• Minister of State for Youth Dr Sultan Al Neyadi, right, and fellow Emirati astronaut Maj Hazza Al Mansoori meet school pupils to talk about their missions in space. All photos: @Astro_Alneyadi / X
    Minister of State for Youth Dr Sultan Al Neyadi, right, and fellow Emirati astronaut Maj Hazza Al Mansoori meet school pupils to talk about their missions in space. All photos: @Astro_Alneyadi / X
  • The Emirates' space pioneers receive a heroes' welcome from pupils. More UAE space missions are planned
    The Emirates' space pioneers receive a heroes' welcome from pupils. More UAE space missions are planned
  • Dr Al Neyadi spent six months on the International Space Station last year, after Maj Al Mansoori was there for eight days in 2019
    Dr Al Neyadi spent six months on the International Space Station last year, after Maj Al Mansoori was there for eight days in 2019
  • The UAE's pioneering astronauts are now encouraging the next generation of Emiratis to reach for the stars
    The UAE's pioneering astronauts are now encouraging the next generation of Emiratis to reach for the stars

Emirati astronauts Sultan Al Neyadi and Hazza Al Mansouri begin tour of UAE schools


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Emirati astronauts Dr Sultan Al Neyadi and Hazza Al Mansouri started a tour of schools across the UAE this week.

Dr Al Neyadi, who was recently appointed Minister of State for Youth Affairs, made the announcement on social media platform X on Thursday.

"The ambitions of our students are truly inspiring!" he said.

"This week, I started a tour of UAE schools with Hazza Al Mansouri.

"We engaged with students in discussions about our missions and the space sector.

"I am confident that they will continue our journey and reach further destinations."

He shared pictures of pupils meeting both himself and Mr Al Mansouri.

Al Kamal American International School - Al Azra, in Sharjah, was among the schools to feature on the tour. A source told The National the astronauts would be visiting "random" schools across the country.

It was only last month Dr Al Neyadi was named as Minister of State for Youth Affairs in a UAE Cabinet reshuffle.

That came after he returned last year from a six-month mission on the International Space Station (ISS).

He was part the Expedition 69 mission, which ended on September 3.

On the ISS he took part in more than 200 experiments assigned by Nasa and universities in the UAE.

It was the UAE’s second human space flight and the Arab world’s first extended mission – as well as the first time an Arab astronaut had performed a spacewalk.

The first Emirati in space was Hazza Al Mansouri who is accompanying Dr Al Neyadi on the school tour.

Mr Al Mansouri made history when he spent eight days on board the ISS in September 2019.

Both astronauts were received by Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, in a special ceremony to mark their achievements in November.

The event took place at Qasr Al Watan in Abu Dhabi.

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.”

Fixtures

Friday Leganes v Alaves, 10.15pm; Valencia v Las Palmas, 12.15am

Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am

Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am

Monday Levante v Villarreal, 10.15pm; Malaga v Eibar, midnight

Charlotte Gainsbourg

Rest

(Because Music)

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Updated: February 08, 2024, 12:43 PM