Sheikha Latifa bint Mohammed, chairwoman of Dubai Culture, has announced the launch of the entity's six-year strategic road map.
Sheikha Latifa bint Mohammed, chairwoman of Dubai Culture, has announced the launch of the entity's six-year strategic road map.
Sheikha Latifa bint Mohammed, chairwoman of Dubai Culture, has announced the launch of the entity's six-year strategic road map.
Sheikha Latifa bint Mohammed, chairwoman of Dubai Culture, has announced the launch of the entity's six-year strategic road map.

Dubai Culture sets out six-year plan to help creative sector overcome pandemic


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Empowering local talent is at the centre of Dubai Culture's post-pandemic plan, to ensure the UAE becomes a thriving hub for the arts.

Sheikha Latifa bint Mohammed, chairwoman of Dubai Culture and Arts Authority (Dubai Culture), has announced the launch of its six-year strategy.

It aims to position Dubai as a "global centre for culture, an incubator for creativity and a thriving hub for talent", as well as help the creative sector recover from the effects of the coronavirus pandemic.

The road map will help support Dubai Culture's commitment to empowering the art and culture community

The plan seeks to create "the fastest route to recovery" for Dubai’s cultural industry from the Covid-19 crisis, and sets out its goals from 2020 to 2026. It has been approved by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and has now been submitted to the Executive Council of Dubai.

The plan was developed after several interactive workshops held by Dubai Culture to review the strategy and lay the foundations for the cultural industry’s development.

The workshops brought together senior leaders from Dubai Culture's management team, as well as industry stakeholders and strategic partners representing government entities, the industry and the private sector.

The workshops discussed strategic performance indicators and targets; programmes and initiatives to achieve Dubai’s cultural goals; preparations for the future and the transformation of the cultural sector; and Dubai Culture’s role in promoting the sector’s growth.

“The road map creates a framework for effectively mitigating the impact of challenges created by the Covid-19 crisis on the cultural industry. I’m confident our team, along with our partners and cultural and creative professionals, will succeed in achieving all elements of our mandate as policymakers, regulators, enablers, operators, and champions of the cultural and creative sector in Dubai," Sheikha Latifa said in a statement.

"The Dubai Culture and Arts Authority is tasked with the clear and critical responsibility of fostering the local ecosystem for industry professionals, talent, youth and cultural audiences. The creative sector is a crucial contributor to a country’s GDP as well as its global reputation and will play a role in our rapid recovery from this global pandemic.”

Dubai Culture will now take "strong measures" to help the sector navigate the current crisis and develop solutions to ease the challenges faced by creatives, professionals and industry players.

The strategy will help support Dubai Culture's commitment to empowering the arts and culture community and help achieve the emirate's vision to "become the happiest city in the world".

The strategy will be enacted across Dubai Culture this year, Sheikha Latifa said. The entity will also prepare the "internal and external infrastructure" to support the delivery of the strategy.

UAE tour of Zimbabwe

All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I

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Terror attacks in Paris, November 13, 2015

- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France

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.”

Washmen Profile

Date Started: May 2015

Founders: Rami Shaar and Jad Halaoui

Based: Dubai, UAE

Sector: Laundry

Employees: 170

Funding: about $8m

Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures

The specs: 2018 Alfa Romeo Stelvio

Price, base: Dh198,300
Engine: 2.0L in-line four-cylinder
Transmission: Eight-speed automatic
Power: 280hp @ 5,250rpm
Torque: 400Nm @ 2,250rpm
Fuel economy, combined: 7L / 100km

UAE currency: the story behind the money in your pockets
MATCH INFO

Barcelona 4 (Messi 23' pen, 45 1', 48', Busquets 85')

Celta Vigo 1 (Olaza 42')

Results:

5pm: Maiden (PA) | Dh80,000 | 1,200 metres

Winner: Jabalini, Szczepan Mazur (jockey), Younis Kalbani (trainer)

5.30pm: UAE Arabian Derby (PA) | Prestige | Dh150,000 | 2,200m

Winner: Octave, Gerald Avranche, Abdallah Al Hammadi

6pm: Arabian Triple Crown Round 3 (PA) | Group 3 Dh300,000 | 2,200m

Winner: Harrab, Richard Mullen, Mohamed Ali

6.30pm: Emirates Championship (PA) | Group 1 | Dh1million | 2,200m

Winner: BF Mughader, Szczepan Mazur, Younis Al Kalbani

7pm: Abu Dhabi Championship (TB) | Group 3 | Dh380,000 | 2,200m

Winner: GM Hopkins, Patrick Cosgrave, Jaber Ramadhan

7.30pm: Wathba Stallions Cup (PA) | Conditions | Dh70,000 | 1,600m

Winner: AF La’Asae, Tadhg O’Shea, Ernst Oertel

The specs

Engine: 4.0-litre, twin-turbocharged V8

Transmission: nine-speed automatic

Power: 630bhp

Torque: 900Nm

Price: Dh810,000