E-commerce free zone Dubai CommerCity and Dubai Culture will work together to stimulate the growth of Dubai’s creative sector and bolster the emirate’s attractiveness as a global hub for the creative economy.
The two entities will offer services to establish new businesses in select creative economy sectors and support their long-term growth in Dubai CommerCity, according to a statement on Sunday.
These services include applying for a long-term cultural visa, a 10-year residency offered to creative talents.
The selected cultural and creative sectors covered in the agreement to operate in Dubai CommerCity include music, fine arts, photography, film and video production, video game development, fashion design, graphic design, product design, interior and landscape design, architectural services, advertising services, IT and software services.
“We recognise the positive impact of co-operation between public and private entities,” said Hala Badri, director general of Dubai Culture. "Through such collaborations, we seek to enhance the cultural sector in Dubai and actively empower its creative economy."
“Through our co-operation with Dubai CommerCity, we aim to consolidate our efforts to support cultural and creative businesses and talents in Dubai.”
Last year, Dubai revealed its Creative Economy Strategy that aims to double the creative industries’ contribution to the emirate’s gross domestic product to 5 per cent, increase the number of Dubai-based creative enterprises to 15,000, and provide 140,000 jobs in various creative economy sectors by 2026.
Dubai's creative economy ranked first regionally and second globally in attracting foreign direct investment projects in 2021, according to a government report.
The emirate attracted 233 creative economy projects last year, surpassing New York, Singapore and Berlin, showed the Dubai FDI Monitor report, published by the Dubai Investment Development Agency, an agency of the Department of Economy and Tourism.
The emirate improved its global ranking from fifth place in 2020.
The sector’s estimated value of FDI capital flows exceeded Dh4.9 billion ($1.33bn) in 2021.
The UAE emerged from the coronavirus pandemic with a sharper focus on hastening its push into high value-added sectors as it presses forward with diversifying its economy and reducing its reliance on oil.
In June last year, Abu Dhabi announced plans to invest Dh22bn over the next five years in its cultural and creative industries as part of its diversification push to spur new jobs and attract talent.
Dubai's Al Quoz creative district — in pictures
The partnership between Dubai CommerCity and Dubai Culture aims to attract highly creative companies, motivate them to establish branches in the emirate and help them expand their operations across the Middle East, the statement said.
“Dubai CommerCity … will provide creative economy companies with cutting-edge solutions and an environment that fosters creativity,” said Mohammed Al Zarooni, executive chairman of Dubai Integrated Economic Zones Authority. "Its integrated systems offer incentives, facilities and services to help them expand and contribute to the growth of the local economy."
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6 UNDERGROUND
Director: Michael Bay
Stars: Ryan Reynolds, Adria Arjona, Dave Franco
2.5 / 5 stars
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
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- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
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.”
MATCH INFO
Karnataka Tuskers 110-5 (10 ovs)
Tharanga 48, Shafiq 34, Rampaul 2-16
Delhi Bulls 91-8 (10 ovs)
Mathews 31, Rimmington 3-28
Karnataka Tuskers win by 19 runs
In-demand jobs and monthly salaries
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- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
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Your Guide to the Home
- Level 1 has a valet service if you choose not to park in the basement level. This level houses all the kitchenware, including covetable brand French Bull, along with a wide array of outdoor furnishings, lamps and lighting solutions, textiles like curtains, towels, cushions and bedding, and plenty of other home accessories.
- Level 2 features curated inspiration zones and solutions for bedrooms, living rooms and dining spaces. This is also where you’d go to customise your sofas and beds, and pick and choose from more than a dozen mattress options.
- Level 3 features The Home’s “man cave” set-up and a display of industrial and rustic furnishings. This level also has a mother’s room, a play area for children with staff to watch over the kids, furniture for nurseries and children’s rooms, and the store’s design studio.
