1 Billion Followers Summit live: Emaar’s Alabbar says influencers need to up their game
Social media influencers have a sizeable reach, and that the digital collective of YouTubers, Instagrammers, podcasters and content creators at large – which was cutting its teeth only 10 years ago – is now a thriving, multimillion-dollar industry.
The UAE saw the potential of the buzzing social media industry several years ago, recognising the changing media landscape, including how it was evolving and transitioning away from traditional formats. Technology and innovation have long been touchstones of the country's plans for the future. So it comes as little surprise that the Emirates has positioned itself as a hub for creatives, by providing investment, infrastructure and space for this growing online world.
In the spirit of such championing, Dubai is hosting, for the third time, some of the world's most influential social media influencers and content creators, in an event organised by the UAE Government Media Office. “We welcome those with ideas and creativity,” said Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai. “In the UAE, we are hosting the 1 Billion Followers Summit. We welcome 15,000 content creators followed by 2.3 billion people.”
The scale of the event and the numbers speak for themselves, and of the remarkable growth the industry has seen. Since the early days, the UAE has supported talent and innovation in the creative economy – an endeavour that is aligned with the country's diversification plans.
Just last year, Sheikh Mohammed announced a Dh150 million fund to support the development of creative and effective content, which would help content creators sharpen their skills and tell the UAE story, its achievements and cultural contributions to international audiences in global markets.
As well-known names such as Tucker Carlson, Maye Musk, Jay Shetty and several reputable personalities from the Arab world take the discussion forward, the event also creates a framework for accountability and responsible dissemination of information.
Influencers with large followings have a responsibility to ascertain facts and curb misinformation, particularly as they draw in people of all ages and backgrounds.
The challenges in a fast-paced digital world are immense, for all those associated with the field. It is vital for creators to use their voices and platforms with caution, posting reliable content and not misrepresenting reality or veering towards malign agendas. By not taking these responsibilities seriously, creators would end up misleading followers, possibly with damaging consequences, and eventually risk losing subscribers, and thus income. The onus is also on consumers of such content to verify the information as well as the sources.
Besides the reliability and trust aspect, there are also business-related challenges for influencers and content creators, who often struggle with pressures of the job, sustaining an income, staying relevant and making the necessary leap from being personality-driven platforms to professional, trustworthy brands.
The support and encouragement that cities and their leaders then provide, in terms of investment and infrastructure, becomes ever more important. Social media influencers cannot create content in a vacuum or in hostile environments.
The UAE recognises their value and, through events such as the 1 Billion Followers Summit, feeds and seeds the aspirations of many talented young professionals. They, too, can then dream of fulfilling their creative potential by creating responsible content that appeals to their growing numbers of followers.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari
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
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The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
The years Ramadan fell in May
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Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim
Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
Current staff: more than 160 employees
Stage: series D
Investors: EightRoads Ventures, Square Peg Capital, Sequoia Capital India
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
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.”
