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Banking & insurance

How UAE Banks arespearheading sustainability drivewith $51 billion in green financing

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The UAE’s banking sector has been toeing the line in tandem with UAE Net Zero 2050and the energy diversification strategy, launching sustainability frameworks andfinancing some of the biggest renewable projects, all the while fighting climate changewith environmental campaigns and activities, a top official said. “This reaffirms the sector’s commitment to UN Sustainable Development Goals (SDGs)and aims to contribute to making green energy affordable and accessible in the countryand wider region, primarily through the issuance of green financing and funds,” JamalSaleh, Director General of UAE Banks Federation – the sole representative and unifiedvoice of banks in the UAE, told Al Maktoum Investment Magazine. Apart from financing, banks have been adopting innovative technologies and embracingdigitization to reduce their carbon footprints by way of paperless transactions, improvingenergy efficiencies through “green buildings” retrofitting and smart facility managementto conserve electricity, recycle waste and plastic, as well as monitoring to reduce theirgreenhouse gas (GHG) emissions. Thus, contributing to the UN’s goals of buildingresilient infrastructure and fostering innovation. Saleh underlined that the UAE banking sector’s efforts and initiatives aim to “transformthe finance industry into a force for driving sustainability”. UAE banks have been fervent in implementing sustainable finance frameworks andbuilding robust green finance infrastructure to support green projects and initiatives. According to published data from six major banks: First Abu Dhabi Bank (FAB), AbuDhabi Commercial Bank (ADCB), Emirates NBD, Dubai Islamic Bank, Mashreq Bankand Abu Dhabi Islamic Bank, green financing for various projects, in committed andallocated loans, bonds and investment funds, amounts to $51.8 billion (more thanDh190 billion). Mashreq Bank Green bonds issued by UAE banks to finance environmental projects have been vital insecuring investments for renewable and sustainability projects. For example,sustainability- and adaptation-linked investments worth $15.5 billion have been financedby Mashreq Bank. The bank formed its very first internal Sustainability Working Group (SWG), which willbe accountable for assessing current and potential Environmental, Social, andGovernance (ESG)-related risks and opportunities, reviewing the existing framework tomanage such risks, prioritizing ESG initiatives for immediate implementation, settingtargets, and monitoring performance against established key performance indicators(KPIs). Abu Dhabi Commercial Bank Abu Dhabi Commercial Bank (ADCB) has recently been recognized by the UAEgovernment for the bank’s strong track record in sustainability and social impact. Thebank has committed $13.6 billion to green financing by 2030 under its ADCBGreen/Sustainable Bond Framework. The framework adopted last year was launchedwith inaugural $500 million funding to help finance low-carbon initiatives like windturbines and solar panels. First Abu Dhabi Bank FAB has allocated $1.16 billion by 2022 to various green projects, such as three solarpower plants that will help reduce CO2 emissions, seven “green buildings” for energyefficiency and a wastewater plant that can treat up to 430,000 cubic metres of waterevery day. The bank’s green financing efforts have supported UAE’s solar energy initiativehighlighted by the Mohammed Bin Rashid Al Maktoum Solar Park (MBR), which will bethe largest single-site concentrated solar power plant in the world with a plannedproduction capacity of 5,000 MW by 2030. When completed, it will provide clean energyfor 320,000 residences and save over 6.5 million tonnes of carbon emissions annually. Emirates NBD As per the Emirates NBD’s annual Environmental, Social, and Governance (ESG)report, the bank has issued some $11.35 million in ESG bonds as conventional andsukuk financing over the past three years to support various projects. Some $50.63million was also issued in “sustainable loan solutions,” which covered agriculture,projects to reduce greenhouse gas emissions, and increasing the use of renewableenergy. Abu Dhabi Islamic Bank Abu Dhabi Islamic Bank has put in motion a new three-year ESG strategy thatprioritizes accelerating its green financing and investing initiatives, having already madesignificant strides in this area with the allocation of $1.7 billion towards sustainableproject financing. Dubai Islamic Bank Dubai Islamic Bank introduced a Sustainable Finance Framework (SFF) ESG credit riskpolicy and scorecards and issued sukuk of $705 million in 2022, the first-everSustainable Sukuk from a UAE Financial Institution. In addition, ESG funding during theyear booked new green financing of approximately $367 million. Over the past severalyears, the bank has participated in more than $7 billion of green Islamic capital markettransactions globally. Prominence of COP28 Saleh underlined that COP28 is a powerful platform for the UAE banking sector.

