A new association for music publishers in the Middle East will lobby regional governments over issues such as the enforcement of copyright laws.
The International Confederation of Music Publishers (ICMP), which represents the interests of the music publishing community worldwide, said yesterday it had agreed to the formation of a Middle East branch.
The Middle East Music Publishing Association (MEMPA) will be formed after discussions between the ICMP and Rotana, which owns the world's largest catalogue of Arabic music and film, and Fairwood Music (Arabia), which represents the publishing rights of Universal Music Publishing and EMI Music Publishing in the UAE.
"Fairwood and Rotana and the new MEMPA will be accepted as the newest member of ICMP, the world trade association representing the interest of the music publishing community globally," said Ger Hatton, the secretary general of the ICMP.
"The idea would be to have a music publishing association which is a much stronger platform, particularly for advocacy work," she added. "We have to have a vehicle to lobby the government, and you can't do it as a company."
Hussain "Spek" Yoosuf, the managing director of Fairwood Music Arabia, said such a body would allow the industry to speak as one.
"In the Middle East there is no collective association that represents music publishers as a lobbying opportunity. And so we've been discussing putting just that together," he said.
In most other regions, royalties are paid to singers, music publishers, writers and artists when copyrighted material is used by radio and TV broadcasters and in other public arenas. But until now no such system has existed in markets such as the UAE, which means many Arab music publishers and artists are losing out on royalties.
According to the International Confederation of Societies of Authors and Composers, almost US$10bn (Dh36.72bn) in royalty payments was collected globally by such societies last year. By not paying royalties for music, many broadcasters are in breach of local copyright laws.
The UAE's copyright law of 2002 states copyright infringement is punishable by a fine of Dh10,000 and two months in prison. But this law has never been enforced in regard to TV and radio stations.
The UAE's Ministry of Economy has long been considering the formation of a rights collection society, which, as a "restricted" activity, needs government approval.
Rotana - the Saudi media group behind some of the biggest names in Arabic music such as Alissa and Haifa Wehbe - says it has been losing $5 million a year in missed royalty payments in the UAE.
Jihad Nehme, the executive manager for Rotana's publishing division, urged the approval.
"Music is in danger in the Middle East. As Rotana, we were producing over 100 albums per year; today we are producing 20 albums a year. In the near future, maybe we will stop production," said Mr Nehme. "In order for the music to survive, we need definitely to have a collection society."
bflanagan@thenational.ae
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The design
The protective shell is covered in solar panels to make use of light and produce energy. This will drastically reduce energy loss.
More than 80 per cent of the energy consumed by the French pavilion will be produced by the sun.
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Some elements of the metal frame can be prefabricated in a factory.
From architects to sound technicians and construction companies, a group of experts from 10 companies have created the pavilion.
Work will begin in May; the first stone will be laid in Dubai in the second quarter of 2019.
Construction of the pavilion will take 17 months from May 2019 to September 2020.
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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.”
Race card
5pm: Handicap (PA) Dh80,000 (Turf) 1,600m; 5.30pm: Maiden (PA) Dh80,000 (T) 1,400m
6pm: Handicap (PA) Dh80,000 (T) 1,400m; 6.30pm: Handicap (PA) Dh80,000 (T) 1,200m
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m
7.30pm: Handicap (TB) Dh100,000 (PA) 1,400m
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
