Sheikha Latifa bint Mohammed, centre, chairs a meeting in which the Higher Committee of the Al Quoz Creative Zone approves a master plan to turn the area into one of the world’s largest creative hubs. Photo: Dubai Media Office
Sheikha Latifa bint Mohammed, centre, chairs a meeting in which the Higher Committee of the Al Quoz Creative Zone approves a master plan to turn the area into one of the world’s largest creative hubs. Photo: Dubai Media Office
Sheikha Latifa bint Mohammed, centre, chairs a meeting in which the Higher Committee of the Al Quoz Creative Zone approves a master plan to turn the area into one of the world’s largest creative hubs. Photo: Dubai Media Office
Sheikha Latifa bint Mohammed, centre, chairs a meeting in which the Higher Committee of the Al Quoz Creative Zone approves a master plan to turn the area into one of the world’s largest creative hubs.

Al Quoz to be transformed into one of the world's biggest creative hubs


Katy Gillett
  • English
  • Arabic

A master plan to turn Al Quoz Creative Zone into one of the world’s largest creative hubs has been approved by the area’s higher committee, it was announced on Sunday.

The plans, which were developed by Dubai Municipality, were given the go-ahead by Sheikha Latifa bint Mohammed, chairwoman of Dubai Culture & Arts Authority and Member of the Dubai Council.

A comprehensive blueprint was put forward to develop the community infrastructure, its public services and spaces over the next four years, creating a supportive ecosystem for creatives and entrepreneurs in the UAE.

Currently, the area is one of the most popular among artists, as it houses a plethora of community-minded spaces, including Alserkal Avenue, where art galleries, creative co-working spaces and home-grown restaurants converge.

“Launched as part of our leadership’s vision of transforming Dubai’s creative economy and raising its contribution to local GDP, the project creates a model for Dubai’s future creative zones,” said Sheikha Latifa.

“The development of the zone will further raise the emirate’s position as a regional and global destination for creatives. Apart from providing an exceptional infrastructure, we are also committed to put in place a policy framework that will enable the creative industry to thrive. The implementation of the master plan will yet again demonstrate the spirit of partnership that has driven Dubai’s remarkable development over the past few decades.”

View of Al Quoz, which houses the largest arts and creative neighbourhood in Dubai. Pawan Singh / The National
View of Al Quoz, which houses the largest arts and creative neighbourhood in Dubai. Pawan Singh / The National

Multiplying creativity

Al Quoz Creative Zone will be among the largest communities of its kind in terms of coverage area and the scale of creative activity.

It aims to accommodate a wide range of creative activities and will encompass cost-effective living and working spaces for artists, professionals and entrepreneurs, ultimately providing housing for more than 8,000 people and attracting about 33,000 people a day.

When complete, the number of creatives who will base themselves in the zone is expected to increase from 900 to 20,000. The amount of creative spaces will be increased times eight, while recreational and support services will triple, and commercial outlets will be boosted by 30 per cent.

Priority will be given to pedestrian-friendly zones. Spaces will include those designed to host events and activities, while outdoor public areas will also have entertainment and attractions, as well as offer spots for rest, recreation and artistic displays.

Linking the hub

Preliminary plans have been drawn up for the technical infrastructure networks.

A guide is also being provided for its development so that it also preserves the industrial identity of Al Quoz, as well as uses existing warehouses and transforms them into spaces to accommodate creative activities and businesses.

Phase one of the plan includes integrating flexible mobility and public transportation, including linking Al Safa Metro Station and Al Quoz Bus Station to the zone, with pedestrian, bicycle and four-kilometre transport paths, three transportation centres and a bridge for cyclists and walkers above Al Manara Street.

Phase two moves on to the development of public spaces and site coordination, while phase three includes the placement of public art across the area.

No completion date has been announced.

Focus on creative industries

The cultural and creative industries are high on the UAE’s agenda, after it launched the UAE Culture Agenda 2031 in 2018, the first nationwide strategy to unify the efforts of the sector.

Throughout the Covid-19 pandemic, which hit creative industries hard, the country launched the National Creative Relief Fund to mitigate its financial impact.

Noura Al Kaabi, Minister of Culture and Youth, last week reiterated the country’s focus on the creative industries at the Unesco World Conference on Cultural Policies and Sustainable Development — Mondiacult 2022 in Mexico.

“The UAE has recognised the growing power of the cultural and creative industries within the wider economy, as well as its vulnerability to unpredictable events,” she said. “The CCI contribute to 3.5 per cent of the UAE’s GDP and are projected to grow to 5 per cent by 2031. Within this context, we moved quickly to adapt our strategy and policy work in this area accordingly, both on a federal and local level.”

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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BUNDESLIGA FIXTURES

Saturday, May 16 (kick-offs UAE time)

Borussia Dortmund v Schalke (4.30pm) 
RB Leipzig v Freiburg (4.30pm) 
Hoffenheim v Hertha Berlin (4.30pm) 
Fortuna Dusseldorf v Paderborn  (4.30pm) 
Augsburg v Wolfsburg (4.30pm) 
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)

Sunday, May 17

Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)

Monday, May 18

Werder Bremen v Bayer Leverkusen (9.30pm)

The specs: 2017 Dodge Viper SRT

Price, base / as tested Dh460,000

Engine 8.4L V10

Transmission Six-speed manual

Power 645hp @ 6,200rpm

Torque 813Nm @ 5,000rpm

Fuel economy, combined 16.8L / 100km

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Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

A timeline of the Historical Dictionary of the Arabic Language
  • 2018: Formal work begins
  • November 2021: First 17 volumes launched 
  • November 2022: Additional 19 volumes released
  • October 2023: Another 31 volumes released
  • November 2024: All 127 volumes completed
Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

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In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

LA LIGA FIXTURES

Friday

Granada v Real Betis (9.30pm)

Valencia v Levante (midnight)

Saturday

Espanyol v Alaves (4pm)

Celta Vigo v Villarreal (7pm)

Leganes v Real Valladolid (9.30pm)

Mallorca v Barcelona (midnight)

Sunday

Atletic Bilbao v Atletico Madrid (4pm)

Real Madrid v Eibar (9.30pm)

Real Sociedad v Osasuna (midnight)

Updated: October 02, 2022, 11:09 AM