Tech

Khaled bin Mohamed bin Zayed, Hamdanbin Mohammed launch Sirb development phase

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His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of AbuDhabi and Chairman of Abu Dhabi Executive Council, and H.H. Sheikh Hamdan binMohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of DubaiExecutive Council, have launched the development phase of the Sirb program, markinga historic moment in the development of the country’s space sector, driven by the UAE’sindustrial sector.Their Highnesses received a comprehensive overview of the project’s objectives andthe advanced technology slated for development in the satellite programme. They werealso briefed on the project’s milestones and the mechanisms for developing andoperating the satellites by a national industrial consortium under the supervision of theUAE Space Agency.The first satellite, which will be launched in 2026, will complement the UAE’s investmentin remote sensing technologies that serve different sectors using various satelliteimages. Radar satellites are capable of capturing images, day or night, and irrespectiveof atmospheric conditions. This groundbreaking project marks the pioneeringdevelopment of a constellation comprising three synthetic aperture radar (SAR)satellites, utilising state-of-the-art imaging technology to achieve high-precision resultsin all weather conditions.The project aims to enhance the UAE’s efforts to find solutions to climate changechallenges and environmental sustainability, contribute to urban development, integrateefforts to tackle natural disasters, and support food security challenges, by relying onqualified national talent and UAE companies. It also aims to nurture partnerships withglobal institutions and offer incentives, as an extension of the Space Economic Zonesproject, to consolidate the UAE’s position as a global hub for talent, investment andinnovation.H.H. Sheikh Khaled said, “We will enhance local expertise in the field of space tosupport our ambitious vision for the UAE to become a global hub for manufacturing andoperating satellites. We are focusing on creating opportunities for national companiesand the private sector to be part of this significant journey, and to support thedevelopment of the space sector’s infrastructure.” H.H. Sheikh Hamdan said, “Sirb marks a strategic turning point in the UAE spacesector, transitioning from a governmental and academic sector to an integratedgovernmental, private and academic sector that supports the development ofmicrotechnology and progresses the space sector’s industrial development.Empowering start-ups, SMEs and entrepreneurs tops our priority list, as they are themain drivers for economic growth.”Sarah Al Amiri, Minister of State for Public Education and Advanced Technology andChairperson of UAE Space Agency, thanked Their Highnesses Sheikh Khaled andSheikh Hamdan for their continuous support and vision in the space sector, as well asfor supervising the launch of the development phase of the Sirb programme, led by theindustrial and the private sectors in the UAE, for the first time.Al Amiri, said, “The launch of the development phase of Sirb is a milestone in our spacejourney that embodies the UAE’s determination and persistence to lead thecomprehensive renaissance of the space sector in all its fields and sectors. Today, wechart a course aligned with the UAE’s unwavering commitment and tenacity inadvancing the space sector and ensuring its prosperity and sustainability, with thesteadfast backing of our leadership.”She added, “At the UAE Space Agency, we are committed to opening new horizons forlocal industry, developing Emirati talent, and supporting national companies to ensuretheir contribution to the comprehensive development renaissance and building aprosperous future for the UAE.”EDGE assumes the role of a strategic partner to manage the programme with an addedfocus on the Synthetic Aperture Radar (SAR) payload development. Yahsat andBayanat will both manage satellite operations and data, while NSSTC will contribute byproviding assembly, integration, and testing (AIT) operations.The consortium will continue to expand its collaboration with other industry players,SMEs and startups to further enhance the collective expertise and capabilities of theprogramme and support the growth of the space private sector.EDGE will also work on the development of strategic alliances for technology transfer,knowledge exchange, and expertise development in satellite systems, amplifying theUAE’s sovereign capabilities in crucial space domains, particularly SAR payloads.This space programme will strengthen the UAE’s position as a regional and globalleader in space, while also driving economic growth and technological innovation.Central to the Sirb programme is the commercialisation of the satellites, and the datathey generate, on both national and international fronts. These highly accurate spaceradar satellites will support a wide range of scientific and commercial applications, frommonitoring environmental changes to natural disaster management and mapping.  

