When the US eased internet sanctions on Iran to ensure Iranians would continue to have access to information during the mass protest movement currently engulfing the country, Elon Musk tweeted that he was “activating Starlink”.
Mr Musk had said previously that SpaceX, the satellite company he founded in 2002 that operates Starlink, would seek an exemption from the US government to provide the broadband service to Iran.
As of Sunday, Starlink was activated in the country, Karim Sadjadpour, a senior fellow at the Carnegie Endowment, quoted Mr Musk as saying.
Following Russian cyber attacks and the invasion on February 24, SpaceX sent Starlink terminals to Ukraine to bolster the country's access to the internet.
Mr Musk appears to be undertaking a similar effort now, as Iran grapples with protests over the death of Mahsa Amini, a young woman who died in the custody of the morality police after allegedly failing to cover her hair properly.
What is Starlink?
Starlink is SpaceX's network of about 3,000 low-orbit satellites designed to deliver high-speed internet services to the world, particularly remote and rural locations.
Subscribers can engage in data-hungry online activities — gaming, streaming, video calls and more — that would otherwise be impossible.
Starlink satellites orbit the planet at a much closer distance than typical satellites, making high-data-rate activities easier to support.
A Starlink kit has “everything you need to get online in minutes”, the company says. Users who sign up for the service receive a kit that includes the Starlink terminal and base, a router, a power supply and cables.
The terminal is self-orientating and can easily connect to the internet as long as it has a clear view of the sky.
The residential Starlink package costs $110 per month, with a one-time hardware fee of $599. The company also offers a Starlink for motorhomes package, “ideal for customers travelling to locations where connectivity has been unreliable or completely unavailable”.
SpaceX told US regulators earlier this year that Starlink users had surpassed 400,000.
How can it be used in Iran?
The easing of US internet sanctions against Tehran is designed to circumvent Iran's censorship and surveillance tools.
The move, which comes after Iran cut web access to about 80 million residents, included updated guidance that allows companies to offer their platforms and services to people inside the country.
Starlink would be able to beam internet access to people inside Iran, allowing them to bypass the country's censorship networks and share information about the violent crackdown as well as help them mobilise or communicate with friends and family.
However, a significant obstacle faces SpaceX and those inside Iran looking to use Starlink.
Because the Starlink terminals are hardware-based, Iran would first need to allow them to enter the country. That is highly unlikely in today's political climate.
Without giving details, Mr Sadjadpour suggested the issue was “surmountable”.
Mr Musk's company received permission from Ukraine to deliver 15,000-plus Starlink terminals earlier this year. The service has been credited with keeping Ukraine's communications networks afloat and foiling Russian jammers.
However, the billionaire said on October 14 that his company was losing almost $20 million a month on providing the service to Ukraine and could not afford to do so indefinitely. Pentagon officials confirmed receiving a request for funding from Mr Musk and said they were "assessing our options".
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.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
RESULTS
5pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner: Yas Xmnsor, Sean Kirrane (jockey), Khalifa Al Neyadi (trainer)
5.30pm: Falaj Hazza – Handicap (PA) Dh70,000 (D) 1,600m
Winner: Arim W’Rsan, Dane O’Neill, Jaci Wickham
6pm: Al Basrah – Maiden (PA) Dh70,000 (D) 1,800m
Winner: Kalifano De Ghazal, Abdul Aziz Al Balushi, Helal Al Alawi
6.30pm: Oud Al Touba – Handicap (PA) Dh70,000 (D) 1,800m
Winner: Pharitz Oubai, Sean Kirrane, Ibrahim Al Hadhrami
7pm: Sieh bin Amaar – Conditions (PA) Dh80,000 (D) 1,800m
Winner: Oxord, Richard Mullen, Abdalla Al Hammadi
7.30pm: Jebel Hafeet – Conditions (PA) Dh85,000 (D) 2,000m
Winner: AF Ramz, Sean Kirrane, Khalifa Al Neyadi
8pm: Al Saad – Handicap (TB) Dh70,000 (D) 2,000m
Winner: Sea Skimmer, Gabriele Malune, Kareem Ramadan
AUSTRALIA%20SQUAD
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