ESA’s latest interplanetary mission, Juice, lifts off on an Ariane 5 rocket in April. The agency's boss has revealed plans for deeper co-operation with the UAE. Photo: ESA
ESA’s latest interplanetary mission, Juice, lifts off on an Ariane 5 rocket in April. The agency's boss has revealed plans for deeper co-operation with the UAE. Photo: ESA
ESA’s latest interplanetary mission, Juice, lifts off on an Ariane 5 rocket in April. The agency's boss has revealed plans for deeper co-operation with the UAE. Photo: ESA
ESA’s latest interplanetary mission, Juice, lifts off on an Ariane 5 rocket in April. The agency's boss has revealed plans for deeper co-operation with the UAE. Photo: ESA

Europe's space chief calls for greater UAE collaboration


Thomas Harding
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The European Space Agency is an awakening giant that wants to “further explore co-operation opportunities” with the UAE’s programme, its chief told The National.

Dr Josef Aschbacher also suggested the ESA could collaborate on a second Rashid lunar mission to fly a UAE lander to the Moon.

With the space agency's budget rising to almost $8 billion following a 17 per cent uplift this year, Europe has “woken up a sleeping beauty” in its ambition to explore space, the director general said.

Part of that is a major astronaut programme that will likely see manned ESA flights to the Moon “and beyond” within the next decade, with deep exploration of the lunar surface expected.

A partner with potential

Dr Aschbacher said the ESA, an inter-governmental space agency featuring 22 member states including non-EU countries such as Norway and the UK, was becoming a major space power and collaborator that wanted to reach out to others including the Emirates.

“The UAE is a partner where I expect a lot of potential from in the future,” he said, speaking at the UK Space Conference in Belfast. “In fact, we have already had some first contacts with different partners in the UAE and I would like to further explore co-operation opportunities.”

While the Rashid rover mission did not succeed due to a heavy landing in April, Mr Aschbacher told The National: “We are exploring whether we could work on the second version of it” with the Emirates.

“I see the UAE as an emerging space nation and I would like to explore what is in the interests of both sides in order to co-operate much stronger and intensify international co-operation."

Dr Josef Aschbacher, director general of the European Space Agency. Thomas Harding / The National
Dr Josef Aschbacher, director general of the European Space Agency. Thomas Harding / The National

Sleeping beauty

While Europe has been good at building satellites and launching them via its Ariane rockets from French Guiana in South America, the ESA boss acknowledged it was now “dramatically” stepping up a gear in the race for space exploration, with the significant uplift in investment.

“I really think we have managed in Europe to wake up the sleeping beauty. That means there's a lot of expertise and excellence in European space but it has lacked a bit of speed and acceleration and I think this is happening right now.”

Following a meeting of ministers in Seville this month, there has been “a paradigm shift” to become much more competitive in space missions and exploration, he said.

“In 10 years from today, we will see a competitive launcher developing towards the heavy launcher,” he added. “On exploration I'm pretty sure that the cargo vehicle which we are now opening up for competition will hopefully develop into a crewed vehicle.”

He said space was “becoming a fundamental element of the international economy”.

UAE astronaut Sultan Al Neyadi returning to Earth after nearly six months on the International Space Station. Photo: Nasa
UAE astronaut Sultan Al Neyadi returning to Earth after nearly six months on the International Space Station. Photo: Nasa

Antarctic Moon

Dr Aschbacher believes discovering more about the Moon is similar to how humankind explored the harsh Antarctic landscape “when people were just going to plant the flag there” a century ago.

For a few decades Antarctic exploration went quiet until countries started building research stations to better understand the planet.

“Now when you drill a core into the Antarctic you get the history of our climate from over hundreds of thousands of years ago, which you wouldn't get otherwise because of its pristine environment,” he said.

“The Moon is very similar and it is a part of Earth that means there might be history of our planet that can be traced by exploring it.”

With ice likely to be found on the lunar south pole, this could also be converted into oxygen and fuel, potentially to launch rockets further into space.

The six successful American Moon landings took place on its equator, leaving a lot more of the surface to be discovered. “Exploration by its nature means that you get to discover the unknown and see what this will bring for humankind.”

