taking shape.
Now the capital's nerve centre for future innovation hopes to steer its lofty ambitions to even greater heights.
“There was initial scepticism about the ability of a young entity to achieve what many established research hubs have been unable to do – attract global talent and patent breakthrough solutions right here to give the country greater autonomy in the advanced technology space,” said Faisal Al Bannai, secretary general of ATRC, at the opening of the research centre a little over a year ago.
Two other research centres will also be opened as part of a grand vision to drive the country's development for decades to come.
An alternative energy research centre will focus on water security and improving technology applications amid a growing push to convert utility grids to renewable energy.
And building on the UAE’s R&D capabilities in genetic engineering, biomaterials and autonomous devices, the new biotechnology research centre will focus on breakthroughs in health care, food and agriculture.
The state-of-the-art centre already has seven operating labs in areas such as quantum computing – where building of the Middle East's first quantum computer is under way – and cryptography.
Abu Dhabi's applied research initiatives are a critical part of the UAE's efforts to diversify from a reliance on oil exports and develop a knowledge-based economy.
Mr Al Bannai also told of plans to expand the ATRC's applied research pillar, the Technology Innovation Institute.
In its first year, TII's research centres signed 65 global partnership agreements with 37 universities, research centres and industrial stakeholders, and filed five patents, crucial to protecting new ideas and bringing them to market.
The centres employ 101 Emiratis associate researchers and scientists.
The advent of artificial intelligence, quantum computing and more sophisticated cyber security threats means that nations around the world are concerned with developing independent technology – and the UAE is no different.
Designs and innovation key to the progress of the country will be supported by VentureOne, the new commercial arm of the ATRC.
It will set out to ensure the country's best ideas become a reality by bringing them to market at speed while protecting intellectual property.
Mr Al Bannai said the ATRC's plans are in line with the UAE’s Principles of the 50 and Projects of the 50 initiatives, a series of programmes to boost economic growth and prepare the country for a rapidly changing future.
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
Company%20profile
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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.”
Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
