Creative Solutions Demo Day at London's County Hall by The King Abdulaziz Centre for World Culture 'Ithra'. Photo: Ithra
Creative Solutions Demo Day at London's County Hall by The King Abdulaziz Centre for World Culture 'Ithra'. Photo: Ithra
Creative Solutions Demo Day at London's County Hall by The King Abdulaziz Centre for World Culture 'Ithra'. Photo: Ithra
Creative Solutions Demo Day at London's County Hall by The King Abdulaziz Centre for World Culture 'Ithra'. Photo: Ithra

Ithra project brings VR monsoon rains and more to London


Damien McElroy
  • English
  • Arabic

England is famous for precipitation but the showcase of a Saudi-based artist's conceptualisation of Anticipation of Rain offers a new dimension on the familiar.

The environmental reflection by Naima Karim is a virtual reality exploration of environment’s relationship with rain as experienced in Bangladesh, the Netherlands and Saudi Arabia. It even incorporates the smell of rain from Switzerland. “I love monsoon rain,” she told a gathering a London's County Hall. “This is so exciting, romantic and at the same time it is very scary because it destroys a lot.

“I wanted to connect my childhood memory of monsoon rain with my audience.”

The presentation is one of five projects that came out of a year-long programme themed “Digital Immersive Content Creation”, whittled down from 30 ideas by 59 creatives in Saudi Arabia by the Ithra project.

“The UK is a global hub of innovation, and our young creatives have benefited from collaborating with industry leaders who shared their keen insights and helped to develop these prototypes,” said Miznah Alzamil, head of creativity and innovation at Ithra, as she opened the event.

Ithra was launched by Saudi Aramco to be a vehicle for cultural and creative talent development. Ithra
Ithra was launched by Saudi Aramco to be a vehicle for cultural and creative talent development. Ithra

“Ithra is at the centre of the kingdom’s cultural and creative ecosystem, and Creative Solutions is testament to our commitment to building a sustainable creative industry. The 2021 cohort demonstrated truly innovative thinking and we are excited to see how they perform in front of our industry experts and investors.”

Alqatt XR is an immersive experience created by Layla Albabtain featuring culture and history of the traditional Al-Qatt art in southern Saudi Arabia. “I'm a conceptual artist and the designer of the project which is a gaming VR experience that represents the cultural heritage of the southern area of Saudi Arabia, specifically that of women,” she said.

Nouf Al Sughier represented an augmented reality-based interactive museum based on movement. “Raya means a flag or a pin where you can save a spot in your map, which leads us to our project idea, which is enabling people to create, deploy and share journeys using an augmented reality base without the need of hiring developers or even having a technical background,” she said. “By this we are getting the idea of having an augmented reality technology. The experience explores how facilities such as galleries, museums, and others can improve the user experience.”

Five projects came out of a year-long programme. Ithra
Five projects came out of a year-long programme. Ithra

Abdullah Al Arfaj's History of Science concept reflects his time working in an observatory and is suffuse with a fascination with the celestial. “With virtual reality, I was able to take ideas from [making] moulds in the air and put them into the user's hand in a way that allows them to understand what I'm talking about in such a depth that is comparable to previous technology. We aim with this experience to make learning immersive, tangible, approachable and fun.” It blends the greatest scientists and astronomers with the storyteller's art as well as holograms, game design and VR. "If you see a video or photo on a topic it will leave a strong impression on you but if experience it, if you interact with it, then that thing is just unforgettable."

The journey to the modern city Neom is rooted in the experiences of the 1970s for Abdullah Ba Mashmos. “This an XR/VR interactive story about a guy who was from the 1970s and who goes on a journey to find his lost brother,” he said. "Every player going to put on their VR headset and they're going to experience life from the day through the protagonist's eyes. They're going to go from one place to another until they reach the mountains where they will get trapped in an ancient time machine which will take them to Saudi Arabia, all the way to the future in a city called Neom.”

Ithra is the King Abdulaziz Centre for World Culture and means “enrichment”. It was launched by Saudi Aramco to be a vehicle for cultural and creative talent development as well as cross-cultural experiences.

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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.”

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

Countries recognising Palestine

France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra

 

The years Ramadan fell in May

1987

1954

1921

1888

Korean Film Festival 2019 line-up

Innocent Witness, June 26 at 7pm

On Your Wedding Day, June 27 at 7pm

The Great Battle, June 27 at 9pm

The Witch: Part 1. The Subversion, June 28 at 4pm

Romang, June 28 at 6pm

Mal Mo E: The Secret Mission, June 28 at 8pm

Underdog, June 29 at 2pm

Nearby Sky, June 29 at 4pm

A Resistance, June 29 at 6pm 

 

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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Updated: March 24, 2022, 2:06 PM