ESA rocket Ariane 5 in a spaceport in French Guiana. Photo: ESA
ESA rocket Ariane 5 in a spaceport in French Guiana. Photo: ESA

Climate overwatch

The ESA is also a leader in examining how climate change is affecting the Earth with its Copernicus programme.

“Space can be used to save our planet, literally, by the use of information gathered from Earth observation satellites, feeding them into simulations, helping to make decisions on how best to react to climate change impacts,” said Dr Aschbacher.

These observations are then transferred into high-performance computing, artificial intelligence or possibly quantum computing to provide much better decision tools.

“I call them ‘digital twins’, where we simulate our plant and therefore can give people and also politicians a much better tool in how best to counter the impact of climate change.

“These parameters can also help make better business decisions for countries to eventually become carbon neutral by 2050.”

German Chancellor Olaf Scholz with Dr Josef Aschenbacher and astronauts Matthias Maurer and Alexander Gerstim at an ESA base in Cologne. Getty Images
German Chancellor Olaf Scholz with Dr Josef Aschenbacher and astronauts Matthias Maurer and Alexander Gerstim at an ESA base in Cologne. Getty Images

Musk inspiration

Elon Musk’s control of more than 3,500 satellites and the SpaceX launch mission gives one individual great power but the ESA boss did not regard this as a threat.

“I think he has an inspiration. What Elon Musk and his company is doing is quite amazing, inspiring a lot of us around the world to see what can be advanced at speed.”

But he also warned against the increased militarisation of space and in particular China’s previous use of anti-satellite rocket (ASAT) tests that have cause a large amount of debris.

“This is a huge concern and I sincerely hope that there are no more ASAT tests because they are so destructive. This new debris is a danger of all the other satellites that are out there and one of the main sources of collisions, which is highly dangerous and everyone is impacted.”

The bio

Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.

Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.

Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.

Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.

MATCH INFO

Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai

UAE currency: the story behind the money in your pockets
UAE%20v%20West%20Indies
%3Cp%3EFirst%20ODI%20-%20Sunday%2C%20June%204%20%0D%3Cbr%3ESecond%20ODI%20-%20Tuesday%2C%20June%206%20%0D%3Cbr%3EThird%20ODI%20-%20Friday%2C%20June%209%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EMatches%20at%20Sharjah%20Cricket%20Stadium.%20All%20games%20start%20at%204.30pm%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EUAE%20squad%3C%2Fstrong%3E%0D%3Cbr%3EMuhammad%20Waseem%20(captain)%2C%20Aayan%20Khan%2C%20Adithya%20Shetty%2C%20Ali%20Naseer%2C%20Ansh%20Tandon%2C%20Aryansh%20Sharma%2C%20Asif%20Khan%2C%20Basil%20Hameed%2C%20Ethan%20D%E2%80%99Souza%2C%20Fahad%20Nawaz%2C%20Jonathan%20Figy%2C%20Junaid%20Siddique%2C%20Karthik%20Meiyappan%2C%20Lovepreet%20Singh%2C%20Matiullah%2C%20Mohammed%20Faraazuddin%2C%20Muhammad%20Jawadullah%2C%20Rameez%20Shahzad%2C%20Rohan%20Mustafa%2C%20Sanchit%20Sharma%2C%20Vriitya%20Aravind%2C%20Zahoor%20Khan%0D%3C%2Fp%3E%0A

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.”

UAE currency: the story behind the money in your pockets
THE%20SPECS
%3Cp%3EEngine%3A%203-litre%20V6%20turbo%20(standard%20model%2C%20E-hybrid)%3B%204-litre%20V8%20biturbo%20(S)%0D%3Cbr%3EPower%3A%20350hp%20(standard)%3B%20463hp%20(E-hybrid)%3B%20467hp%20(S)%0D%3Cbr%3ETorque%3A%20500Nm%20(standard)%3B%20650Nm%20(E-hybrid)%3B%20600Nm%20(S)%0D%0D%3Cbr%3EPrice%3A%20From%20Dh368%2C500%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

Simran

Director Hansal Mehta

Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey

Three stars

ULTRA PROCESSED FOODS

- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns 

- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars

- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces

- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes

- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts

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

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Updated: November 22, 2023, 1:50 PM