Property

Dubai property buyers need to get realisticon price expectations

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  For a true pulse on market performance, go with what’s happeningon ready homes When it comes to property investments in Dubai, the best way forward is toformulate realistic assumptions regarding the trajectory of the real estatemarket. To do so, it is essential to delve into the fundamental cycle thatpropels real estate prices.What are the underlying principles that drive these price? While there existany number of valid reasons behind the buoyant state of Dubai & real estatemarket, they all converge on certain pivotal triggers that fuel price increases.This cycle commences with an intricate interplay between supply and demand,particularly for ready properties. These residential units serve as trueindicators of the actual real estate market & pulse, as opposed to off plan sales.This is because off plan sales tend to diverge from demand for readyproperties, because they are overly reliant on investor enthusiasm and marketsentiment to propel them. A good market run Consequently, they cease to accurately represent the essential factors thatdrive the market. Nevertheless, it is vital for all investors – and landlords – to maintain a sense of realism. The rapid price escalation in Dubai property from late 2020 onwards – when the market was at its lowest point – cannot be expected to continue at the same pace indefinitely.Therefore, it is prudent for sellers and landlords to identify the actual marketvalue of their properties using the open data sources provided by Dubai LandDepartment. Depending on their willingness to sell or rent, as opposed towaiting for the ‘perfect’ time for a buyer or tenant, they should make informeddecisions, even if it entails accepting offers slightly below their expectations.While there is a noticeable upward trend in the number of transactions, asevidenced by 31,000 property sales transactions and a 23 per cent increasecompared to Q3 2022, as well as a sales value of Dh98 billion in Q3-2023,investors must be cognizant that healthy trend, while indicative of marketsustainability, does not imply an endless surge in property prices.The substantial increase in supply, exemplified by the registration of 90 newprojects in Q3-23, representing the highest ever for any third quarter in thepast. With this surge in supply, demand may become diluted across numerousprojects in the market, potentially slowing down the rate of price appreciation.Unrealistic market dynamics must be avoided for the sake of long-termsustainability. In summary, the Dubai real estate market exhibits stability interms of transaction volumes and property prices. However, no investmentdecision should be made without scrutinizing the stats at the unit level. TheDubai Land Departments& provision of data is a valuable resource for allmarket stakeholder…

Tourism

Dubai to get ‘world’s first’ football theme park

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  Dubai Parks and Resorts revealed the name of their latest park addition – RealMadrid World – in a press statement on last week.The new park is touted as the first ever football theme park. The football cluband the entertainment destination signed a deal in 2022, but details of theopening are yet to be announced.A ‘world-first’ addition to Dubai Parks and Resorts, the theme park is set toengage sports fans, families, and children, contributing to Dubai’s status as aleading tourism destination.Fans of the club will be taken on a timeless journey to experience the past,present and future of the club. The destination promises that guests will comeface to face with icons from across different eras and share the passion ofsome of the heroic comebacks and greatest achievements that have created thelegend of Real Madrid, both on and off the pitch.Real Madrid World will have adrenaline-pumping rides, family-friendlyattractions, themed food and dining, as well as unique retail stores featuring acollection of official Real Madrid merchandise, celebrating the club’s histor

Banking & insurance

Moody’s upgrades United Arab Bank’s outlook from ‘stable’ to‘positive’

