Who's profiting from AI-generated music?

About the piece by Saeed Saeed AI-generated band Velvet Sundown are a Spotify hit, but is the music any good? (July 2): The writer left out a key point. These AI bands aren't just about experimentation, they're a business model. Streaming models benefit when algorithm driven "safe" music fills up playlists, because it's cheap to make and easy to push. Meanwhile music of real artists gets buried. It's worth asking who actually profits when the human element gets stripped away. Hint: the platforms that host them.

Karam Touba, Dubai

Yes, AI can make amazing music, if the person or people giving it the prompts are any good.

Margaret Reynolds, Muscat, Oman

AI music has a parallel in AI-generated photography. Why do people need to generate an image of a person suffering rather than use the thousands of images taken by photojournalists in the field every single day. Those are real people risking their lives to bring us real information. These are machine generated and inauthentic. There really is no comparison.

Brenda Davies, Hoi An, Vietnam

The kidnapping of Alawite women must stop

With regard to Nada Maucourant Atallah and Adla Massoud's report 'Get the money fast if you want her alive': Syria's Alawite women and girls disappear in abductions (July 1): These scenes are unbearably brutal. How can those who call themselves world leaders speak of humanity, yet offer offenders international protection and recognition?

Norma L, Cincinnati, US

Gaza ceasefire still too far in the distance

In reference to Mohamad Ali Harisi's report Hamas reviews Gaza ceasefire proposal as Netanyahu vows 'it's over' for group (July 2): For the Hamas spokesperson Mahmoud Taha to say that US is not serious about ending the Gaza war is odd as it is not a US problem at all. I am concerned about the US economy, US debt and the size of the Pentagon.

Frederice Klinge, Hamburg, Germany

Hamas is clearly useless as a governing body. It doesn't care about Gaza at all and is perfectly alright with continuing the killings of their own people, with peace still too far away on the horizon.

Ali Faisal, Inverness, Scotland

Why is it so inconceivable for Hamas to free the hostages so the war can end and children don't have to continue to live in the line of fire?

Jamie Lucas, London, UK

While you're here

Watch: Davos 2021 panel discusses the future of work for women

Alice Haine: Investing in gender parity 'makes good business sense'

Kareem Shaheen: How the pandemic could set Arab women back

Simon Rushton: Home schooling forces UK mothers to quit jobs

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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.”

UAE currency: the story behind the money in your pockets

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