See the potential launch pad for North Korea's first spy satellite


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North Korea will launch a spy satellite in the next 12 days, it said on Tuesday, over what it described as a need to monitor “reckless” US military exercises with neighbouring South Korea.

Satellite photos also taken on Tuesday and analysed by the Associated Press showed ongoing work at North Korea’s Sohae Satellite Launching Station.

The images from Planet Labs PBC showed the huge orange gantry – which houses a rocket on the launch pad – at the pad with its arms open. Next to the gantry, a long, rectangular object could be seen with two other objects nearby.

Those objects had not been seen in prior days’ images of the site and could potentially be rocket parts.

The reclusive nation has informed nearby Japan's coastguard that the launch would take place sometime between May 31 and June 11 and may affect waters in the Yellow Sea, East China Sea and east of the Philippines’ Luzon Island.

Japan has said it would shoot down any projectile that threatens its territory.

“Even if North Korea might call it a 'satellite', this is a violation of relevant UN Security Council resolutions that prohibit North Korea from all launches using the ballistic missile technology,” Japanese Foreign Minister Yoshimasa Hayashi told a news conference on Tuesday.

South Korea's foreign ministry also slammed the country's use of ballistic missile technology as a clear breach of UN sanctions, saying North Korea was making a “farfetched excuse” to bolster its weapons programmes.

“It is nonsense to use our legitimate joint training and combined defence posture with the US, which were to respond to North Korea's advanced nuclear and missile threats, as an excuse for launching a reconnaissance satellite,” ministry spokesman Lim Soo-suk told a briefing.

Dave Schmerler, a senior research associate at the James Martin Centre for Nonproliferation Studies, which is part of the Middlebury Institute of International Studies at Monterey, said it was highly unusual for North Korea to be assembling the rocket in daylight, knowing that satellites overhead would be able to watch the site, as opposed to constructing it under a rail-mounted transfer structure, as they have in the past.

“The point is that we’re seeing activity in a launch system that was designed to obscure activity,” Mr Schmerler told the AP. “So this is new and interesting because it’s not using the usual processes.”

Meanwhile, North Korean workers appear to also have quickly built in the span of a month a new launch pad 2.7 kilometres south-east of the launch pad where the activity Tuesday was seen.

That site also appears to have a rail-mounted transfer system, freshly paved asphalt, lightning towers, floodlights and a stand for cameras.

Given that North Korean leader Kim Jong-un is likely to attend the satellite launch, Mr Schmerler said officials at the missile site probably wanted to show off its new facilities. That also would allow for a second launch, if North Korea chose to do so.

“When Kim shows up, he’s not going to be underwhelmed. He should be fairly impressed they just threw this whole thing together,” Mr Schmerler said. “They’re going to use this. Now when they use it, we don’t know.”

Abu Dhabi GP schedule

Friday: First practice - 1pm; Second practice - 5pm

Saturday: Final practice - 2pm; Qualifying - 5pm

Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm

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What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

The biog

Full name: Aisha Abdulqader Saeed

Age: 34

Emirate: Dubai

Favourite quote: "No one has ever become poor by giving"

Match info

Uefa Champions League Group B

Tottenham Hotspur 1 (Eriksen 80')
Inter Milan 0

Defending champions

World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack

Terminal High Altitude Area Defense (THAAD)

What is THAAD?

It is considered to be the US' most superior missile defence system.

Production:

It was first created in 2008.

Speed:

THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.

Abilities:

THAAD is designed to take out projectiles, namely ballistic missiles, as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".

Purpose:

To protect high-value strategic sites, such as airfields or population centres.

Range:

THAAD can target projectiles both inside and outside of the Earth's atmosphere, at an altitude of 93 miles above the Earth's surface.

Creators:

Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.

UAE and THAAD:

In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then deployed them in 2016, becoming the first Gulf country to do so.

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.”

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UAE currency: the story behind the money in your pockets
Match info

What: Fifa Club World Cup play-off
Who: Al Ain v Team Wellington
Where: Hazza bin Zayed Stadium, Al Ain
When: Wednesday, kick off 7.30pm

Updated: May 30, 2023, 6:32 PM