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.”

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Where can I submit a sample?

Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.

Collection centres in Abu Dhabi include:

  • Abu Dhabi National Exhibition Centre (ADNEC)
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  • Al Towayya in Al Ain
  • NMC Royal Hospital in Khalifa City
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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.

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4

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Syria v Australia
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Updated: October 02, 2022, 11:09 AM