CAPE CANAVERAL // SpaceX plans to launch two paying passengers on a tourist trip around the moon next year using a spaceship under development for Nasa astronauts and a heavy-lift rocket yet to be flown, the launch company announced on Monday.
The launch of the first privately funded tourist flight beyond the orbit of the International Space Station is tentatively targeted for late 2018, Space Exploration Technologies chief executive Elon Musk said.
He declined to identify the customers or say how much they would pay to fly on the weeklong mission, except to say that it is “nobody from Hollywood”.
Mr Musk also said the two prospective space tourists, who know each other, have put down a “substantial” deposit and would undergo “extensive training before going on the mission”.
“I think there’s a market for one or two of these per year,” he said, estimating that space tourist fares charged by SpaceX could eventually contribute 10 to 20 per cent of the company’s revenue.
There are plans for SpaceX’s two-person lunar venture to fly some 300,000 to 400,000 miles from Earth past the moon before Earth’s gravity pulls the spacecraft back into the atmosphere for a parachute landing.
That trajectory would be similar to Nasa’s 1968 Apollo 8 mission beyond the moon and back.
Mr Musk also said that if Nasa decides to be first in line for a lunar flyby mission, the US space agency would take priority.
At the behest of the Trump administration, Nasa is conducting a study to assess safety risks, costs and potential benefits of letting astronauts fly on the debut test flight of its heavy-lift Space Launch System rocket and Orion capsule.
That mission is currently planned to be uncrewed and scheduled to launch in late 2018.
Mr Musk said the privately funded moon expedition would take place after his California-based company begins flying crew to the International Space Station for the National Aeronautics and Space Administration.
Nasa is hoping those crew-ferrying flights begin by late 2018.
SpaceX’s own Falcon Heavy rocket, which Mr Musk wants to use for the lunar tourist mission, is scheduled to make a debut test flight later this year.
Mr Musk, also chief executive of electric carmaker Tesla, said missions around the moon could provide practice for eventual human flights to Mars, the long-term goal of SpaceX.
Except for needed communications upgrades, the Dragon spaceship in development for Nasa astronauts is well suited for lunar flyby missions, Mr Musk added.
The launch would require licensing by the Federal Aviation Administration.
SpaceX joins a growing list of companies developing commercial passenger spaceflight services.
Virgin Galactic, an offshoot of Richard Branson’s London-based Virgin Group, is testing a six-passenger, two-pilot spaceship to carry paying customers about 62 miles above Earth, high enough to experience brief microgravity and see Earth’s curvature against the blackness of space.
Tickets to ride cost $250,000 (Dh920,000) each.
SpaceX has a $70 billion backlog of about 70 missions for Nasa and commercial customers. The firm’s backers include Alphabet’s Google and Fidelity Investments, which together have contributed $1bn to Mr Musk’s firm.
* Reuters
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
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
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5