Keynote by HE Noura Al Kaabi. Victor Besa / The National
Keynote by HE Noura Al Kaabi. Victor Besa / The National
Keynote by HE Noura Al Kaabi. Victor Besa / The National
Keynote by HE Noura Al Kaabi. Victor Besa / The National

Noura Al Kaabi emphasises importance of culture as a driving force in the UAE


Maan Jalal
  • English
  • Arabic

On the second day of the Culture Summit Abu Dhabi, Noura Al Kaabi, Minister of Culture and Youth, gave a speech to a packed auditorium in which she highlighted the importance of growing a cultural practice in the Emirates and put the spotlight on creatives in the region.

The three-day event is looking at the theme of Living Culture through the lens of practitioners and participants.

Al Kaabi began her speech by thanking individuals from the creative field who “are exemplary models of a living and breathing cultural tapestry of the UAE”.

Scroll through the gallery below to see more photos from days one and two of the Culture Summit Abu Dhabi

  • Sultan Sooud Al Qassemi, founder of Barjeel Art Foundation, takes part in the discussion on the third and final day of Culture Summit Abu Dhabi. All photos: Victor Besa / The National
    Sultan Sooud Al Qassemi, founder of Barjeel Art Foundation, takes part in the discussion on the third and final day of Culture Summit Abu Dhabi. All photos: Victor Besa / The National
  • Manal Ataya, director general at Sharjah Museums Authority, also took part in the panel.
    Manal Ataya, director general at Sharjah Museums Authority, also took part in the panel.
  • Maya Allison, executive director and chief curator at the NYU Abu Dhabi Art Gallery, joined the discussion.
    Maya Allison, executive director and chief curator at the NYU Abu Dhabi Art Gallery, joined the discussion.
  • A panellist speaks during the event.
    A panellist speaks during the event.
  • The New Canon was one of the panels held on day three of the Culture Summit Abu Dhabi.
    The New Canon was one of the panels held on day three of the Culture Summit Abu Dhabi.
  • Famed pianist, composer and educator Danilo Perez waves to the crowd.
    Famed pianist, composer and educator Danilo Perez waves to the crowd.
  • Former minister and now diplomatic advisor Anwar Gargash. Victor Besa / The National
    Former minister and now diplomatic advisor Anwar Gargash. Victor Besa / The National
  • Visitors were treated to a traditional Al Ayala dance, where performers hold thin bamboo canes and move to steady drum rhythms.
    Visitors were treated to a traditional Al Ayala dance, where performers hold thin bamboo canes and move to steady drum rhythms.
  • Al Ayala is often performed at weddings and other celebrations.
    Al Ayala is often performed at weddings and other celebrations.
  • Chris Dercon in conversation with architect Sir David Adjaye.
    Chris Dercon in conversation with architect Sir David Adjaye.
  • A session on Taking Bollywood Global: Dynamics of Diversity, moderated by Hans Fraikin, Abu Dhabi Film Commissioner.
    A session on Taking Bollywood Global: Dynamics of Diversity, moderated by Hans Fraikin, Abu Dhabi Film Commissioner.
  • Kabir Khan, director of '83', in the conversation on Bollywood.
    Kabir Khan, director of '83', in the conversation on Bollywood.
  • Taking Bollywood Global: Dynamics of Diversity - Aashish Singh, Chief Executive Officer, Lyca Productions.
    Taking Bollywood Global: Dynamics of Diversity - Aashish Singh, Chief Executive Officer, Lyca Productions.
  • Andre Timmins, founder and director of Wizcraft and IIFA, as part of the discussion on Bollywood.
    Andre Timmins, founder and director of Wizcraft and IIFA, as part of the discussion on Bollywood.
  • A member of the audience watching a panel called 'Taking Bollywood Global: Dynamics of Diversity'.
    A member of the audience watching a panel called 'Taking Bollywood Global: Dynamics of Diversity'.
  • Day three of the Culture Summit Abu Dhabi opened with a traditional performance from the mountain regions.
    Day three of the Culture Summit Abu Dhabi opened with a traditional performance from the mountain regions.
  • The event was a meeting of minds, with visitors from across various sectors sharing their thoughts on the post-Covid cultural world.
    The event was a meeting of minds, with visitors from across various sectors sharing their thoughts on the post-Covid cultural world.
  • Omar Saif Ghobash, UAE ambassador to Vatican, speaks at the event.
    Omar Saif Ghobash, UAE ambassador to Vatican, speaks at the event.
  • Grammy Award-winning producer Jimmy Jam discussed the regional music scene.
    Grammy Award-winning producer Jimmy Jam discussed the regional music scene.
  • Mohamed Al Mubarak in conversation with Frank Gehry, Architect, Gehry Partners.
    Mohamed Al Mubarak in conversation with Frank Gehry, Architect, Gehry Partners.
  • Robot artist Ai-Da, left, in conversation with The National's Hareth Al Bustani, far right, with her creator Aidan Meller, looking on.
    Robot artist Ai-Da, left, in conversation with The National's Hareth Al Bustani, far right, with her creator Aidan Meller, looking on.
  • Performance by Iraqi oud virtuoso Naseer Shamma.
    Performance by Iraqi oud virtuoso Naseer Shamma.
  • The audience listens to Mohamed Al Mubarak in conversation with Frank Gehry, Architect, Gehry Partners.
    The audience listens to Mohamed Al Mubarak in conversation with Frank Gehry, Architect, Gehry Partners.
  • Harvey Mason Jr, chief executive of Recording Academy, lecturing on 'Music and Influence on Global Culture'.
    Harvey Mason Jr, chief executive of Recording Academy, lecturing on 'Music and Influence on Global Culture'.
  • An attendee on day two of the Culture Summit in Abu Dhabi.
    An attendee on day two of the Culture Summit in Abu Dhabi.
  • A discussion on 'Mentoring for Impact', with moderator Fiammetta Rocco, senior editor and culture editor of The Economist, and speakers Erica Love, director of Culture Central, Eric Wainaina, artist and founder of The Nairobi Musical Theatre Initiative, and Gael Hedding, director of Berklee Abu Dhabi.
