When Nasa discontinued its Space Shuttle programme in 2011, it began relying on Russia to get its astronauts into space. For years, only the Soyuz rocket could send humans into orbit and all the foreign partners of the International Space Station – the US, Europe, Canada and Japan – became dependent on Moscow.
It was particularly embarrassing for the US because although the American component accounted for most of the orbiting outpost, it now had no ride of its own to get there. This was welcome news for Russia’s space agency, however, which needed the money.
That all changed when the US space agency started investing more in private companies. It is now launching its astronauts on SpaceX rockets and could also use Boeing’s Starliner capsule soon. This public-private partnership strategy is being used in other parts of the world because governments have learned the hard way that they cannot do space exploration alone, owing to limited budgets and a lack of people with the necessary skills.
The UAE is taking a similar approach to the US and is supporting its private space sector – a step that will help its rate of missions increase significantly, and possibly contribute to the national economy.
Details of the country’s most challenging space mission were revealed this week – a spacecraft called the MBR Explorer will embark on a five-billion-kilometre journey in 2028 to the asteroid belt between Mars and Jupiter to study six of the rocky bodies and attempt a landing on a seventh.
The mission will take 13 years to complete: six years to develop the spacecraft followed by a seven-year flight to the belt. It is also taking place with significant international co-operation that could eventually boost private-sector space business in the Emirates.
The Laboratory for Atmospheric and Space Physics at the University of Colorado Boulder in the US has been contracted to develop the MBR Explorer mission, and Emirati engineers and scientists will work with them. But it will mostly be private companies, local and international, that will supply parts for the spacecraft.
Two Emirati start-ups have already secured contracts to develop a lander that will be deployed by the spacecraft for the asteroid touchdown attempt.
The mission could also pave the way for a very lucrative business that many companies and agencies have set their sights on – asteroid mining.
One of the main science goals of the mission is to add to our understanding of how our solar system was formed and the presence and origins of the building blocks of life found in the asteroid belt. But the belt is also rich with $700 quintillion worth of minerals such as iron, gold and nickel – enough to make everyone on Earth multibillionaires. Water on the asteroids could also be valuable, because it can be turned into hydrogen that can fuel spaceships.
The UAE Space Agency has already said that the mission could “lay the ground for possible future resource extraction from asteroids”.
If the agency does manage to achieve its goal of establishing a private space sector, it would lead to companies competing for government contracts and businesses developing independent projects, ultimately increasing the number of exploration missions undertaken by the country.
The UAE is taking a similar approach to the US and is supporting its private space sector – a step that will help its rate of missions increase significantly
This is exactly the ecosystem the US has created in its overall space sector, and one that China is also trying to set up. But reaching an established industry in the UAE could take a while, as there are a limited number of space companies here as of now.
However, UAE legislation makes it easier for business to set up operations and it has attracted several new companies in the past few years. The UAE Space Agency has also launched a Dh3 billion fund that will be invested in businesses.
The Emirates Mission to the Asteroid Belt is the first major space endeavour to take advantage of the companies that have been set up here so far. It will play a crucial role in defining the direction that the sector in the UAE, as well as the region, will take in the coming years.
Interestingly, many countries, including the US and Luxembourg, have now introduced legislation that allows companies working with national space agencies to keep the resources they mine in space. The UAE also allows this under its space law, but only to companies that have built their mining technology in the Emirates.
However, the scientific and engineering challenges are significant. Only a few countries have succeeded in asteroid-return missions. Both of Japan’s Hayabusa missions successfully delivered material from two different asteroids. However, the first mission brought back grains showed only ordinary chondrites, the most common type of meteorite.
Nasa's OSIRIS-REx, the first American mission to collect a sample from an asteroid, is scheduled to return to Earth in September with material from an asteroid called Bennu.
The MBR Explorer is not part of a return mission, but it is hoped that the spacecraft will capture enough data that could one day help develop a similar kind of project.
It would be an interesting market for Emirati, and even regional, companies to tap into, as countries look past oil. But the most immediate outcome the Emirati space agency is hoping for is a lift for the local private space sector to complement the mission’s scientific value.
Scientists are interested in the asteroid belt because it contains remnants of the solar system and could give clues as to how Earth and other planets were formed.
The asteroid the MBR Explorer will land on, 269 Justitia, is the one scientists are most interested in because of mysterious appearance. While most asteroids are blueish, this one has a reddish hue with possible origins from the distant solar system.
The MBR Explorer’s work will build on the scientific observations of Mars carried out by the UAE’s Hope probe. These have benefitted the science community worldwide, with several peer-reviewed science journals using the spacecraft’s findings to better understand the Red Planet’s atmosphere.
It helped the country establish its name in the global space sector, and the asteroid belt mission will help take the hard work by Emirati scientists and researchers to even greater heights.