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Moody’s Investors Service (Moody’s) has reaffirmed United Arab Bank’s long-termdeposit ratings and improved the outlook on their ratings from stable to positive,reflecting solid capital, liquidity buffers and deposit-based funding. The upgrade has been driven by Moody’s view that the bank’s stronger financialfundamentals, in particular recent improvements in asset quality and profitability,increase the likelihood of a rating upgrade. The positive outlook also signals a potentialimprovement in the bank’s governance-related practices and risk mitigating measures. Shirish Bhide, chief executive officer of UAB, said: “We are pleased that Moody’srecognizes the progress UAB has made. Moody’s comments are reflective of ourstrategy and priorities for the period ahead. We will continue to strengthen and deepenour existing client relationships and carefully expand our client base in all the businesssegments, in line with our risk appetite. We always strive to provide our clients withproducts and solutions that helps them achieve their financial goals.” Moody’s has acknowledged the progress achieved by UAB in resolving legacy assetquality issues, with a significant decline in the non-performing (NPL) ratio which is nowbroadly in line with the local average for the UAE as well as enhanced loan loss buffers.Return to profitability in 2022 was driven by growth in revenue on higher margins, lowerprovision charges as well as improved efficiency.“We strongly believe in the continuous adoption of technology to make banking simplerand convenient and this ethos remains at the heart of every product and serviceproposition of ours,” Bhide said.

Aviation

Elevating Excellence: Dubai Airport’s2023 Soar to New Heights!

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include Pakistan with 3.1 million passengers, the US (2.7 million) and Russia (1.8million). The top cities by traffic were London (2.7 million passengers) and Riyadh (1.9million), closely followed by Mumbai (1.8 million) and Jeddah (1.7 million passengers).PerformanceDXB’s baggage handling system processed a total of 57.5 million bags in 2023 with asuccess rate of 99.8% – a rate of 2.5 mishandled bags per 1,000 passengers – no meanfeat for the world’s biggest hub for international traffic. In terms of baggage delivery onarrival, 91% of all baggage was delivered within 45 minutes to the guests. The baggagevolume in 2023 represents 106.07% of the 2019 baggage volume at DXB.The average waiting time at passport control queues was less than 11 minutes for96.4% of the arriving passengers and 95.1% of passengers queued for less than sixminutes at departure passport control. The average queue times at security-check ondepartures was less than four minutes for 98.4% of total passengers. Cargo Cargo continued to gain momentum in the third quarter registering a surge of 12.3% year on year, to reach 446,400 tonnes. The strong performance this year has helped level out a double-digit contraction in cargo recorded at the end of last year. The hubrecorded 1.3 million tonnes of cargo in the first nine months of the year, registering aminor decline of under 1%. Flights Flight movements in Q3 surged by 5.1% in the third quarter to reach 106,000. DXB handled 308,000 in total flight movements between January and September, up 25.2%year-on year.

Culture

Dubai to host World Cities Culture Summit in MENA region for the first time

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The World Cities Culture Summit is an annual three-day gathering for member cities of the World Cities Culture Forum. It serves as a platform for the exchange of groundbreaking ideas and best practices in cultural policymaking. Through collaboration with city partners, the summit engages in comprehensive research endeavors, establishing a robust foundation of evidence to underscore the multifaceted influence of culture on global cities and the lives of their residents. Comprising over 40 cities worldwide, the World Cities Culture Forum stands as the most significant international network shaping arts and culture policies. Its objective is to emphasize culture as a pivotal force driving societal and economic growth, highlighting the role of culture in cities and the creation of sustainable urban centers. Honorable Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Member of the Dubai Council, expressed that hosting this summit further solidifies the emirate’s position as a global cultural destination. This aligns with Dubai’s commitment to building a knowledge- and innovation-based sustainable creative economy. She added, “Hosting the 2024 World Cities Culture Summit is a testament to the visionary aspirations of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to transform Dubai into a global center for culture, an incubator for creativity, and a thriving hub for talent.” Sheikh Latifa emphasized the summit’s significance as an international platform that brings together cultural experiences, creative innovations, and scholarly research to envision the future of cities through culture and creativity. Additionally, the summit aims to consolidate efforts to enhance the quality of life across communities and better equip them to navigate future changes. Hala Badri, director-general of Dubai Culture, highlighted that Dubai’s hosting of the World Cities Culture Summit fosters the establishment and development of a global network of relationships, encouraging new cultural partnerships that enhance Dubai’s leadership and global standing. Badri stated, “Hosting the World Cities Culture Summit reflects the visionary approach of Dubai’s wise leadership and contributes to driving the city’s cultural and developmental journey. The summit represents an international platform highlighting Dubai’s efforts to preserve cultural and human heritage and create new opportunities for creative talent to engage with international networks.” Founded in 2012 by the Mayor of London to coincide with the London Olympic Games, the World Cities Culture Forum started as a network of eight global cities. Over the last decade, it has grown to include 40 global cities spanning six continents, collectively representing 172 million people. Dubai joined the forum in 2020, with representation by Dubai Culture, making Dubai and Abu Dhabi the only Arab cities within the forum.

