Saudi Arabia announced on Thursday that ground has been broken for the construction of the country's first opera house.
The General Entertainment Authority chief Ahmad bin Aqeel Al Khatib said that $64 billion (Dhs235 billion) would be invested in the kingdom's entertainment sector over the coming decade as part a large-scale programme of social and economic reforms.
"We are already building the infrastructure," Mr Khatib said. "God willing, you will see a real change by 2020."
The authority aims for the industry to help create 220,000 jobs by 2030.
The money will come from both the government and the private sector and the authority said earlier this week that more than 5,000 shows, festivals and concerts are planned for 2018, double the number of last year.
The opening up of new entertainment options in the conservative kingdom is part of a programme of reforms dubbed "Vision 2030" - a move championed by Crown Prince Mohammed bin Salman.
The state wants to capture up to a quarter of the $20 billion currently spent overseas every year by Saudis seeking entertainment, lifting a ban on cinemas and putting on shows by Western artists.
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Read more: How the Middle East is updating its vision for cultural tourists
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In the eastern city of Dhahran the long-awaited King Abdulaziz Centre for World Culture, or Ithra, is set to be fully functional by the summer. The futuristic building will host a touring exhibition and four galleries.
Meanwhile concerts and Comic-Con popular festival and a mixed-gender national day celebration saw people dancing in the streets to thumping electronic music for the first time.
The port city of Jeddah is seen as the kingdom's main art hub. Sited on the Red Sea, and the primary port of entry for Mecca and Medina, it has been shaped by the flow of pilgrims and immigrants from nearby countries.
Despite the restrictions that have been in place, numerous self-organised collectives, commercial art galleries and studios have been established in Jeddah.
Young artists work across media - blurring the boundaries of art, design, fashion, and film, just as opera does in its engagement with theatre, music, set design, and mixed media.
As Mohammed bin Salman’s reforms continue, the art landscape of Jeddah and the country is expected to welcome more permanent institutions, both in the visual arts and, as we see for the performing arts, opera houses or even dance studios and theatres.
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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Kyrgyzstan v Qatar, 5.45pm
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Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)