Shortly before the new year, I received an email informing me that The 99, a superhero cartoon series I created based on the 99 attributes of God, had won in the media category of the Islamic Economy Award.
It is presented to initiatives that help better social and economic conditions of the Muslim population. What made the award more significant is that it was to be presented by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai.
While the news of The 99’s selection delighted me, I was also happy that the UAE was able to recognise the big picture.
A few days after receiving the email, I received another one from my lawyer updating me on the case lodged against me in Kuwait for heresy and for insulting religion through The 99.
This is the publication that Barack Obama, Sheikh Mohammed, even the Emir of Kuwait endorsed as being a bastion of tolerance. This is the animated series that the World Economic Forum and the UN endorsed for bridging cultures and showcasing the positive values in Islam.
I was worried to get that email. I was worried for myself, but more than that I was worried for the entrepreneurial future of my country.
I know that legally this case can go nowhere as The 99 has all the supporting documents to make it legal in all the countries where it was distributed. It was not only financed by an Islamic bank and subjected to a Sharia board, it was approved by the ministries of information in Kuwait and Saudi Arabia, among others. Furthermore, the then Kuwaiti minister of information showered accolades on it during an event, held under the patronage of the Emir of Kuwait, where diplomats and ministers were present.
My main worry is that cases like this may end up terrorising others from pursuing innovative entrepreneurial projects.
A few days after that, I received a request from a major venture capitalist for a discussion on licensing The 99 for gaming. The person, whom I had met at the Young President’s Organization retreat in Dubai, has several game development companies.
The call sparked hopes in me, especially because he was a western venture capitalist who showed interested in licensing an intellectual property from Kuwait and taking it to a global audience. This speaks volumes about the region’s entrepreneurial promise.
Shortly thereafter came the news about the murder of journalists at Charlie Hebdo. There is no doubt that the magazine’s content was heinous and hateful. There is no question that double standards exist in France, where one of the magazine’s staff was fired for anti-Semitism in 2009, while anti-Islamism is condoned. But there is also no doubt that the terrorists who murdered innocent people have brought the magazine to the attention of billions of people and made life for Muslims in France even more difficult. In fact, the action of these terrorists has ensured that the drawings are seen by the whole world. So what exactly was the objective? If it was to stop circulation of the magazine, it surely backfired.
What worried me among other things is the insistence of a section of the media that Muslims need to apologise for the actions of these extremists.
I refuse to take responsibility for the actions of suicide bombers and imams who spew hatred towards others. I refuse to be judged on the basis of actions of the deranged, ill informed and uneducated. I cannot be more responsible for their actions than my Christian friends are for the actions of Anders Behring Breivik, Timothy McVeigh and countless other criminals. Let me be judged by my own actions.
And as I stood on stage receiving a positive judgement from Sheikh Mohammed and the jury of the Islamic Economy Award in Dubai this week, I couldn’t help but think what a shame it is that in my own Kuwait, the jury is still out.
Dr Naif Al Mutawa is the founder and chairman of Teshkeel Media Group
On Twitter: @DrNaif
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
Teams
Pakistan: Sarfraz Ahmed (captain), Mohammad Hafeez, Sahibzada Farhan, Babar Azam, Shoaib Malik, Asif Ali, Shadab Khan, Shaheen Shah Afridi, Usman Khan Shanwari, Hasan Ali, Imad Wasim, Faheem Ashraf.
New Zealand: Kane Williamson (captain), Corey Anderson, Mark Chapman, Lockie Ferguson, Colin de Grandhomme, Adam Milne, Colin Munro, Ajaz Patel, Glenn Phillips, Seth Rance, Tim Seifert, Ish Sodhi, Tim Southee, Ross Taylor.
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.”
Napoleon
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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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Naga
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