British manufacturers specialising in the space sector and other industries are flocking to Spaceport Cornwall to seize unprecedented opportunities before the UK’s maiden horizontal satellite launch.
Excitement is building with only weeks to go until Virgin Orbit’s Launcher One takes off from the airport in south-west England, carried on the wing of a modified Boeing 747 aircraft named Cosmic Girl.
Melissa Thorpe, chief executive of Spaceport Cornwall, at Newquay Airport, said her team is looking beyond the first satellite launch with a vision to become an international space transportation centre. Companies specialising in technology have shown a keen interest to get in on the action.
“We’re really close now to the first ever launch," she said during a discussion on the opening day of the Farnborough International Airshow. "It’s all systems go literally here.
“We’re using satellites very much as a catalyst to attract other technologies, other businesses, whether they’re space or not, to come and be part of the story and be part of that journey.
“What we’re seeing already is a huge intake of that. Something that we thought might happen five years after our launch is happening now before we’ve even had that first launch. While we were somewhat worried in the pandemic [to see] where the market was going to go, we’ve seen quite the opposite. We’ve seen a lot of interest in getting involved and that’s something that we’re working on really hard now, making sure they have what they need onsite to enable them in the future.”
Ms Thorpe said Spaceport Cornwall takes its responsibility seriously, given that spaceports are a gateway to the international realm, and stressed that the UK must make sustainability the cornerstone of its agenda if it is to be recognised in the international space domain.
At the end of August Virgin Orbit, a group led by British billionaire Sir Richard Branson, will use the small airport in Cornwall as a take-off point for its microsatellite. The Kernow Sat 1, a satellite designed and made in Cornwall, will be propelled into space.
The mission aims to examine damage to the Earth caused by climate change, including mapping deforestation and tree planting, coastal erosion and the level of plastic pollution in oceans.
The UK’s first orbital launch has generated a huge amount of excitement in the space industry and offered hopes of new opportunities for the country.
Paul Cremin, commercial spaceflight regulations and policy lead at the UK’s Department for Transport, said Britain recently published its regulatory framework for commercial spaceflight activities, which he said has “allowed immense interest and opportunities for commercial business to exploit the area of space for the purposes of commercialisation and economic growth”.
Speaking at a virtual session alongside Ms Thorpe at Farnborough, Mr Cremin said Britain looks set to attract business from across the Atlantic.
“We are already seeing US operators seeking to operate outside of the US and into the UK,” he said.
He said recent issues such as freight being held up at ports had highlighted the challenges posed to sea transport which could be avoided by space transportation.
“We live in a day where we want things now,” he said. “We don’t want things [in] two weeks’ time, we want them now, we want them [to be] accessible.”
He said the UK must work out how to integrate commercial spaceflight safely into its existing spaceflight system and said there was also a need for a set of common international safety standards.
“We may operate in space but we have to travel through complex airspace in some areas and back through complex airspace to deliver those benefits that everybody is so much looking forward to,” he said. “So there will be challenges about maintaining safety, maintaining a flexible operating mantra in terms of how we safely integrate this in a very complex and diverse aviation and space environment.”
Dr George Nield, chairman of the Global Spaceport Alliance said point-to-point transportation through space “looks like it is right around the corner”. However, he said there were challenges on the road to developing such a capability.
“What we are talking about is high-speed long-distance transportation initially for cargo, but eventually for people, that will allow us to travel from any point on Earth to the opposite side of the planet in just an hour or two,” he explained. “We believe that such a capability will be a real game-changer, not only for national security missions but also for economic competitiveness.”
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
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Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
The nine articles of the 50-Year Charter
1. Dubai silk road
2. A geo-economic map for Dubai
3. First virtual commercial city
4. A central education file for every citizen
5. A doctor to every citizen
6. Free economic and creative zones in universities
7. Self-sufficiency in Dubai homes
8. Co-operative companies in various sectors
9: Annual growth in philanthropy