DUBAI // The team behind the charity single Tomorrow/Bokra have announced plans to stage a concert featuring some of the Arab world’s biggest stars.
The plans for an Arab version of Live Aid were revealed yesterday by Emirati businessman Badr Jafar, who joined forces with music legend Quincy Jones to release Tomorrow/Bokra, an Arabic version of the American’s Grammy-winning song Tomorrow (A Better You, A Better Me) last November.
The single was recorded by 24 leading Arab artists, including Majida El Roumi, Kadim Al Sahir, Saber El Rebai and Asmara Lmnawar, and sales of the song raised Dh1.5 million. Partners and sponsors also contributed a further Dh7.5m.
Mr Jafar, from Sharjah, said more money would be generated by the planned concert and a documentary about the making of the single by Emirati filmmaker Ali Mostafa, the director of City of Life.
“We don’t have specific dates or venues but it will most likely be in the [Arabian] Gulf in 2013,” said Mr Jafar. “It won’t be just the original artists on the single – any musician who wants to stand on stage as a beacon of solidarity and hope is welcome.”
The initial Dh1.5m raised by Tomorrow/Bokra will be used to support music, arts and cultural educational programmes in the UAE, Jordan and the Palestinian Territories.
The money will be distributed among the Abu Dhabi Music and Arts Foundation (Admaf), the United Nations World Food Programme and Save the Children. Admaf said it would use the funds to provide arts education sessions to hundreds of orphans and youngsters with special needs across the UAE.
“The Tomorrow/Bokra project brought together 24 of the biggest recording artists from throughout the Arab world to inspire these countries and the world to create a better tomorrow for the youth of the region,” said Mr Jones, 79, a musician, producer and composer who has made music with some of the greatest names in entertainment history.
He produced Michael Jackson’s Thriller, the best-selling album of all time, and collaborated with Frank Sinatra, Miles Davis, Ella Fitzgerald, Count Basie, Ray Charles and Duke Ellington.
“I’m a vocal proponent of music and the arts being a great asset in building bridges between people and cultures. It’s my true belief that the arts and arts education are important components for building the foundations for a better tomorrow. The arts are food for the soul.”
Hannah Henderson, of Admaf, said: “The arts enable children with special needs, in fact all children, to broaden their imagination, stimulate their creativity and find their own voice.”
Jones and Mr Jafar, 33, who were both in Dubai yesterday, said the Tomorrow/Bokra project grew out of their 14-year friendship.
The two met when Jones and his daughter visited Cambridge University in the UK while Mr Jafar was studying there. They recorded the charity single in Morocco and Qatar, with hip-hop star Akon contributing vocals and singer Shakira providing the introduction to the video.
The track went straight to the top of the charts across the Middle East, and the video has been viewed seven million times on YouTube.
csimpson@thenational.ae
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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The biog
Fatima Al Darmaki is an Emirati widow with three children
She has received 46 certificates of appreciation and excellence throughout her career
She won the 'ideal mother' category at the Minister of Interior Awards for Excellence
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The biog
Siblings: five brothers and one sister
Education: Bachelors in Political Science at the University of Minnesota
Interests: Swimming, tennis and the gym
Favourite place: UAE
Favourite packet food on the trip: pasta primavera
What he did to pass the time during the trip: listen to audio books
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Install an air filter in your home.
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Emergency
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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.
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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.”
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
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Director: Shady Ali
Cast: Boumi Fouad , Mohamed Tharout and Hisham Ismael
Rating: 3/5
