Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, announced a rent freeze for tenants rebuilding or renovating properties at Al Quoz Creative Zone. Photo supplied
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, announced a rent freeze for tenants rebuilding or renovating properties at Al Quoz Creative Zone. Photo supplied
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, announced a rent freeze for tenants rebuilding or renovating properties at Al Quoz Creative Zone. Photo supplied
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, announced a rent freeze for tenants rebuilding or renovating properties at Al Quoz Creative Zone. Photo supplied

Sheikh Hamdan offers rent exemptions in Dubai creative district


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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.

  • A portrait of Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, made by Indian artist Nisar Ibrahim using 6,800 screws. The piece is on display at the Antique Museum in Al Quoz, Dubai, and costs Dh35,000 ($9,530). Pawan Singh / The National
    A portrait of Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, made by Indian artist Nisar Ibrahim using 6,800 screws. The piece is on display at the Antique Museum in Al Quoz, Dubai, and costs Dh35,000 ($9,530). Pawan Singh / The National
  • Metal pots from India, Iran and Afghanistan. They are more than 150 years old and cost from Dh50 to Dh20,000 at the museum. Pawan Singh / The National
    Metal pots from India, Iran and Afghanistan. They are more than 150 years old and cost from Dh50 to Dh20,000 at the museum. Pawan Singh / The National
  • Moroccan lights worth between Dh50 and Dh3,000 on display at the museum. Pawan Singh / The National
    Moroccan lights worth between Dh50 and Dh3,000 on display at the museum. Pawan Singh / The National
  • A statue from Thailand worth Dh1,850. The museum imports and deals with a wide range of products from 27 countries. Pawan Singh / The National
    A statue from Thailand worth Dh1,850. The museum imports and deals with a wide range of products from 27 countries. Pawan Singh / The National
  • Silver bangles from Oman that cost at least Dh200. The museum offers a vast array of crafts made by women. Pawan Singh / The National
    Silver bangles from Oman that cost at least Dh200. The museum offers a vast array of crafts made by women. Pawan Singh / The National
  • Red Indian statues from Thailand, priced from Dh1,000 to Dh3,000. The museum is 26 years old and run by Fakih Group of Companies. Pawan Singh / The National
    Red Indian statues from Thailand, priced from Dh1,000 to Dh3,000. The museum is 26 years old and run by Fakih Group of Companies. Pawan Singh / The National
  • The museum spans about 7,000 square metres. Pawan Singh / The National
    The museum spans about 7,000 square metres. Pawan Singh / The National
  • A Buddha statue from Thailand that costs about Dh9,500. The museum also offers items such as traditional gifts, souvenirs and handicrafts. Pawan Singh / The National
    A Buddha statue from Thailand that costs about Dh9,500. The museum also offers items such as traditional gifts, souvenirs and handicrafts. Pawan Singh / The National
  • Items from 27 countries are on display at the museum. Pawan Singh / The National
    Items from 27 countries are on display at the museum. Pawan Singh / The National
  • Statues from China on display at the museum. They are priced from Dh3,000 each. Pawan Singh / The National
    Statues from China on display at the museum. They are priced from Dh3,000 each. Pawan Singh / The National
  • A vintage opaque projector from India is among the items there. Pawan Singh / The National
    A vintage opaque projector from India is among the items there. Pawan Singh / The National
  • The museum's handmade Moroccan lamps cost between Dh1,000 and Dh5,000 each. Pawan Singh / The National
    The museum's handmade Moroccan lamps cost between Dh1,000 and Dh5,000 each. Pawan Singh / The National
  • A teak wood horse from Thailand, priced at Dh44,500. Pawan Singh / The National
    A teak wood horse from Thailand, priced at Dh44,500. Pawan Singh / The National
  • Indian Guard statues from Rajasthan, India, are priced from Dh3,000 to Dh15,000. Pawan Singh / The National
    Indian Guard statues from Rajasthan, India, are priced from Dh3,000 to Dh15,000. Pawan Singh / The National
  • Statues from Thailand, which carry price tags that start at Dh1,650, are among the antiques on display. Pawan Singh / The National
    Statues from Thailand, which carry price tags that start at Dh1,650, are among the antiques on display. Pawan Singh / The National
  • The museum also has a collection of lamps from Turkey that cost between Dh50 and Dh6,000. Pawan Singh / The National
    The museum also has a collection of lamps from Turkey that cost between Dh50 and Dh6,000. Pawan Singh / The National
  • An elephant statue made from camel bone. The piece, from Rajasthan, is priced at Dh120,000. Pawan Singh / The National
    An elephant statue made from camel bone. The piece, from Rajasthan, is priced at Dh120,000. Pawan Singh / The National

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.