    A discussion on 'Mentoring for Impact', with moderator Fiammetta Rocco, senior editor and culture editor of The Economist, and speakers Erica Love, director of Culture Central, Eric Wainaina, artist and founder of The Nairobi Musical Theatre Initiative, and Gael Hedding, director of Berklee Abu Dhabi.
  • A peformance of 'The Roots' by French Algerian choreographer Kader Attou, a dance performance in which he returns to the origins of hip-hop with an acrobatic celebration of the genre. Eleven dancers perform different facets of the former underground culture and show how the body can bend to different beats: from breakdance to Smurf, electric boogie to popping.
    A peformance of 'The Roots' by French Algerian choreographer Kader Attou, a dance performance in which he returns to the origins of hip-hop with an acrobatic celebration of the genre. Eleven dancers perform different facets of the former underground culture and show how the body can bend to different beats: from breakdance to Smurf, electric boogie to popping.
  • A discussion on 'AI and the Future of Culture', with moderator Priya Khanchandani, head of curatorial + interpretation at the Design Museum, and speakers Aidan Meller, director of Ai-Da Robot and Oxfordians, and Suhair Khan, founder and director of Open/Ended Design.
    A discussion on 'AI and the Future of Culture', with moderator Priya Khanchandani, head of curatorial + interpretation at the Design Museum, and speakers Aidan Meller, director of Ai-Da Robot and Oxfordians, and Suhair Khan, founder and director of Open/Ended Design.
  • Artificial intelligence-powered robot artist Ai-Da at the Culture Summit in Abu Dhabi. Ai-Da's work reflects human aesthetic tastes and the conditions by which they are shaped.
    Artificial intelligence-powered robot artist Ai-Da at the Culture Summit in Abu Dhabi. Ai-Da's work reflects human aesthetic tastes and the conditions by which they are shaped.
  • Ai-Da in conversation with Tim Marlow, chief executive and director of London's Design Museum, who analysed the creative philosophy of the world’s first humanoid artist.
    Ai-Da in conversation with Tim Marlow, chief executive and director of London's Design Museum, who analysed the creative philosophy of the world’s first humanoid artist.
  • Mr Marlow introduces Ai-Da at the summit.
    Mr Marlow introduces Ai-Da at the summit.
  • Eyal Weizman, director of research agency Forensic Architecture, speaks on the use of technology such as machine learning, as well as the importance of modelling and simulations.
    Eyal Weizman, director of research agency Forensic Architecture, speaks on the use of technology such as machine learning, as well as the importance of modelling and simulations.
  • UAE Minister of Culture and Youth Noura Al Kaabi gives the keynote address.
    UAE Minister of Culture and Youth Noura Al Kaabi gives the keynote address.
  • This year’s Culture Summit will be attended by 1,000 people while another 5,000 will take part online.
    This year’s Culture Summit will be attended by 1,000 people while another 5,000 will take part online.
  • The summit seeks to identify ways in which culture can transform societies and communities around the globe.
    The summit seeks to identify ways in which culture can transform societies and communities around the globe.
  • The conference brings together decision makers in culture, heritage, public policy and technology, as well as artists, thinkers and performers from around the world.
    The conference brings together decision makers in culture, heritage, public policy and technology, as well as artists, thinkers and performers from around the world.
  • The summit is now in its fifth year.
    The summit is now in its fifth year.
  • It is organised by Abu Dhabi's Department of Culture and Tourism.
    It is organised by Abu Dhabi's Department of Culture and Tourism.
  • The theme of this year's event is 'A Living Culture'.
    The theme of this year's event is 'A Living Culture'.
  • The summit has returned with a more extensive programme.
    The summit has returned with a more extensive programme.
  • UAE Minister of Culture and Youth, Noura Al Kaabi at the summit.
    UAE Minister of Culture and Youth, Noura Al Kaabi at the summit.
  • In-person attendance returned to the event after it moved online for two years owing to the Covid-19 pandemic.
    In-person attendance returned to the event after it moved online for two years owing to the Covid-19 pandemic.
  • In only five years, the summit has grown from a noble idea into a staple of the international cultural calendar.
    In only five years, the summit has grown from a noble idea into a staple of the international cultural calendar.
  • Mohamed Al Mubarak, chairman of DCT — Abu Dhabi, arrives with Steve Harvey.
    Mohamed Al Mubarak, chairman of DCT — Abu Dhabi, arrives with Steve Harvey.
  • Zaki Nusseibeh, cultural adviser to the President, attends the event.
    Zaki Nusseibeh, cultural adviser to the President, attends the event.
  • Mr Nusseibeh moderated a discussion on 'The role of culture in making resilient and shared societies', featuring former Lithuanian president Dalia Grybauskaite, former Malawian president Joyce Banda and former Croatian president Ivo Josipovic.
    Mr Nusseibeh moderated a discussion on 'The role of culture in making resilient and shared societies', featuring former Lithuanian president Dalia Grybauskaite, former Malawian president Joyce Banda and former Croatian president Ivo Josipovic.
  • Mr Al Mubarak makes the welcome speech and opening remarks.
    Mr Al Mubarak makes the welcome speech and opening remarks.
  • Ms Banda, former president of Malawi, takes part in the discussion moderated by Mr Nusseibeh.
    Ms Banda, former president of Malawi, takes part in the discussion moderated by Mr Nusseibeh.