Sarwat Nasir is the space editor at The National
RACE CARD
6.30pm: Handicap (TB) $68,000 (Dirt) 1,600m
7.05pm: Meydan Sprint – Group 2 (TB) $163,000 (Turf) 1,000m
7.40pm: Curlin Stakes – Listed Handicap (TB) $88,000 (D) 2,200m
8.15pm: UAE Oaks – Group 3 (TB) $125,000 (D) 1,900m
8.50pm: Zabeel Mile – Group 2 (TB) $163,000 (T) 1,600m
9.25pm: Balanchine – Group 2 (TB) $163,000 (T) 1,800m
10pm: Al Shindagha Sprint – Group 3 (TB) $130,000 (D) 1,200m
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 National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
MATCH INFO
Uefa Champions League last 16, second leg
Liverpool (0) v Atletico Madrid (1)
Venue: Anfield
Kick-off: Thursday, March 12, midnight
Live: On beIN Sports HD
Episode list:
Ep1: A recovery like no other- the unevenness of the economic recovery
Ep2: PCR and jobs - the future of work - new trends and challenges
Ep3: The recovery and global trade disruptions - globalisation post-pandemic
Ep4: Inflation- services and goods - debt risks
Ep5: Travel and tourism
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Start-up hopes to end Japan's love affair with cash
Across most of Asia, people pay for taxi rides, restaurant meals and merchandise with smartphone-readable barcodes — except in Japan, where cash still rules. Now, as the country’s biggest web companies race to dominate the payments market, one Tokyo-based startup says it has a fighting chance to win with its QR app.
Origami had a head start when it introduced a QR-code payment service in late 2015 and has since signed up fast-food chain KFC, Tokyo’s largest cab company Nihon Kotsu and convenience store operator Lawson. The company raised $66 million in September to expand nationwide and plans to more than double its staff of about 100 employees, says founder Yoshiki Yasui.
Origami is betting that stores, which until now relied on direct mail and email newsletters, will pay for the ability to reach customers on their smartphones. For example, a hair salon using Origami’s payment app would be able to send a message to past customers with a coupon for their next haircut.
Quick Response codes, the dotted squares that can be read by smartphone cameras, were invented in the 1990s by a unit of Toyota Motor to track automotive parts. But when the Japanese pioneered digital payments almost two decades ago with contactless cards for train fares, they chose the so-called near-field communications technology. The high cost of rolling out NFC payments, convenient ATMs and a culture where lost wallets are often returned have all been cited as reasons why cash remains king in the archipelago. In China, however, QR codes dominate.
Cashless payments, which includes credit cards, accounted for just 20 per cent of total consumer spending in Japan during 2016, compared with 60 per cent in China and 89 per cent in South Korea, according to a report by the Bank of Japan.
WE%20NO%20LONGER%20PREFER%20MOUNTAINS
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RESULTS
1.45pm: Handicap (TB) Dh80,000 (Dirt) 1,400m
Winners: Hyde Park, Royston Ffrench (jockey), Salem bin Ghadayer (trainer)
2.15pm: Conditions (TB) Dh100,000 (D) 1,400m
Winner: Shamikh, Ryan Curatolo, Nicholas Bachalard
2.45pm: Conditions (TB) Dh100,000 (D) 1,200m
Winner: Hurry Up, Royston Ffrench, Salem bin Ghadayer.
3.15pm: Shadwell Jebel Ali Mile Group 3 (TB) Dh575,000 (D) 1,600m
Winner: Blown by Wind, Xavier Ziani, Salem bin Ghadayer
3.45pm: Handicap (TB) Dh72,000 (D) 1,600m
Winner: Mazagran, Tadhg O’Shea, Satish Seemar.
4.15pm: Handicap (TB) Dh64,000 (D) 1,950m
Winner: Obeyaan, Adrie de Vries, Mujeeb Rehman
4.45pm: Handicap (TB) Dh84,000 (D) 1,000m
Winner: Shanaghai City, Fabrice Veron, Rashed Bouresly.
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
The specs
Engine: 3.0-litre six-cylinder MHEV
Power: 360bhp
Torque: 500Nm
Transmission: eight-speed automatic
Price: from Dh282,870
On sale: now
Results
1.30pm Handicap (PA) Dh50,000 (Dirt) 1,400m
Winner Al Suhooj, Saif Al Balushi (jockey), Khalifa Al Neyadi (trainer)
2pm Handicap (TB) 68,000 (D) 1,950m
Winner Miracle Maker, Xavier Ziani, Salem bin Ghadayer
2.30pm Maiden (TB) Dh60,000 (D) 1,600m
Winner Mazagran, Tadhg O’Shea, Satish Seemar
3pm Handicap (TB) Dh84,000 (D) 1,800m
Winner Tailor’s Row, Royston Ffrench, Salem bin Ghadayer
3.30pm Handicap (TB) Dh76,000 (D) 1,400m
Winner Alla Mahlak, Adrie de Vries, Rashed Bouresly
4pm Maiden (TB) Dh60,000 (D) 1,200m
Winner Hurry Up, Royston Ffrench, Salem bin Ghadayer
4.30pm Handicap (TB) Dh68,000 (D) 1,200m
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'Project Power'
Stars: Jamie Foxx, Joseph Gordon-Levitt, Dominique Fishback
Director: Henry Joost and Ariel Schulman
Rating: 3.5/5
How to help
Call the hotline on 0502955999 or send "thenational" to the following numbers:
2289 - Dh10
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Breaking News: The Remaking of Journalism and Why It Matters Now
Alan Rushbridger, Canongate
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
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6027 – Dh 100
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Killing of Qassem Suleimani
MATCH INFO
Manchester City 3
Danilo (16'), Bernardo Silva (34'), Fernandinho (72')
Brighton & Hove Albion 1
Ulloa (20')
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
Results
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Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
'Nope'
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MATCH INFO
Sheffield United 3
Fleck 19, Mousset 52, McBurnie 90
Manchester United 3
Williams 72, Greenwood 77, Rashford 79
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