Auto

Chinese Cars To Revolutionize The Rental Car Market

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Vehicles offer advanced features with safety and entertainment options The rental car industry is undergoing a transformative shift as entry-level sedans and mid-level Chinese SUVs gain immense popularity due to their impressive features and cost-effectiveness compared to traditional manufacturers. These vehicles are not only offering an array of advanced features but also capturing the hearts of customers, reshaping the landscape of the car rental market. In recent years, SUVs have emerged as the preferred choice in the car rental market, showcasing exceptional performance and versatility. These vehicles come packed with a wide range of features that appeal to renters looking for both safety and entertainment options. Unlike traditional manufacturers, many of these entry-level sedans and SUVs offer comparable safety features, with some top-tier models even surpassing their traditional counterparts in terms of digital connectivity and in-car entertainment. What sets them apart is their affordability. These vehicles are available at lower rental rates, thanks to their lower purchase costs. This affordability factor is driving their rising popularity in the market, making them an attractive choice for cost-conscious consumers. “It’s worth noting that Chinese manufacturers are poised to dominate the automotive market soon. Their vehicles are increasingly known to surprise you with its superior quality that can come very close to European or Japanese manufacturers. Chinese manufacturers have significantly improved their overall build quality, comfort, luxury, and vehicle features, including safety components. Their availability at highly competitive prices makes them the preferred choice for both entry-level and mid-level buyers,” said Soham Shah, CEO of Selfdrive.ae. The coming years are expected to witness Chinese manufacturers establishing a dominant presence and garnering greater acceptance among consumers. This market shift is likely to bring about significant disruptions in the automotive industry, reshaping the way people perceive and choose rental vehicles. As the market evolves, Selfdrive.ae seeks to provide its customers with a diverse fleet of vehicles that cater to their needs and preferences. The company continues to closely monitor industry trends and adapt to the changing landscape to ensure that its customers have access to the latest and most attractive options in the rental car market

