Omar Basaad is an acclaimed international DJ and founder of record label and consultancy agency Coexist. Courtesy Unite with Tomorrowland
Omar Basaad is an acclaimed international DJ and founder of record label and consultancy agency Coexist. Courtesy Unite with Tomorrowland
Omar Basaad is an acclaimed international DJ and founder of record label and consultancy agency Coexist. Courtesy Unite with Tomorrowland
Omar Basaad is an acclaimed international DJ and founder of record label and consultancy agency Coexist. Courtesy Unite with Tomorrowland

Stage is set for young Saudis after kingdom comes of age with Jeddah Season


Saeed Saeed
  • English
  • Arabic

When Omar Basaad rolled up to my hotel in his black SUV on a mild Jeddah morning, he arrived with an idea: "How about we go on a cruise?" he said. Not only was this a better plan than chatting in a lobby, it offered me a rare opportunity to see a different side of the coastal Saudi Arabian city.

It was a little after 9am and judging by the virtually empty roads of the picturesque corniche, with its healthy smattering of palm trees and cool blue ocean stretching out into the distance, the city's residents were still recovering from 41 days of non-stop revelry that characterised the inaugural Jeddah Season festival, an event that concluded last month.

To say the city made history is an understatement. Nearly every night of the festival featured a first-time entertainment event, whether a beachside film screening, spectacular light show or the appearance of pop-up restaurants by celebrity chefs Salt Bae and Nobu.

50 Cent was among the acts that performed in Jeddah last month in front of large crowds. AFP
50 Cent was among the acts that performed in Jeddah last month in front of large crowds. AFP

The most high-profile events, however, were the series of groundbreaking concerts held across the city. From superstar DJs Martin Garrix and Marshmello to the Backstreet Boys and K-pop act Super Junior, Saudi music-lovers were spoilt for choice. The festival finished with an epic seven-hour concert, which was attended by more than 10,000 people, featuring a line-up that included pop acts Janet Jackson, DJ Steve Aoki and Liam Payne, as well as a host of popular rappers led by 50 Cent and Future.

Jeddah crowds challenged star perceptions

Basaad, 30, an acclaimed international DJ in his own right, as well as a proud Jeddawi, watched all of this unfold. As we cruised past beachside shopkeepers opening their stalls, he explained that while the city may have returned to its normal rhythm, its social landscape has changed irrevocably.

"We can't go back now," he said. "The past month here has been amazing and the reaction from young people at what is going on here is great. The best analogy I can give you is that of a footballer who has been training all of his childhood. Now that player is 18 – an adult – and is ready to play in the professional leagues. This is where we are as young Saudis. We have grown up; we are ready to take the field."

The international music industry is also responding to how the country is coming of age. The reactions of the big-name acts to the enthusiastic crowds in Jeddah suggested they felt sheer surprise at the response they received, as well as heartfelt gratitude. It was enough for 50 Cent, famous for his usual social media trolling, to put that behaviour aside for one night and instead post a "thank you" to his Saudi fans. Marshmello was also moved enough to wave the Saudi Arabian flag at the end of his concert. Basaad said none of this surprised him, because Saudi music fans have always been passionate.

People see things online or in the media. This is how it is. But I always tell these music guys, come to Saudi Arabia first and see it for yourself before you judge it.

Aside from watching Martin Garrix perform, Basaad's favourite moments from the festival were watching these acts arrive in the kingdom, only to have their preconceived notions of the country shattered. "Look, everyone who comes has a certain idea of what they think it is like here," he said. "I mean, considering the world that we live in today, that is normal. People see things online or in the media. This is how it is. But I always tell these music guys, come to Saudi Arabia first and see it for yourself before you judge it."

That was certainly the case for Dutch DJ Afrojack. After his well-attended concert in Jeddah, Basaad set up a series of sessions and events during which Afrojack met local DJs and producers for some industry discussions. "He loved it. He spent an extra day here to chat with the youth," Basaad said. "He wanted the music culture here to grow and his sessions were inspiring to many people."

Young Saudis should seize the opportunities

These Jeddah Season events were held in collaboration with Basaad's burgeoning record label and consultancy agency, Coexist. The company's growth mirrors the kingdom's ambitions. It began as an online music platform where Basaad could drop his latest work, as well as being a place to showcase up-and-coming Saudi music talent. But Coexist has since expanded, and now Basaad works with major brands on marketing campaigns throughout the year.

"Everybody wants to get involved here now and tap into the creative spirit of the youth and the country," he said. "We try to bridge that gap and make what they are doing relevant to what is happening here today."

That includes some international fashion and entertainment brands, but also some of the kingdom's own companies. For example, Basaad composed music for the national airline Saudia, and his tunes are played to passengers at the end of their flights. As the planes taxi to their terminal, you can now expect to hear Basaad's smooth and steady beats mixed with synths and ouds coming from the cabin speakers.

"This is all part of a bigger project to give the airline a sonic identity," Basaad explained. "We are talking about the music you hear in their campaigns. Since it is an international airline, we composed something that balances various aspects, with the music being modern yet distinctly Saudi and Arabic. As an artist, I wanted the listener to feel like they are home when they hear it."

