Bilal Allaf developed a dance piece with one of the robots at Neom. Photo: Neom
Bilal Allaf developed a dance piece with one of the robots at Neom. Photo: Neom
Bilal Allaf developed a dance piece with one of the robots at Neom. Photo: Neom
Bilal Allaf developed a dance piece with one of the robots at Neom. Photo: Neom

Neom's first artists in residence explore art's role in building a futuristic city


Razmig Bedirian
  • English
  • Arabic

What is an artist’s role in building a city? The inaugural Artists in Residence programme at Neom addresses this question, and there is hardly a better place to investigate the subject than a city that is in the process of being built.

A $500 billion project, Neom has made international headlines over the past few years for its mega-developments that include The Line, Oxagon and Trojena. Once completed, the area in Saudi Arabia’s Tabuk region will effectively be transformed into what is routinely being advertised as “the land of the future”.

However, while these projects will certainly give Neom the appearance of a futuristic city, art and culture are what will give it a soul.

“When you're building a city, it's not just about building roads and buildings,” says Michael Lynch, executive director of entertainment, culture and media at Neom. “The original intention behind what we wanted to do was to embed the idea that artists have a place and role in the Saudi of the present and the Saudi of the future.”

Four Saudi artists – Bilal Allaf, Ahaad Alamoudi, Abdulmohsen Ali Bin Ali and Ayman Zedani – took part in the Artists in Residence programme. They were joined by four international artists: Eduardo Cassina from Spain, Tamara Kalo from Lebanon, Giulia Bruno from Italy and Liva Dudareva from Latvia.

The inaugural residency programme drew to a close in November with an exhibition at Neom. Photo: Neom
The inaugural residency programme drew to a close in November with an exhibition at Neom. Photo: Neom

Neom’s culture wing consulted the Dubai-based Alserkal Advisory to develop the residency and refine the selection process.

“We wanted Alserkal to work with us because they had run artist residence programme in many places before,” Lynch says. “They brought a degree of professionalism to the idea of how this programme would work. We weren't looking at late-career artists. We wanted people who had an inquisitiveness.”

In the first phase of the three-month residency, which began in September, artists travelled to Neom to become acquainted with the region, its landscape and the projects involved. “We wanted them to understand what we were doing,” Lynch says. “We wanted them to hopefully, sort of provoke us into thinking about now what would be the next iteration of the Artists in Residence programme.”

The artists travelled to Thyssen-Bornemisza Art Contemporary, an art and advocacy foundation in Madrid, in the second phase of the residency to ruminate on their experiences in Neom while immersing themselves, Lynch says, “in a sophisticated and developed artistic market”.

“The artists then had a month to themselves to think about what their work was going to be, and if they wanted to create work,” Lynch says. “We didn't stipulate that they had to create work, but we envisaged that there would be an output at the end of it that we could show to the people at Neom.”

The artists were paired with engineers and people working in different sectors within Neom to better comprehend the scope and aim of the projects. This proved to be influential both ways, Lynch says.

Eduardo Cassina produced a 20 metre-long tapestry that maps the history of the Neom region, dating back to the Nabateans. Photo: Neom
Eduardo Cassina produced a 20 metre-long tapestry that maps the history of the Neom region, dating back to the Nabateans. Photo: Neom

Allaf is an example. The performance artist worked on a filmed dance piece that featured a robot programmed by one of the engineers at Neom. “The engineer also has become interested in the potential of engineering in relation to art,” Lynch says. “We have a robotics and a 3D printing team to help us make buildings and all sorts of things, and they're now looking at how 3D printing could create major public art pieces for us into the future.”

Other artists focused on a different aspect in Neom. Ali Bin Ali, for instance, was keen on exploring the ornithological and migratory patterns of the region’s birds. The artist found connections between the flight patterns and local mythologies and social histories, responding to Neom’s mandate of harmonising the natural environment with urban development.

Cassina, on the other hand, found inspiration in a 1990s Japanese sewing machine he found in Madrid. He worked with various departments within Neom, including the sustainability and urban planning sections, and eventually created an eight metre-long tapestry that maps out the history of Neom, between the Nabataean and contemporary eras.

“He actually created a map, which started at one end with the Nabataeans and finished with the camp that he was living in here,” Lynch says. “He created a brilliant artwork.”