  • Situated in Al Quoz’s Courtyard, Art of Guitar fills a glaring absence in the region's vintage and high-end guitar offerings. Antonie Robertson / The National
    Situated in Al Quoz’s Courtyard, Art of Guitar fills a glaring absence in the region's vintage and high-end guitar offerings. Antonie Robertson / The National
  • Howling Rooster guitars built by in-house luthier Basil Azizoghly. Antonie Robertson / The National
    Howling Rooster guitars built by in-house luthier Basil Azizoghly. Antonie Robertson / The National
  • The space also sells old posters and original photographs. Antonie Robertson / The National
    The space also sells old posters and original photographs. Antonie Robertson / The National
  • The venue also offers guitar-building workshops led by in-house luthier Basil Azizoghly. Antonie Robertson / The National
    The venue also offers guitar-building workshops led by in-house luthier Basil Azizoghly. Antonie Robertson / The National
  • During the cooler months, Art of Dubai intends to become a venue for local artists to perform, setting up an ad-hoc stage in the Courtyard’s open space. Antonie Robertson / The National
    During the cooler months, Art of Dubai intends to become a venue for local artists to perform, setting up an ad-hoc stage in the Courtyard’s open space. Antonie Robertson / The National
  • A 1968 Jaguar in glossy candy red finish, on sale for Dh30,000. Antonie Robertson / The National
    A 1968 Jaguar in glossy candy red finish, on sale for Dh30,000. Antonie Robertson / The National
  • Art of Guitar owner Rick Vlemmiks. Antonie Robertson / The National
    Art of Guitar owner Rick Vlemmiks. Antonie Robertson / The National
  • Signed memorabilia is available for purchase here. Antonie Robertson / The National
    Signed memorabilia is available for purchase here. Antonie Robertson / The National
  • Art of Guitar takes over a space that used to be an art gallery. Antonie Robertson / The National
    Art of Guitar takes over a space that used to be an art gallery. Antonie Robertson / The National
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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.”

Most sought after workplace benefits in the UAE
  • Flexible work arrangements
  • Pension support
  • Mental well-being assistance
  • Insurance coverage for optical, dental, alternative medicine, cancer screening
  • Financial well-being incentives 
The alternatives

• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.

• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.

• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.

2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.

• PayPal is probably the best-known online goods payment method - usually used for eBay purchases -  but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

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Fight card

1. Bantamweight: Victor Nunes (BRA) v Siyovush Gulmamadov (TJK)

2. Featherweight: Hussein Salim (IRQ) v Shakhriyor Juraev (UZB)

3. Catchweight 80kg: Rashed Dawood (UAE) v Khamza Yamadaev (RUS)

4. Lightweight: Ho Taek-oh (KOR) v Ronald Girones (CUB)

5. Lightweight: Arthur Zaynukov (RUS) v Damien Lapilus (FRA)

6. Bantamweight: Vinicius de Oliveira (BRA) v Furkatbek Yokubov (RUS)

7. Featherweight: Movlid Khaybulaev (RUS) v Zaka Fatullazade (AZE)

8. Flyweight: Shannon Ross (TUR) v Donovon Freelow (USA)

9. Lightweight: Mohammad Yahya (UAE) v Dan Collins (GBR)

10. Catchweight 73kg: Islam Mamedov (RUS) v Martun Mezhulmyan (ARM)

11. Bantamweight World title: Jaures Dea (CAM) v Xavier Alaoui (MAR)

12. Flyweight World title: Manon Fiorot (FRA) v Gabriela Campo (ARG)

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Normcore explained

Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.

Updated: December 04, 2021, 10:11 AM