That idea of home is something Basaad is getting used to himself. His decade-long career has had him mostly performing abroad, whether it's on a European club tour or at last year's Unite with Tomorrowland show in Abu Dhabi. But now Basaad intends to spend more time in the kingdom as it continues to assert itself as an international cultural hub.

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He said that to fulfil that goal, creatives across the kingdom have to get involved. "This is really the next step for us young Saudis," he said. "It is not enough to simply be exposed to these things. It is all about what we are going to do next.

"You need to have this drive to succeed and make the most of these opportunities. With Coexist, I can help that by getting all these creative people involved and linking them to these big companies, but ultimately, to succeed we will need that drive and that can only come from within."

With that in mind, Basaad urges fellow Saudis to take advantage of the opportunities that are becoming available to them. His advice is to "learn more and develop yourself. Go and meet other creatives or even learn from YouTube. There are so many things that we all can do to get us ready for the next level". 

And with that, Basaad gave me an exclusive listen to his latest single. In a way, the moment was the perfect metaphor for what is happening in Saudi Arabia right now. The track may be in its demo stage, but its feisty and optimistic spirit could well make it a future hit.

Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Neo%20Mobility%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20February%202023%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Abhishek%20Shah%20and%20Anish%20Garg%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Logistics%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Delta%20Corp%2C%20Pyse%20Sustainability%20Fund%2C%20angel%20investors%3C%2Fp%3E%0A
The specS: 2018 Toyota Camry

Price: base / as tested: Dh91,000 / Dh114,000

Engine: 3.5-litre V6

Gearbox: Eight-speed automatic

Power: 298hp @ 6,600rpm

Torque: 356Nm @ 4,700rpm

Fuel economy, combined: 7.0L / 100km

<html><head><meta http-equiv="Content-Type" content="text/html" charset="UTF-8" /></head><body><!--PSTYLE=* Labels%3aFH Label 18 Sport--><p>Beach soccer</p><!--PSTYLE=BY Byline--><p>Amith Passela</p><p /></body></html>
Results

4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m; Winner: MM Al Balqaa, Bernardo Pinheiro (jockey), Qaiss Aboud (trainer)

5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m; Winner: AF Rasam, Tadhg O’Shea, Ernst Oertel

5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel

6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi

6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m; Winner: Jawal Al Reef, Antonio Fresu, Abubakar Daud

7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m; Winner: Ashton Tourettes, Pat Dobbs, Ibrahim Aseel

7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m; Winner: Nibraas, Richard Mullen, Nicholas Bachalard

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

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.”

57%20Seconds
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Brief scores

Day 1

Toss England, chose to bat

England, 1st innings 357-5 (87 overs): Root 184 not out, Moeen 61 not out, Stokes 56; Philander 3-46

The%20Specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E3.6-litre%20twin%20turbocharged%20V6%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E10-speed%20automatic%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20472hp%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20603Nm%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh290%2C000%20(%2478%2C9500)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20now%3C%2Fp%3E%0A
Stree

Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5

Company profile

Company name: Nestrom

Started: 2017

Co-founders: Yousef Wadi, Kanaan Manasrah and Shadi Shalabi

Based: Jordan

Sector: Technology

Initial investment: Close to $100,000

Investors: Propeller, 500 Startups, Wamda Capital, Agrimatico, Techstars and some angel investors

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

Founders: Ines Mena, Claudia Ribas, Simona Agolini, Nourhan Hassan and Therese Hundt

Date started: January 2017, app launched November 2017

Based: Dubai, UAE

Sector: Private/Retail/Leisure

Number of Employees: 18 employees, including full-time and flexible workers

Funding stage and size: Seed round completed Q4 2019 - $1m raised

Funders: Oman Technology Fund, 500 Startups, Vision Ventures, Seedstars, Mindshift Capital, Delta Partners Ventures, with support from the OQAL Angel Investor Network and UAE Business Angels

Race 3

Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars

ONCE UPON A TIME IN GAZA

Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi

Directors: Tarzan and Arab Nasser

Rating: 4.5/5

%E2%80%98FSO%20Safer%E2%80%99%20-%20a%20ticking%20bomb
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Friday’s fixture

6.15pm: Al Wahda v Hatta

6.15pm: Al Dhafra v Ajman

9pm: Al Wasl v Baniyas

9pm: Fujairah v Sharjah

.

Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

The Voice of Hind Rajab

Starring: Saja Kilani, Clara Khoury, Motaz Malhees

Director: Kaouther Ben Hania

Rating: 4/5

The fake news generation

288,000 – the number of posts reported as hate speech that were deleted by Facebook globally each month in May and June this year

11% – the number of Americans who said they trusted the news they read on Snapchat as of June 2017, according to Statista. Over a quarter stated that they ‘rarely trusted’ the news they read on social media in general

31% - the number of young people in the US aged between 10 and 18 who said they had shared a news story online in the last six months that they later found out was wrong or inaccurate

63% - percentage of Arab nationals who said they get their news from social media every single day.

Griselda
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Batti Gul Meter Chalu

Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5

Veil (Object Lessons)
Rafia Zakaria
​​​​​​​Bloomsbury Academic

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