The residency programme aimed to show that artists could also provide valuable input about building cities for the future. Photo: Neom
The residency programme aimed to show that artists could also provide valuable input about building cities for the future. Photo: Neom

Alamoudi also addressed the region’s sprawling history, but through film. “She went out into the desert and did a video telling her version of the story of Neom over a period of time,” Lynch says.

The artist’s works and research were presented in an exhibition at Neom in late November, effectively concluding the first Artists in Residence programme. A series of lectures by the artists were also hosted at the site, giving the Neom staff an insight into how they envision building a city for the future.

“We only did the exhibition for a relatively short period of time,” Lynch says. “We only had the 5,500 people who live in Neom as the target audience, as well as the consultants that had come in from various places. I think it clearly established, as you talk about things like buildings of the future and design in the future, that you'll get as much good ideas from artists as you will from architects, engineers or futurists.”

The specs

Engine: 2.9-litre twin-turbo V6

Power: 540hp at 6,500rpm

Torque: 600Nm at 2,500rpm

Transmission: Eight-speed auto

Kerb weight: 1580kg

Price: From Dh750k

On sale: via special order

SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S24%20ULTRA
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%206.8%22%20quad-HD%2B%20dynamic%20Amoled%202X%2C%203120%20x%201440%2C%20505ppi%2C%20HDR10%2B%2C%20120Hz%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%204nm%20Qualcomm%20Snapdragon%208%20Gen%203%2C%2064-bit%20octa-core%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%2012GB%20RAM%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20Android%2014%2C%20One%20UI%206.1%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20quad%20200MP%20wide%20f%2F1.7%20%2B%2050MP%20periscope%20telephoto%20f%2F3.4%20with%205x%20optical%2F10x%20optical%20quality%20zoom%20%2B%2010MP%20telephoto%202.4%20with%203x%20optical%20zoom%20%2B%2012MP%20ultra-wide%20f%2F2.2%3B%20100x%20Space%20Zoom%3B%20auto%20HDR%2C%20expert%20RAW%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%208K%4024%2F30fps%2C%204K%4030%2F60%2F120fps%2C%20full-HD%4030%2F60%2F240fps%2C%20full-HD%20super%20slo-mo%40960fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2012MP%20f%2F2.2%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%205000mAh%2C%20fast%20wireless%20charging%202.0%2C%20Wireless%20PowerShare%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%205G%2C%20Wi-Fi%2C%20Bluetooth%205.3%2C%20NFC%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20USB-C%3B%20built-in%20Galaxy%20S%20Pen%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP68%2C%20up%20to%201.5m%20of%20freshwater%20up%20to%2030%20minutes%3B%20dust-resistant%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESIM%3A%3C%2Fstrong%3E%20Nano%20%2B%20nano%20%2F%20nano%20%2B%20eSIM%20%2F%20dual%20eSIM%20(varies%20in%20different%20markets)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Titanium%20black%2C%20titanium%20grey%2C%20titanium%20violet%2C%20titanium%20yellow%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%20%3C%2Fstrong%3EGalaxy%20S24%20Ultra%2C%20USB-C-to-C%20cable%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Dh5%2C099%20for%20256GB%2C%20Dh5%2C599%20for%20512GB%2C%20Dh6%2C599%20for%201TB%3C%2Fp%3E%0A
THE SPECS

Range Rover Sport Autobiography Dynamic

Engine: 5.0-litre supercharged V8

Transmission: six-speed manual

Power: 518bhp

Torque: 625Nm

Speed: 0-100kmh 5.3 seconds

Price: Dh633,435

On sale: now

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
The distance learning plan

Spring break will be from March 8 - 19

Public school pupils will undergo distance learning from March 22 - April 2. School hours will be 8.30am to 1.30pm

Staff will be trained in distance learning programmes from March 15 - 19

Teaching hours will be 8am to 2pm during distance learning

Pupils will return to school for normal lessons from April 5

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

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
PROFILE OF HALAN

Started: November 2017

Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga

Based: Cairo, Egypt

Sector: transport and logistics

Size: 150 employees

Investment: approximately $8 million

Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar

The stats

Ship name: MSC Bellissima

Ship class: Meraviglia Class

Delivery date: February 27, 2019

Gross tonnage: 171,598 GT

Passenger capacity: 5,686

Crew members: 1,536

Number of cabins: 2,217

Length: 315.3 metres

Maximum speed: 22.7 knots (42kph)

Specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.5-litre%20turbo%204-cylinder%20%2F%202.0%20turbo%204-cylinder%20(S3)%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20148bhp%20%2F%20328bhp%20(S3)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20250Nm%20%2F%20420Nm%20(S3)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20December%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20TBA%0D%3C%2Fp%3E%0A

Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.