Success Makers

UAE set to launch Services Export Strategy

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  The UAE is planning to launch a new Services Export Strategy to make it easier for the service sector leverage the country’s trading relationships, which continue to expand thanks to the success of the Comprehensive Economic Partnership Agreements (CEPA) programme, a top official says. Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, said new Services Export Strategy will be launched in partnership with the private sector.  “The aim of the Export Services Strategy is clear — to enhance the competitiveness of the UAE’s services sector and promote the growth of the country’s services exports. With our strong value proposition, we have established a distinct competitive edge,” Dr. Thani told. In an exclusive interview, Dr. Thani discusses how a new Services Exports Strategy is set to expand their contribution to UAE’s foreign trade, which is on track to hit Dh4 trillion ($1.09 trillion) by 2031. He said services exports constitute more than two thirds of the world’s economic output.  “We have an ambitious, holistic approach to trade. With the Services Exports strategy now underway, we are well positioned to achieve the targets set, and look ahead to leveraging a diversified trade mix to meet shifting global demand,” Dr. Thani said. He further explained the important points. Firstly, why are services exports so important to the UAE? The nature of trade is changing and services exports — the cross-border sale or supply of services rather than goods from one country to another — is flourishing. While trade in goods remains a bedrock of the global trading system, trade in services is becoming an ever-larger part of the trading mix, growing 60 per cent faster than trade in goods over the past decade. And the UAE’s performance is outstripping the global trend. In the last eight years, as the nation’s economy has grown and diversified, services exports have increased four times faster than the rest of the world, which has helped to bolster our status as a knowledge-driven, service-based economy. Today, nearly 20 per cent of the UAE’s overall foreign trade comprises services trade – which equates to $250 billion. Why the need for a services exports strategy? In 2022, according to the World Trade Organization (WTO), the UAE was the world’s 12th largest service exporter, with a total value of $154 billion accounting for 2.2 per cent of global services exports. While this is an enormous achievement, global services exports hit $7.2 trillion in 2022, representing 25 per cent of the value of total global exports and 11.8 per cent of the world’s GDP, which underlines the huge potential for us to diversify our economy in this direction. This is why we are launching a new Services Export Strategy in partnership with the private sector: to make it easier for the service sector in the UAE to leverage our trading relationships, which continue to expand thanks to the success of the Comprehensive Economic Partnership Agreements (CEPA) programme. What are the key sectors and areas of focus? Travel and tourism, two key service exports driven by Emirates, Etihad and our unrivalled offering as a global travel destination, are prime examples of how the UAE has taken an increasing share of the global market in recent years. They also offer a template for success in a range of sectors, and our strategy is focused on nine industry verticals in which we have proven capabilities, namely: travel and tourism, ICT, professional services, financial services, education, medical tourism, Islamic financial services, the creative economy, and logistics. The aim of the Export Services Strategy is clear: to enhance the competitiveness of the UAE’s services sector and promote the growth of the country’s services exports. With our strong value proposition, we have established a distinct competitive edge. What are the pillars of the strategy? We understand that, as a government, we are not the experts. Business knows what is best for business, and we see our role as establishing the framework to enable companies succeed both here and in new markets. To that end, we are setting up taskforces for each sector, which will be public-private collaborations charged with formulating a clear, sector-specific roadmap, creating data-backed targets, identifying new markets and in-demand products, developing new enhancement initiatives and working with different trade agencies and offices here and abroad to promote opportunities. We have already started the process of recruiting industry leaders to join these taskforces. What is your strategy to formulate data? When it comes to formulating strategy, having the right data is essential and we are making sure the data collection is best-in-class. This is being handled by the Federal Competitiveness and Statistics Centre (FCSC), which will harmonize data collection across all government entities and work with the WTO to ensure that the processes are fully aligned with global standards. Part of our overall economic diversification strategy rests on increasing digitization across government services and the wider economy. This also applies to trade, and data analytics is in line with our wider goals of building a new era of technology-led, evidence driven, positively disrupted trade — which is a message we will be taking into the discussions as host of the WTO’s MC13 in February 2024. Can you talk a little more about how this initiative fits with broader national objectives? We have an ambitious, holistic approach to trade. Our Comprehensive Economic Partnership Agreement programme, which is opening up important new markets for our exporters by removing tariffs and boosting investment flows, is supported by our re-exports strategy, which is consolidating our status as a global supply-chain hub, and our NextGenFDI programme, which is bringing some of the most exciting and dynamic digital businesses to our rapidly expanding ecosystem. In time, these companies will become future export success stories. These are all critical pillars our long-term diversification ambitions. With the Services Exports strategy now underway, we are well positioned to achieve the targets set, and look ahead to leveraging a diversified trade mix to meet shifting global demand.

