A Nasa-led international satellite mission is set for blast-off from Southern California early on Thursday on a major project to conduct a comprehensive survey of Earth's oceans, lakes and rivers for the first time.
Dubbed Swot, short for Surface Water and Ocean Topography, the advanced radar satellite is designed to give scientists an unprecedented view of the water covering 70 per cent of the planet, shedding new light on the mechanics and consequences of climate change.
A Falcon 9 rocket, owned and operated by billionaire Elon Musk's SpaceX, was set for lift-off before dawn on Thursday from the Vandenberg US Space Force Base 275 kilometres north-west of Los Angeles, to carry the satellite into orbit.
If all goes as planned, the SUV-sized satellite will produce research data within several months.
Nearly 20 years in development, the satellite incorporates advanced microwave radar technology that scientists say will collect height-surface measurements of oceans, lakes, reservoirs and rivers in high-definition detail over 90 per cent of the globe.
The data, compiled from radar sweeps of the planet at least twice every 21 days, will enhance ocean-circulation models, bolster weather and climate forecasts and aid in managing scarce freshwater supplies in drought-stricken regions, according to researchers.
The satellite was designed and built at Nasa's Jet Propulsion Laboratory near Los Angeles.
Developed by the US space agency in collaboration with its counterparts in France and Canada, the launch was one of 15 missions listed by the National Research Council as projects Nasa should undertake in the coming decade.
“It's really the first mission to observe nearly all water on the planet's surface,” said JPL scientist Ben Hamlington, who also leads Nasa's sea-level change team.
One major thrust of the mission is to explore how oceans absorb atmospheric heat and carbon dioxide in a natural process that moderates global temperatures and climate change.
Scanning the seas from orbit, the satellite is designed to precisely measure fine differences in surface elevations around smaller currents and eddies, where much of the oceans' drawdown of heat and carbon is believed to occur. The new satellite can do the job with 10 times greater resolution than existing technologies, JPL said.
Looking for oceans' tipping point
Oceans are estimated to have absorbed more than 90 per cent of the excess heat trapped in Earth's atmosphere by human-caused greenhouse gas emissions.
Studying the mechanism by which that happens will help climate scientists answer a key question, said Nadya Vinogradova Shiffer, the satellite's programme scientist at Nasa in Washington.
“What is the turning point at which oceans start releasing, rather than absorbing, huge amounts of heat back into the atmosphere and accelerate global warming, rather than limiting it?” she said.
The satellite's ability to discern smaller surface features can also be used to study the impact of rising sea levels on coastlines.
More precise data along tidal zones would help predict how far storm-surge flooding may penetrate inland, as well as the extent of saltwater intrusion into estuaries, wetlands and underground aquifers.
Freshwater bodies are another key focus of the satellite, which is equipped to observe the entire length of nearly all rivers wider than 100 metres, as well as more than 1 million lakes and reservoirs larger than 62,500 square metres.
Taking inventory of Earth's water resources repeatedly over the three-year mission will enable researchers to trace fluctuations in the planet's rivers and lakes during seasonal changes and major weather events.
Tamlin Pavelsky, Nasa's freshwater science lead for the project, said collecting such data was akin to “taking the pulse of the world's water system, so we'll be able to see when it's racing and we'll be able to see when it's slow”.
The satellite's radar instrument operates at the so-called Ka-band frequency of the microwave spectrum, allowing scans to penetrate cloud cover and darkness over wide swathes of the Earth. This enables scientists to accurately map their observations in two dimensions regardless of weather or time of day and to cover large geographic areas far more quickly than before.
By comparison, previous studies of water bodies relied on data taken at specific points, such as river or ocean gauges, or from satellites that can only track measurements along a one-dimensional line, requiring scientists to fill in data gaps through extrapolation.
“Rather than giving us a line of elevations, it's giving us a map of elevations, and that's just a total game changer,” Mr Pavelsky said.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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.”
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
The biog
Profession: Senior sports presenter and producer
Marital status: Single
Favourite book: Al Nabi by Jibran Khalil Jibran
Favourite food: Italian and Lebanese food
Favourite football player: Cristiano Ronaldo
Languages: Arabic, French, English, Portuguese and some Spanish
Website: www.liliane-tannoury.com
Points Classification after Stage 1
1. Geraint Thomas (Britain / Team Sky) 20
2. Stefan Kueng (Switzerland / BMC Racing) 17
3. Vasil Kiryienka (Belarus / Team Sky) 15
4. Tony Martin (Germany / Katusha) 13
5. Matteo Trentin (Italy / Quick-Step) 11
6. Chris Froome (Britain / Team Sky) 10
7. Jos van Emden (Netherlands / LottoNL) 9
8. Michal Kwiatkowski (Poland / Team Sky) 8
9. Marcel Kittel (Germany / Quick-Step) 7
10. Edvald Boasson Hagen (Norway / Dimension Data) 6
The biog
Age: 32
Qualifications: Diploma in engineering from TSI Technical Institute, bachelor’s degree in accounting from Dubai’s Al Ghurair University, master’s degree in human resources from Abu Dhabi University, currently third years PHD in strategy of human resources.
Favourite mountain range: The Himalayas
Favourite experience: Two months trekking in Alaska
