UAE's first satellite 'ready to launch'



DUBAI // The UAE's first satellite has been completed and is ready to launch, the Emirates Institute for Advanced Science and Technology (EIAST) has announced. Dubai Sat-1, which is due to be sent in to orbit by the end of the year, will provide the UAE with a dedicated "eye in the sky" that will help with urban planning and environmental monitoring. A team of UAE engineers have been involved in the construction of the satellite in South Korea, and the skills they have learnt during the project will be used to carry the UAE's space programme in to the future, according to Ahmed Obaid al Mansoori, the director general of EIAST. "Developing a base of UAE scientists and engineers is a crucial first step in becoming a regional and global leader in the fields of advanced science and technology," he said. "This achievement is just a stepping stone in the many plans EIAST has for the future, including work in nano-technology, alternative energy and astronomy". Salam al Marri, the Dubai Sat-1 project manager at EIAST, said it had not yet been decided whether the images collected by the satellite would be made commercially available for use by private companies, but said the scientific data it collected would help with future space projects. "One of the instruments on board is a monitor that will collect data on how much space radiation there is in the Dubai Sat-1 orbit," he said. "Future satellite projects will be able to use that data to determine how much radiation shielding they require to protect the instruments on board, which [has implications for] the weight and cost." Speaking at the Middle East's first conference on the use of surveillance satellites, held in Dubai in April, Staff Brig Khalifa Mohammed Thani al Rumaithy, of the UAE Armed Forces General Head Quarters, said it was essential for the country to expand in to space. "[Dubai Sat-1] will provide the UAE with data that will be vital to the nation, particularly in the areas of infrastructure development, urban planning, managing disasters, rural development and transport," he said. "The availability of an inexpensive, high-performance imaging satellite is enabling the UAE to acquire an independent remote sensing capability that will be of great benefit to the nation." Dubai Sat-1 will be launched by the Russian space company Kosmotras. The EIAST is already working on designs for a second satellite, named Dubai Sat-2, which it intends to launch in 2012. gmcclenaghan@thenational.ae

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First season 1992/93

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MATCH INFO

 

Maratha Arabians 107-8 (10 ovs)

Lyth 21, Lynn 20, McClenaghan 20 no

Qalandars 60-4 (10 ovs)

Malan 32 no, McClenaghan 2-9

Maratha Arabians win by 47 runs

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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.”


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