Travel

Sultan AlNeyadi returns to earth after completing the longest Arab space mission

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The UAE space programme cemented its place in an illustrious club when the Mohammed Bin Rashid Space Centre (MBRSC) today confirmed the successful return of astronaut Sultan AlNeyadi from the International Space Station (ISS), marking the conclusion of the longest Arab space mission in history, which lasted all of six months. Marking yet another glorious chapter for the UAE that further enhances its standing among major spacefaring nations, the SpaceX Dragon Endeavour spacecraft carrying AlNeyadi undocked from the International Space Station at 3:05 PM (UAE time) on 3 September 2023, and landed off the coast of Jacksonville, Florida at 8:17 AM (UAE time) on 4 September 2023. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said: “I extend my congratulations to the UAE President on yet another milestone in our ambitious space programme’s evolution. As we welcome Sultan AlNeyadi back to earth, I commend him and the entire MBRSC team on the successful completion of this historic mission. In just six years since the launch of the UAE’s Space Pioneers programme, we have celebrated two groundbreaking Emirati space missions. These achievements reflect the UAE’s commitment to shaping a brighter future for the world. We have great faith in the potential of our youth and we are confident that our nation’s deep wealth of talent will continue to drive its progress to greater heights. We are resolute in our commitment to build on our achievements to excel as a leader on the global stage.”  Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, said: “The conclusion of this mission marks yet another bright spot in our space journey. The mission’s success reflects the commitment of the MBRSC team to bolster the UAE’s status as a leader in space exploration. We are dedicated to making meaningful contributions to the progress and wellbeing of humanity, as part of which we continue to forge strong partnerships with global space agencies, research institutions and universities. Sultan AlNeyadi devoted 600 hours to conduct 200 experiments on the ISS, which represent key contributions that further consolidate our nation’s legacy in the global space arena.” AlNeyadi was received by MBRSC Astronaut Hazzaa AlMansoori, Astronauts Office Manager; Dr. Hanan Al Suwaidi, Flight Surgeon for AlNeyadi; and Saeed AlEmadi, from the Strategic Communication Department at MBRSC, on the recovery ship. A specialised medical team promptly checked his health parameters on site before he headed to a health camp for further tests to gauge his physical condition. His Excellency Hamad Obaid Al Mansoori, Chairman, MBRSC, commenting on the successful conclusion of the mission said, “Today marks a historic moment in the UAE’s journey in terms of its continued ambition to explore space. We are grateful to the leadership of the UAE whose visionary aspirations have led to us achieving this ambition and made the space sector in the country what it is today. With Sultan’s success on the ISS, we have set a benchmark for space travel while inspiring future astronauts and aspiring space travellers in the UAE to continue to strive for their dreams to venture into the depths of space.  “The experiments that Sultan has conducted aboard the ISS have helped us expand human knowledge as well as benefit the scientific community worldwide, paving the path for the nation to have new hopes and transcend new realms in this sector. We are glad to have him back on Earth safely and proud of the legacy he has created.” His Excellency Salem Humaid AlMarri, Director General, MBRSC, said, “Under the guidance of our leadership, we have completed our first long-term mission, which will set a worthy precedent for the future missions that we embark on. Sultan has created a milestone for the UAE and has inspired every future astronaut and space enthusiast with his mission and the experiments he has conducted aboard the ISS. We are also grateful to Hazzaa AlMansoori who played a key role in this expedition with Sultan as the Increment Lead. Together, our Emirati astronauts have made our nation proud alongside the support of our global partners.” Adnan AlRais, Mission Manager, UAE Astronaut Programme, MBRSC, stated, “The successful completion of Sultan AlNeyadi’s mission signifies a strategic milestone for the UAE in space exploration. During his time aboard the ISS, Sultan undertook over 200 groundbreaking experiments and conducted the first Arab spacewalk, while his outreach initiatives and consistent communication about his activities in space kept not just the UAE, but the entire world engaged and informed. Sultan’s achievements encapsulate the essence of the UAE Astronaut Programme’s vision – to inspire, to innovate, and to integrate the UAE into the global fabric of space exploration.” Safe return to Earth Sultan AlNeyadi returned to earth aboard the SpaceX Dragon Endeavour spacecraft along with his Crew-6 crewmates, NASA astronauts Stephen Bowen and Woody Hoburg, and Roscosmos cosmonaut Andrey Fedyaev after six months on the International Space Station. The spacecraft completed its deorbit burn ahead of a splashdown in the Gulf of Mexico off the coast of Jacksonville, Florida. Four minutes before splashdown, the drogue parachutes deployed at an altitude of about 18,000 feet, helping arrest the Dragon’s velocity of approximately 560 km per hour. In less than a minute, the main parachutes deployed at about 6,000 feet, helping the spacecraft make a safe descent. The UAE Astronaut Programme, one of the projects managed by MBRSC under the UAE’s National Space Programme and funded by the ICT Fund of the Telecommunications and Digital Government Regulatory Authority (TDRA), aims to support research and development in the ICT sector in the UAE and promote the country’s integration on the global stage.

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