The Ministry of Culture and Youth has unveiled its blueprint for a major programme that aims to boost the country's cultural and creative sectors.
The blueprint will be a "turning point" for the economy and reflect the inclusive participation of young people and global stakeholders.
The 10-year National Strategy for the Cultural and Creative Industries, the first in the Arab world, was launched last week by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.
It intends to expand the size and capabilities of the two sectors and rank them among the top 10 most important economic industries in the Emirates.
The strategy aims to increase the contribution of the two industries to the country’s gross domestic product to 5 per cent over the next decade.
It also aims to double the number of establishments operating in them and the number of jobs they provide, as well as increase the volume of exports of their products and services and the average spending of families on these.
The plan will also develop proactive legislation and policies to help entrepreneurs and freelancers, as well as improve returns on investments.
"The UAE became fertile ground to all those who want to innovate, create and live in an open and tolerant society," Noura Al Kaabi, Minister of Culture and Youth, said on Sunday.
"Culture has become important in economic development ... creative industries are multiple and intertwined, and they are sustainable – they are not depleted as they rely on people's brains, talents and passion."
The announcement is a prelude to the World Conference on Creative Economy, which will run from December 7 to December 9 at Expo 2020 Dubai.
The UAE has been making a significant push to advance its creative and cultural industries, and efforts by the local government have garnered international support.
In November, the UN Educational, Scientific and Cultural Organisation backed the UAE's call to protect and promote the creative arts and the cultural sector, shielding them from challenges posed by the growth of digital streams and artificial intelligence.
Last month, the Ministry of Culture and Youth signed an agreement with its UK counterpart to exchange expertise and experiences in the cultural and creative industries as it seeks to strengthen co-operation in a wide variety of creative and cultural industries, including heritage, literature, visual and performing arts, audio-visual media and design.
On Saturday, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, announced that tenants who are rebuilding or renovating properties in Al Quoz Creative Zone will be exempt from paying rent for up to two years, a move that is part of efforts to transform the Dubai district into a world-leading centre for the creative sector.
In September, the Abu Dhabi Government Media Office said construction of the Yas Creative Hub, the capital's newest venue for the media, gaming and entertainment industry, was 95 per cent complete.
The newly announced programme is "intimately connected" to the 10 values of the UAE's strategy over the next 50 years, Ms Al Kaabi said.
Forty strategic initiatives at both the federal and local levels will be put in place, centred on three main pillars – talent, professionals and enabling an effective business environment.
Among these, 16 initiatives are aimed at talents and creatives, 10 at professionals and the business environment while 14 are designed to enable the business environment.
Programmes will be put in place to support these pillars, from early stage learning for youths and measures to attract a global workforce to developing legislation for intellectual property and giving entrepreneurs access to new markets.
The participation of youths, in particular, is being encouraged by Ms Al Kaabi, who has called for a proactive collaboration between the public and private sectors to incentivise the future generation of business.
"We want the youth to harness their talents so that it becomes a passion. This will become a new driver for the economy and create more jobs," she said.
Federal entities joining the programme are the ministries of Economy, Industry and Advanced Technology, Culture and Tourism, Human Resources and Emiratisation, Education and Community Development, as well as the Federal Competitiveness and Statistics Centre.
We want the youth to harness their talents so that it becomes a passion. This will become a new driver for the economy and create more jobs
Noura Al Kaabi,
UAE Minister of Culture and Youth
At the local level, each of the seven emirates is represented by the Department of Culture and Tourism – Abu Dhabi, Dubai Culture, the Sharjah Department of Culture, Ras Al Khaimah's Department of Antiquities and Museums, the Department of Tourism and Archaeology in Umm Al Quwain, Ajman's Department of Tourism Development and the Fujairah Culture and Media Authority.
Besides the local government and private sector, the ministry is working with international statistics centres on indicators that will be agreed upon to help decision makers to put into effect the strategy, Ms Al Kaabi said.
Partnerships and agreements will be announced at the coming WCCE conference, she said.
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
Race card
6.30pm: Handicap (TB) $68,000 (Dirt) 1,200m
7.05pm: Meydan Cup – Listed Handicap (TB) $88,000 (Turf) 2,810m
7.40pm: UAE 2000 Guineas – Group 3 (TB) $125,000 (D) 1,600m
8.15pm: Firebreak Stakes – Group 3 (TB) $130,000 (D) 1,600m
9.50pm: Meydan Classic – Conditions (TB) $$50,000 (T) 1,400m
9.25pm: Dubai Sprint – Listed Handicap (TB) $88,000 (T) 1,200m
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
MATCH INFO
Uefa Champions League quarter-final, second leg (first-leg score)
Porto (0) v Liverpool (2), Wednesday, 11pm UAE
Match is on BeIN Sports
Watch live
The National will broadcast live from the IMF on Friday October 13 at 7pm UAE time (3pm GMT) as our Editor-in-Chief Mina Al-Oraibi moderates a panel on how technology can help growth in MENA.
You can find out more here
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
The%20specs
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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.”
The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
The lowdown
Bohemian Rhapsody
Director: Bryan Singer
Starring: Rami Malek, Lucy Boynton, Gwilym Lee
Rating: 3/5
The specs: 2017 Dodge Ram 1500 Laramie Longhorn
Price, base / as tested: Dhxxx
Engine: 5.7L V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 556Nm @ 3,950rpm
Fuel economy, combined: 12.7L / 100km
Warlight,
Michael Ondaatje, Knopf
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.