The Soundstorm festival kick-started in Riyadh, Saudi Arabia, in 2019 and has since gone from strength to strength. Photo: MDL Beast
The Soundstorm festival kick-started in Riyadh, Saudi Arabia, in 2019 and has since gone from strength to strength. Photo: MDL Beast
The Soundstorm festival kick-started in Riyadh, Saudi Arabia, in 2019 and has since gone from strength to strength. Photo: MDL Beast
The Soundstorm festival kick-started in Riyadh, Saudi Arabia, in 2019 and has since gone from strength to strength. Photo: MDL Beast

Five things we learnt from Saudi Arabia's 2023 Soundstorm festival


Saeed Saeed
  • English
  • Arabic

Soundstorm continues to break new ground. Since launching in Saudi Arabia's capital city Riyadh in 2019, the festival is now one of the biggest music events in the Middle East with more than 100 artists performing across seven stages over three days.

This year’s iteration, which concluded on Saturday, featured its fair share of milestones and pinch-me moments from fans as many artists marked their debut performances in the kingdom.

More encouragingly, Soundstorm’s line-up has become more dynamic with each year as it embraces genres rarely heard on concert stages in the Gulf.

Here are five things we learnt from this year’s event.

1. Heavy metal and reggaeton both rock in Riyadh

Metallica headlined the opening day of Soundstorm 2023 in Riyadh. Photo: MDL Beast
Metallica headlined the opening day of Soundstorm 2023 in Riyadh. Photo: MDL Beast

Luring the best artists from their respective genres to the region doesn’t seem to cut it for Soundstorm. This year’s festival evolved to include statement concerts that speak volumes about Saudi Arabia’s evolving music scene. Rarely do they come bigger and louder than Metallica.

The heavy-metal behemoths headlined the festival’s opening day on Thursday with a crushing and near-perfect set appeasing the faithful and casual fans.

With more than 50,000 watching the band slay the main Big Beast stage, the two-hour show is viewed as the first major heavy metal concert in the kingdom, and dispelled any remaining notion of the genre lacking a sufficient fan base in the Gulf.

The same can be said for J Balvin’s spirited showing on Saturday. With the exception of fellow Colombian artist Maluma’s arena concert in Dubai last year, reggaeton artists have been mostly limited to club shows in the UAE.

With a full production featuring a large band, dancers and giant Kombi van as a backdrop, Balvin played to a packed crowd who sang along to the hits Mi Gente and In da Getto.

Let’s hope concert organisers take note and realise our appreciation for the genre and Latin pop in general extends beyond Ricky Martin and Enrique Iglesias.

2. Will Smith needs to get back on the road

Will Smith and DJ Jazzy Jeff played hits such as Miami, Brand New Funk and Summertime. Photo: MDL Beast
Will Smith and DJ Jazzy Jeff played hits such as Miami, Brand New Funk and Summertime. Photo: MDL Beast

For fans of his work on the big screen, Will Smith’s energetic performance alongside DJ Jazzy Jeff would have been revelatory.

For older hip-hop heads, it was a reminder of the duo’s pedigree with Jeff’s underrated production and turntable skills, and Smith’s undeniable showmanship.

It’s just too bad these gigs are so rare that the influential duo, who under the name DJ Jazzy Jeff & the Fresh Prince received the first Grammy Award for Best Rap Performance in 1989, are viewed as hip-hop unicorns.

Whether Smith’s decision to perform in Riyadh is because he was already in the kingdom as a guest of the Red Sea International Film Festival or because he is in between jobs, doesn’t matter. His fun and pugnacious delivery was still intact as it hovered over Jeff’s rattling production and shuddering basslines of hits Brand New Funk and Miami.

With the crowd revelling in Smith’s Hollywood stardust, he should take this show on the road and remind the world there is more to his career than an unfortunate incident at the Oscars.

3. 50 Cent’s last world tour is the real deal

50 Cent will perform in Abu Dhabi on Thursday. Photo: MDL Beast
50 Cent will perform in Abu Dhabi on Thursday. Photo: MDL Beast

50 Cent’s reported last world tour is finally a worthy testament to his two-decade career.

Despite the rapper and burgeoning television mogul’s penchant for making hits, the live performances – often lacking flair and cohesive flow – rarely lived up to his stature.

Good news, then, for those attending his Abu Dhabi show at Etihad Arena on Thursday, 50 Cent’s Final Lap tour is the real deal. It’s an expensive production with a full live band, a dance crew and more costume changes than a Rihanna gig.

Most importantly, the songs are allowed to breathe with key tracks such as Many Men (Wish Death), Candy Shop and Ayo Technology given full airings.

50 Cent’s performance also forgoes the shouting lyrics of previous tours, to settle into the luxurious and even paced flow that’s similar to the recording. It all goes to show why this tour is the one fans need to see.

4. Arab pop stars are integral to the festival

Elissa was one of dozens of Arab stars performing at Soundstorm. Photo: MDL Beast
Elissa was one of dozens of Arab stars performing at Soundstorm. Photo: MDL Beast

Soundstorm’s Arabic pop performances at the Big Beast stage are becoming a beloved staple of the brand.

Supported by an international DJ, the near hour-long section functioned almost as a mixtape with this year’s artists such as Egypt’s Amr Diab and Lebanon’s Elissa performing EDM versions of the biggest hits.

MDL Beast Records confirmed to The National that many of these tracks, featuring remixes by the likes of Steve Aoki and Afrojack, will be released soon.

5. Soundstorm is growing with more eclectic acts

HER on stage in Riyadh. Photo: MDL Beast
HER on stage in Riyadh. Photo: MDL Beast

Last year’s move to expand the music offerings by launching a second major stage, dubbed Down Beast, continues to pay off.

The stage is a mini-festival in its own right and a worthy alternative for those seeking some relief from the blaring beats heard on the other six stages.

As well as Balvin, Down Beast hosted an eclectic array of acts ranging from cult hip-hop artist Pusha T and party crew Black Eyed Peas, to the evocative soul music of HER and Australian singer-songwriter Tash Sultana.

They were joined by talented Mena acts such as Saudi singer Fulana, Sudanese rapper Soulja and Egyptian band Cairokee.

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Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.

Qosty Byogaani

Starring: Hani Razmzi, Maya Nasir and Hassan Hosny

Four stars

The years Ramadan fell in May

1987

1954

1921

1888

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

The specs: 2019 Subaru Forester

Price, base: Dh105,900 (Premium); Dh115,900 (Sport)

Engine: 2.5-litre four-cylinder

Transmission: Continuously variable transmission

Power: 182hp @ 5,800rpm

Torque: 239Nm @ 4,400rpm

Fuel economy, combined: 8.1L / 100km (estimated)

Episode list:

Ep1: A recovery like no other- the unevenness of the economic recovery 

Ep2: PCR and jobs - the future of work - new trends and challenges 

Ep3: The recovery and global trade disruptions - globalisation post-pandemic 

Ep4: Inflation- services and goods - debt risks 

Ep5: Travel and tourism 

Army of the Dead

Director: Zack Snyder

Stars: Dave Bautista, Ella Purnell, Omari Hardwick, Ana de la Reguera

Three stars

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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.”

Company profile

Company: Verity

Date started: May 2021

Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif

Based: Dubai

Sector: FinTech

Size: four team members

Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000

Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors

While you're here
Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

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Available: Now

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Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

Updated: December 17, 2023, 12:48 PM