Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, has announced that tenants who are rebuilding or renovating properties in Al Quoz Creative Zone will be exempt from paying rent for up to two years.
The move is part of ambitious efforts to transform the Dubai district into a world-leading hub for the creative sector.
It is in line with a 100-day action plan for the development project aimed at attracting top talent from across the globe to live and work in Dubai.
The plan was unveiled by the project's higher committee, led by Sheikha Latifa bint Mohammed, chairwoman of the Dubai Culture and Arts Authority.
Sheikh Hamdan established Al Quoz Creative Zone in April to serve as a state-of-the-art centre of activity for the world's best talents.
The sprawling zone aims to provide top-class facilities that cover everything from publishing, writing and print to cinema, music and video. It will also embrace artistic and cultural industries, cultural heritage museums, historical sites, archives, major cultural events, libraries, and the software and video game industry.
It will use multipurpose spaces and art workshops to help drive the creative industry in the emirate and beyond.
Dubai's creative mission
The 100-day action plan will focus on the project's master plan to design a vibrant urban space, accommodating a wide variety of creative industries.
Key categories of activities related to the creative industries sector will be identified and permits to be given in the Al Quoz Creative Zone will be listed.
The zone's transport infrastructure will also take shape, including connecting Al Safa Metro Station to the creative zone.
The network will include a bus route with special designs, as well as cycle tracks, a pedestrian bridge and pedestrian sidewalks.
Dubai Culture is inviting members of the creative community to share ideas and suggestions for designs that can enhance the aesthetic and artistic ambience of the area.
Al Quoz is at the heart of Sheikh Mohammed bin Rashid's enterprising vision to bolster Dubai's creative sector.
In April, the Ruler of Dubai set out a plan to boost the value of the city's creative sector - generating more jobs and doubling the number of companies in the industry.
He said the government aims to increase the GDP contributions of the creative and arts sectors from 2.6 per cent to 5 per cent.
He said design, content, culture and arts will be a "major driver for the future of our country".
Sheikh Mohammed, who is also Vice President and Prime Minister, said about 8,300 companies trade in the emirate's creative sector today.
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Sholto Byrnes on Myanmar politics
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Florida: The critical Sunshine State
Though mostly conservative, Florida is usually always “close” in presidential elections. In most elections, the candidate that wins the Sunshine State almost always wins the election, as evidenced in 2016 when Trump took Florida, a state which has not had a democratic governor since 1991.
Joe Biden’s campaign has spent $100 million there to turn things around, understandable given the state’s crucial 29 electoral votes.
In 2016, Mr Trump’s democratic rival Hillary Clinton paid frequent visits to Florida though analysts concluded that she failed to appeal towards middle-class voters, whom Barack Obama won over in the previous election.
MATCH INFO
Azerbaijan 0
Wales 2 (Moore 10', Wilson 34')
RESULT
Arsenal 1 Chelsea 2
Arsenal: Aubameyang (13')
Chelsea: Jorginho (83'), Abraham (87')
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
Captain Marvel
Director: Anna Boden, Ryan Fleck
Starring: Brie Larson, Samuel L Jackson, Jude Law, Ben Mendelsohn
4/5 stars