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.”

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.

A semen analysis of the father showed abnormal sperm so the couple required IVF.

Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.

A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.

On day three of the process, 14 embryos were biopsied for gender selection.

The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.

Day five of the treatment saw two male embryos transferred to the patient.

The woman recorded a positive pregnancy test two weeks later. 

The specs: 2018 Ducati SuperSport S

Price, base / as tested: Dh74,900 / Dh85,900

Engine: 937cc

Transmission: Six-speed gearbox

Power: 110hp @ 9,000rpm

Torque: 93Nm @ 6,500rpm

Fuel economy, combined: 5.9L / 100km

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

Dubai World Cup Carnival card

6.30pm: UAE 1000 Guineas Trial Conditions (TB) US$100,000 (Dirt) 1,400m

7.05pm: Handicap (TB) $135,000 (Turf) 1,000m

7.40pm: Handicap (TB) $175,000 (D) 1,900m

8.15pm: Meydan Challenge Listed Handicap (TB) $175,000 (T) 1,400m

8.50pm: Dubai Stakes Group 3 (TB) $200,000 (D) 1,200m

9.25pm: Dubai Racing Club Classic Listed Handicap (TB) $175,000 (T) 2,410m

The National selections

6.30pm: Final Song

7.05pm: Pocket Dynamo

7.40pm: Dubai Icon

8.15pm: Dubai Legacy

8.50pm: Drafted

9.25pm: Lucius Tiberius

'Panga'

Directed by Ashwiny Iyer Tiwari

Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta

Rating: 3.5/5

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Pakistanis%20at%20the%20ILT20%20
%3Cp%3EThe%20new%20UAE%20league%20has%20been%20boosted%20this%20season%20by%20the%20arrival%20of%20five%20Pakistanis%2C%20who%20were%20not%20released%20to%20play%20last%20year.%20%0D%3Cbr%3E%0D%0D%0D%3Cbr%3E%3Cstrong%3EShaheen%20Afridi%20(Desert%20Vipers)%20%3C%2Fstrong%3E%0D%3Cbr%3ESet%20for%20at%20least%20four%20matches%2C%20having%20arrived%20from%20New%20Zealand%20where%20he%20captained%20Pakistan%20in%20a%20series%20loss.%20%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EShadab%20Khan%20(Desert%20Vipers)%20%3C%2Fstrong%3E%0D%3Cbr%3E%0DThe%20leg-spin%20bowling%20allrounder%20missed%20the%20tour%20of%20New%20Zealand%20after%20injuring%20an%20ankle%20when%20stepping%20on%20a%20ball.%20%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAzam%20Khan%20(Desert%20Vipers)%20%3C%2Fstrong%3E%0D%3Cbr%3EPowerhouse%20wicketkeeper%20played%20three%20games%20for%20Pakistan%20on%20tour%20in%20New%20Zealand.%20He%20was%20the%20first%20Pakistani%20recruited%20to%20the%20ILT20.%20%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMohammed%20Amir%20(Desert%20Vipers)%20%3C%2Fstrong%3E%0D%3Cbr%3EHas%20made%20himself%20unavailable%20for%20national%20duty%2C%20meaning%20he%20will%20be%20available%20for%20the%20entire%20ILT20%20campaign.%20%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EImad%20Wasim%20(Abu%20Dhabi%20Knight%20Riders)%20%3C%2Fstrong%3E%0D%3Cbr%3EThe%20left-handed%20allrounder%2C%2035%2C%20retired%20from%20international%20cricket%20in%20November%20and%20was%20subsequently%20recruited%20by%20the%20Knight%20Riders.%26nbsp%3B%3C%2Fp%3E%0A
Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

Updated: March 05, 2025, 10:39 AM