First, Al Kaabi made mention of Iranian artists Ramin Haerizadeh, Rokni Haerizadeh and Hesam Rahmanian, who live in Dubai.

The collective, who go by Ramin, Rokni, Hesam, and who also work as individual artists, have become regionally and internationally celebrated for their surreal and immersive artworks that include performances, paintings, animations and installations.

Al Kaabi noted that the trio “represent the contemporary UAE, one that celebrates cultural diversity, with boundless acceptance of the other”.

Through their practice, the artists are constantly pushing their work through research and experimentation to examine the many facets and intersections of culture, from collaboration, displacement, irony and politics.

Emirati artist Abdulla Lutfi, whose work has become synonymous with representing the UAE through a playful lens, was also mentioned.

  • Emirati artist Abdulla Lutfi shows his new collection a year after he opened his own studio space. Abdulla is autistic and has launched an NFT art collection. All photos: Antonie Robertson / The National
    Emirati artist Abdulla Lutfi shows his new collection a year after he opened his own studio space. Abdulla is autistic and has launched an NFT art collection. All photos: Antonie Robertson / The National
  • It was a challenge to move from canvas to computer screen, but Lutfi has become comfortable with digital art and says it is quicker to make changes.
    It was a challenge to move from canvas to computer screen, but Lutfi has become comfortable with digital art and says it is quicker to make changes.
  • Digital art can be tracked and the artist is paid a commission every time an artwork is resold.
    Digital art can be tracked and the artist is paid a commission every time an artwork is resold.
  • The 'Khalli Walli' NFT collection was launched recently.
    The 'Khalli Walli' NFT collection was launched recently.
  • Lutfi shows a piece he sketched on the iPad.
    Lutfi shows a piece he sketched on the iPad.
  • The artist is known in the UAE for striking black and white canvas works made using a black marker.
    The artist is known in the UAE for striking black and white canvas works made using a black marker.
  • Lutfi is invited to workshops with people keen to learn his unusual style inspired by cartoon characters and anime.
    Lutfi is invited to workshops with people keen to learn his unusual style inspired by cartoon characters and anime.
  • He says using colours stresses him and he prefers working in black and white.
    He says using colours stresses him and he prefers working in black and white.
  • Lutfi works in a studio called Next Chapter at Tashkeel in Dubai's Al Fahidi district.
    Lutfi works in a studio called Next Chapter at Tashkeel in Dubai's Al Fahidi district.
  • He has been working in his own studio space for a year.
    He has been working in his own studio space for a year.
  • Art teacher Gulshan Kavarana helped the Emirati move to digital art.
    Art teacher Gulshan Kavarana helped the Emirati move to digital art.
  • Some of Lutfi's art.
    Some of Lutfi's art.
  • The works capture slices of life in the Emirates under the backdrop of Dubai landmarks.
    The works capture slices of life in the Emirates under the backdrop of Dubai landmarks.

