China is preparing to send astronauts to its new space station for the first time, with a planned launch on Thursday due to deliver a crew of three to begin the country’s longest-ever space mission.
The first section of the Tiangong space station was put into orbit on April 29, with 11 other launches planned for next year to add additional modules and deliver crews and supplies.
China now spends more money on space exploration than any other country except for the United States, and the Tiangong project is at the heart of its ambitious space programme, which also includes its Mars rover and a plan to send astronauts to the Moon in 2030.
The three crew members said they were eager to begin transforming the space station into their home, where they will spend three months testing experiments and carrying out a series of spacewalks.
Mission commander Nie Haisheng, 56, said: “First of all, we need to arrange our home in the core module, then get started on a whole range of diagnostic tests on crucial technology and experiments.
“The task is very arduous and there are many challenges. My colleagues and I will cooperate closely, operate carefully and overcome all difficulties,” he said.
Astronauts Liu Boming - who carried out China’s first spacewalk in 2008 - and Tang Hongbo will also fly to the station on board a Long March rocket from the Jiuquan launch centre in north-west China.
The Tiangong station has living modules for each of the three crew members, as well as a bathroom, dining area, and a communication centre.
The crew will have a choice of 120 different types of food, China's space agency said, adding that the station had “space treadmills” for the astronauts to stay healthy.
To prepare for the mission, the astronauts have undergone over 6,000 hours of training, including hundreds of underwater somersaults in full space gear.
China’s space programme is a matter of prestige for the ruling Communist Party, which is preparing to celebrate its centenary next month.
Speaking to reporters from a sealed room as they prepared to begin boarding the spacecraft, the astronauts said they had total confidence in the mission.
Mr Tang, 45, said: “There is pressure. But where there is pressure there is motivation and … I have confidence in myself and have confidence in our team.”
China has sent 11 astronauts into space since it began manned missions in 2003, but Thursday’s launch is the first crewed mission in five years.
The Tiangong station is reportedly intended to be used for 15 years and could outlast the International Space Station, which is nearing the end of its lifespan.
Once completed, the station will allow for stays of up to six months, similar to ISS.
China's aim to build an orbital station of its own was fuelled in part by a US ban on its astronauts visiting the ISS.
The US has concerns over the secrecy that surrounds the Chinese space programme.
But Ji Qiming, Assistant Director of the China Manned Space Agency (CMSA), said Beijing was willing to co-operate with international partners on future space station missions.
“I believe that in the near future, when the Chinese space station is complete, we will see Chinese and foreign astronauts taking on joint missions to the Chinese space station,” Mr Ji said.
“Outer space is the common wealth of people all over the world, and exploring the universe is the shared cause of all mankind.”
China was widely criticised after the launch of the space station module for allowing the uncontrolled reentry of a part of the rocket.
Debris from the launch vehicle eventually landed in the Indian Ocean, ending days of speculation about where it could land.
The rocket being used for Thursday’s launch is of a different kind and won’t pose a threat, Mr Ji said.
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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.”
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