The UAE is about to attempt to become only the second nation to land on the far side of the Moon, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, has said.
Sheikh Hamdan made his comments in the wake of a deal between the Mohammed bin Rashid Space Centre (MBRSC) and the US-based Firefly Aerospace to provide the payload delivery services for the Rashid 2 rover, forming a vital part of the Emirates Lunar Mission scheduled for 2026.
"The mission is set to make the UAE only the second country in history to attempt a landing on the Moon's far side, placing the nation at the forefront of space exploration," Sheikh Hamdan said on X on Thursday.
"The UAE continues to strengthen its role as a major global player in advancing space exploration. Driven by the talent of our youth, the UAE’s journey in space reflects the same ambition and excellence that define our progress on Earth."
Only one country has successfully landed on the far side of the Moon to date. China made history in 2019 when its Chang'e-4 mission landed in the Von Karman crater.
MBRSC has now selected Firefly Aerospace to carry its second lunar rover, Rashid 2, to the Moon. It will travel into space aboard the Blue Ghost 2 lander, currently scheduled for launch in early 2026 for a landing attempt on the Moon’s far side - the unlit part - for a 10-day mission.
It will be the space centre’s second attempt to land a rover on the Moon following the unsuccessful Rashid 1 mission in April 2023. The first rover, part of Japan’s Hakuto-R Mission 1, was lost when the lander crashed into the lunar surface.
Firefly is one of only two companies that has managed to land safely on the Moon. Its Blue Ghost 1 vehicle touched down on March 2. Intuitive Machines, another US company, carried out the first successful private mission to the Moon’s surface last year.
Both companies are part of Nasa’s Commercial Lunar Payload Services (CLPS) programme, which awards contracts to companies developing lunar vehicles that can deliver scientific and technology payloads to the surface.
Firefly’s second mission to the Moon involves the Elytra Dark orbital vehicle, a spacecraft that will deploy the Blue Ghost 2 lander and the European Space Agency’s Lunar Pathfinder satellite. From there, Blue Ghost 2 will attempt a landing on the lunar surface.
Apart from the UAE's Rashid 2, the landing vehicle is carrying technology from a few other clients, including Nasa and the US Department of Energy, Nasa’s Jet Propulsion Laboratory and the Australian Space Agency.
The Rashid 2 rover was designed to achieve the same targets that the initial one was meant to carry out. These include studying regolith, or lunar soil, testing new materials for lunar exploration, capturing high-resolution images and analysing the lunar surface environment.
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Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
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2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
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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.”