Al Kaabi said he “looks at the world in an unconventional manner, with his distinctive black and white drawings and Japanese anime style uniquely reflecting a shade of life of our UAE society”.

Lutfi’s works, with their extreme focus on detail, are a dynamic representation of the world around him, observed as an artist on the autism spectrum.

The contemporary Sima Dance Company were also highlighted by Al Kaabi. The troupe were originally founded in Damascus in 2003 by celebrated choreographer Alaa Krimed, but are now based in Dubai.

Al Kaabi said the group “has successfully been able to collaborate with a wide array of well-renowned local and global cultural institutions”.

Krimed was inspired to create Sima after noticing a void in the Arab contemporary dance landscape, and has worked to expose Middle Eastern audiences to the art from.

In 2017 they opened their own space, Sima Performing Arts, in Alserkal Avenue and have since collaborated with many cultural institutions in the UAE.

Alserkal Avenue’s founder and patron Abdelmonem Alserkal, who was in attendance at Al Kaabi’s address, was also thanked for his contribution to the growing arts and culture scene in the UAE.

Alserkal Avenue in Dubai is a hub for the arts community. Photo: Alserkal Avenue
Alserkal Avenue in Dubai is a hub for the arts community. Photo: Alserkal Avenue

“He is a patron of arts. He is the founder of Alserkal and Alserkal Avenue, an arts district established as a cultural hub housed in a former industrial district zone in Al Quoz, in Dubai,” Al Kaabi said.

“He's a businessman, he had an industrial zone and he turned it into an artistic hub. I think the effect transcends beyond such a quarter, which really is a testament to his work, his passion and his team.”

Over the past 10 years, Alserkal Avenue has become a pivotal area for the organic growth of local and regional artists. It has also supported the ideation and development of many creative home-grown concepts and businesses, while also exposing the UAE to international cultural institutions and artists.

Al Kaabi emphasised the importance of culture in the UAE for being both a driving force for artists and creatives, and a home for them.

“A creative person, regardless of their nationality, religion or background is welcome,” she said.

“We are determined that our culture sector be an outlet of choice for creators from all over the world, so that they may express their ideas and for our museums and culture reports to be platforms for dialogue and discussion through arts.”

Al Kaabi also said at both the local and federal level, the Ministry of Culture and Youth has developed a comprehensive administrative system for the cultural sector where the message of sustainability, diversity and dialogue will be at the forefront.

This includes laws, legislations and the development of operational regulations to establish key infrastructure in order to develop a cultural environment in which creators of different nationalities and creative pathways can work together and have opportunities to grow and thrive.

Part of spearheading and cementing these plans was successfully listing three cities from the UAE to be part of the Unesco Creative Cities Network. Dubai is the city of design, Sharjah the city of crafts and folklore, and Abu Dhabi the city of music.

“These titles contribute to strengthening the UAE’s position on global culture and on the creativity map,” Al Kaabi said.

The aim of this work is to develop the cultural infrastructure of the country to provide resources, build cultural assets and make the arts more accessible to a wider proportion of society in the UAE, as well as abroad.

Watch: Culture Summit Abu Dhabi's opening day

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.

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

How to help

Call the hotline on 0502955999 or send "thenational" to the following numbers:

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Rock in a Hard Place: Music and Mayhem in the Middle East
Orlando Crowcroft
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How to donate

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

10 tips for entry-level job seekers
  • Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
  • Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
  • Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
  • For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
  • Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
  • Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
  • Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
  • Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
  • Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
  • Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.

Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz

FIGHT CARD

Sara El Bakkali v Anisha Kadka (Lightweight, female)
Mohammed Adil Al Debi v Moaz Abdelgawad (Bantamweight)
Amir Boureslan v Mahmoud Zanouny (Welterweight)
Abrorbek Madaminbekov v Mohammed Al Katheeri (Featherweight)
Ibrahem Bilal v Emad Arafa (Super featherweight)
Ahmed Abdolaziz v Imad Essassi (Middleweight)
Milena Martinou v Ilham Bourakkadi (Bantamweight, female)
Noureddine El Agouti v Mohamed Mardi (Welterweight)
Nabil Ouach v Ymad Atrous (Middleweight)
Nouredin Samir v Zainalabid Dadachev (Lightweight)
Marlon Ribeiro v Mehdi Oubahammou (Welterweight)
Brad Stanton v Mohamed El Boukhari (Super welterweight

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.”

$1,000 award for 1,000 days on madrasa portal

Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.

School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.

“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.  

“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”

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Updated: October 24, 2022, 8:36 AM