Emirates urged to train space age workers



ABU DHABI // The UAE urgently needs to train more space-sector workers to keep pace with the industry's rapid growth, experts said yesterday. "What we need is to provide the Government with the workforce they need, and they are eager to hire", said Dr Salem Issa, an associate professor at UAE University and an expert in remote sensing and mapping systems, on the second day of the Global Space Technology Forum.

Speaking on a panel on educating the next generation of space professionals, he said the country and the region needed to "satisfy the market need and demand, which is growing very fast". Dr Nidhal Guessoum, an associate professor of physics who was involved in a programme to promote science education in UAE schools, said: "We need to develop both the local experts and the industry or institutions that will make use of them and hire them, but it seems the UAE has moved forward quite a bit on the second front.

"That is why it is so crucial to train scientists and engineers in the space domains now." Dr Issa said that local talent in particular was necessary because of the transience of space professionals, whose first goal would be financial gain. The primary concern, he said, should be to build up the country's capacity, develop structure and transfer knowledge. It was also necessary to expose them to international experience, he said, "either by giving them scholarships to travel outside and get some training, or importing from outside and making them work with national students."

Globally, there is an endemic shortage in space-sector workers that experts said was also a problem in the UAE and the Middle East. A survey by the International Space University (ISU), an institute based in France, said that this year 55 per cent of space organisations in Europe were suffering from a shortage in workers, primarily engineers. But challenges abound in the drive for more professionals in the country, including the lack of expertise, fear of space-related college tracks, brain drain and a dearth of inspiration.

There was a shortage of teachers with expertise in the space industry, Dr Issa said. Students in the UAE also faced difficulties getting internships with space agencies and corporations around the world, which were often secretive or lacked the capacity to supervise students. "Sometimes they tell us it's classified, or they say they do not have supervisors to look after our students," he said. Dr Guessoum said students sometimes feared taking space courses because of their "perceived "advanceness or difficulty", or because they were seemingly "disconnected from any specialty, for not having any application, any relevance to their future marketability and careers".

Dr Issa said there was a general lack of awareness among students about the possibility of pursuing courses related to space in the country. Another issue was the potential brain drain, whereby students educated here could end up leaving for countries or regions with more advanced space programmes. "There is no guarantee that they will later choose to work here," said Dr Guessoum, referring particularly to expatriate students.

Dr Guessoum said that inspirational iconic milestones could ultimately contribute to more students' entering regional space programmes. "We need a transformative event that convinces the students that the space programme is now a very attractive field here, not just in the West," he said. Such events could include satellite launches for instance, or more Arabs in space. kshaheen@thenational.ae

Indoor cricket in a nutshell

Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai

16 Indoor cricket matches are 16 overs per side

8 There are eight players per team

There have been nine Indoor Cricket World Cups for men. Australia have won every one.

5 Five runs are deducted from the score when a wickets falls

Batsmen bat in pairs, facing four overs per partnership

Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.

Zones

A Front net, behind the striker and wicketkeeper: 0 runs

B Side nets, between the striker and halfway down the pitch: 1 run

Side nets between halfway and the bowlers end: 2 runs

Back net: 4 runs on the bounce, 6 runs on the full

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

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.”

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
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