Lockheed Martin's INDAGO, an Unmanned Aerial System. Photo Courtesy: Lockheed Martin
Lockheed Martin's INDAGO, an Unmanned Aerial System. Photo Courtesy: Lockheed Martin
Lockheed Martin's INDAGO, an Unmanned Aerial System. Photo Courtesy: Lockheed Martin
Lockheed Martin's INDAGO, an Unmanned Aerial System. Photo Courtesy: Lockheed Martin

World

UK

UK military orders 250 mini drones to boost surveillance

The new drones will enter operation by the end of 2024

Soraya Ebrahimi
Soraya Ebrahimi

December 16, 2022

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The UK Ministry of Defence has procured more than 250 mini surveillance drones for the armed forces, including foldable ones weighing just over 2.5kg.

The small, packable Indago drone and the Stalker, a near-silent drone weighing 20kg and providing more than eight hours of images, will be operational by the end of 2024.

The new remotely piloted systems will help UK troops find and identify targets and gather intelligence, replacing the mini uncrewed aerial systems.

Lockheed Martin UK was awarded a £129 million ($157 million) contract to deliver the drones, supporting jobs at the company and in the supply chain for the next decade, the ministry said.

“As the global threat changes, it’s crucial we remain at the forefront of innovation, delivering cutting-edge capabilities to our deployed forces," said defence procurement minister Alex Chalk.

“This is another fantastic example of British industry supporting UK defence technology.”

Drone Photo Awards 2022 - in pictures

  • With the aerial shot which shows the hard work of some labourers in a salt pan in Habra, India, photographer Saurabh Sirohiya wins in the Abstract category.
    With the aerial shot which shows the hard work of some labourers in a salt pan in Habra, India, photographer Saurabh Sirohiya wins in the Abstract category.
  • An evocative encounter between the desert dunes and the South Atlantic Ocean, photographed by Swiss photographer David Rouge, won first place in the Nature category.
    An evocative encounter between the desert dunes and the South Atlantic Ocean, photographed by Swiss photographer David Rouge, won first place in the Nature category.
  • The People category was won by Bangladeshi photographer Anindita Roy, with an image from Dhaka taken on the Buriganga River.
    The People category was won by Bangladeshi photographer Anindita Roy, with an image from Dhaka taken on the Buriganga River.
  • This image titled 'Big Bang', immortalised by French photographer Armand Sarlangue, is the overall winner of Drone Photo Awards 2022. It shows a secondary fissure happening a few hundred metres from the main crater of Fagradalsfjall volcano in Iceland.
    This image titled 'Big Bang', immortalised by French photographer Armand Sarlangue, is the overall winner of Drone Photo Awards 2022. It shows a secondary fissure happening a few hundred metres from the main crater of Fagradalsfjall volcano in Iceland.
  • Russian photographer Dmitry Kokh with 'Abandoned Weather Station' won in the Storyboard category. All photos: Drone Photo Awards 2022
    Russian photographer Dmitry Kokh with 'Abandoned Weather Station' won in the Storyboard category. All photos: Drone Photo Awards 2022
  • First place in the Urban category was won by Ukrainian photographer Serhiy Vovk, with this photo of rooftops as far as the eye can see, in Kartoffelraekkerne neighbourhood, in Copenhagen.
    First place in the Urban category was won by Ukrainian photographer Serhiy Vovk, with this photo of rooftops as far as the eye can see, in Kartoffelraekkerne neighbourhood, in Copenhagen.
  • An aerial view of the participants of the Bieg Piastow ski event held in Poland, by Polish photographer Daniel Koszela, won in the Sports category.
    An aerial view of the participants of the Bieg Piastow ski event held in Poland, by Polish photographer Daniel Koszela, won in the Sports category.
  • Polish photographer Krzysztof Krawczyk won first place in the Wedding category with a photo which portrays the sun's rays on a body of water, a felled tree and a daring bride lying on top.
    Polish photographer Krzysztof Krawczyk won first place in the Wedding category with a photo which portrays the sun's rays on a body of water, a felled tree and a daring bride lying on top.
  • Lots of flamingos close to each other are the protagonists of the aerial shot by Iranian photographer Mehdi Mohebi Pour, winner in the Wildlife category.
    Lots of flamingos close to each other are the protagonists of the aerial shot by Iranian photographer Mehdi Mohebi Pour, winner in the Wildlife category.
While you're here

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.”

The drill

Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.

Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”

Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”

Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.” 

Top financial tips for graduates

Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:

1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.

2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.

3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.

4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.

COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

While you're here
The specs

Engine: 5.2-litre twin-turbo V12

Transmission: eight-speed automatic

Power: 715bhp

Torque: 900Nm

Price: Dh1,289,376

On sale: now

Updated: December 16, 2022, 12:01 AM
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