In 18th century Paris, the Louvre, a former residence of the French royal family, was opened to the public as a museum, beginning the story of arguably the world's most famous cultural institution. It is now the largest museum on the planet and plays a key role in making France the most visited country in the world.
In 2017, a new branch of the institution came to the Middle East, with the opening of Louvre Abu Dhabi – now one of Abu Dhabi's most recognisable landmarks.
Throughout history, governments have used culture and the arts to tell the world about the uniqueness and vibrancy of the societies they govern. They also play an important role domestically in creating social and cultural ties, as well as jobs across a number of sectors. The investment definitely pays off. Unesco estimates that the global value of the creative economy is more than $2.2 trillion annually.
Syria's tourism industry was estimated to contribute 12 per cent of the nation's GDP in 2010
In an interview yesterday, Mohamed Al Mubarak, chairman of Abu Dhabi's Department of Culture and Tourism, announced that the emirate will invest $6 billion in culture and the creative industries over the next five years. This will see the opening of new western institutions, including the Guggenheim Abu Dhabi, which will bring to the Middle East a rotation of the most important works of contemporary art.
The strategy will entail a wider push to make the UAE's cultural sector part of its post-oil diversification programme. From gaming to media, a target of the new investment plan is to create 16,000 new jobs in the industry, and bring a new generation of creative talent into the country.
In recent years, GCC nations have been investing to highlight the uniqueness of Gulf heritage and culture. In the UAE, the coming Zayed National Museum will highlight 200,000 years of Emirati history. Saudi Arabia's National Transformation Program includes plans to develop 13 museums.
The cultural and economic importance of showing the world the uniqueness of Arab culture extends to all corners of the region. In some parts, instability and economic difficulties have hampered the industry.
Syria's tourism industry, built on its rich cultural offering, was estimated to contribute 12 per cent of the nation's GDP in 2010. Since the civil war, this pillar of the country's economy, and a vital source of hard currency, has dried up.
Other countries, such as Egypt, are addressing lower tourism numbers, worth almost $25bn in 2018, with modernisation programmes. This year, Egypt opened the Grand Egyptian Museum, a vast complex to relieve the world-renowned but overflowing Cairo Museum.
Numbers demonstrate the economic profitability of an investment in culture and the creative industry. But there are deeper, civilisational aims, too. Part of Abu Dhabi's emerging cultural landscape will be the new Abrahamic Family House, a site that includes a new mosque, church and synagogue, intended to be an investment in a civic identity built on tolerance.
The UAE's economic ascent over recent decades has been remarkable. Now, it is turning its attention to a task as grand as civilisational progress, built on pride of heritage, highlighting how today's society is more open than ever before.
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Company%C2%A0profile
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UAE currency: the story behind the money in your pockets
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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Sukuk explained
Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
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