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.
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
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
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.”
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
'The Coddling of the American Mind: How Good Intentions and Bad Ideas are Setting up a Generation for Failure'
Greg Lukianoff and Jonathan Haidt, Penguin Randomhouse
UAE currency: the story behind the money in your pockets
