When the pandemic hit last year, the government took unprecedented decisions to deal with the global crisis. To stem the spread of Covid-19, we were restricted from meeting friends, going to work and engaging in public activities.
Many of us resorted to books, binge watched television, took up arts and crafts, attended online events and concerts and virtually explored museums and galleries during Covid-19 movement restrictions.
The creative economy, which helped many of us endure the loneliness that became synonymous with the pandemic, was one of the most negatively impacted segments of the economy after the retail and tourism sectors. Unesco estimates it employs about 30 million people worldwide and in 2020 the cancellation of public performances cost authors 30 per cent of their global royalties, while the global film industry alone lost about $7 billion in revenue.
The creative economy is a collective name given to a group of industries such as advertising, art, architecture, publishing, digital media and computer gaming among others. It accounts for about 3 per cent of global gross domestic product, according to a 2019 report. In the US, the value of culture and arts produced in 2019 was almost $919.7bn, accounting for about 4.3 per cent of the nation's GDP. The arts contribute more to the US economy than agriculture, mining, transportation or construction.
According to The Art Basel and UBS Global Market report published last year, one third of galleries are estimated to have reduced their staff by half during the pandemic.
Governments around the world were cognisant of headwinds faced by the creative economy and took steps to alleviate at least some pressure. The Philippines provided individual financial support to creative workers, while the UAE launched The National Creative Relief Programme, which offered financial grants to freelancers and smaller enterprises operating in the creative and cultural industries sector.
As we slowly move back to normality, it's time start to start supporting and appreciating the output of creative industries, and for businesses to aid governments and help them to bounce back. From mentoring and providing grants, to supporting the local art scene, there are many things they can do.
Banks and financial institutions can cater their corporate social responsibility budgets to help individuals and companies associated with creative economic sectors. This can be done in the form of grants and special loan programmes that can help them sustain and develop their businesses during difficult times.
Just as important as it is to provide financial support – an invaluable step by financial institutions – it is also important to provide business development advice and training to freelancers and SMEs operating in creative sectors. Businesses and financial institutions can help creators and support them in monetising their work.
Another way to support the creative economy is for businesses to work with freelancers in their local communities. Instead of only working with large agencies, businesses should seek local talent – whether videographers, artists, social media account managers or illustrators and commission them for their advertising and marketing needs.
Business can also support young, creative university graduates with apprenticeships, train them and help them build their resumes for the job market during these challenging times. If a business can afford to, it should also launch paid internship programmes to financially support creatives.
Media houses and publications have a role to play as well. Publications or broadcasters should dedicate a special segment every week to shed light on local creative talents or institutions. The awareness they create can help connect them to customers and support their business during the pandemic.
The simplest way to support the creative economy is by financially supporting small enterprises, institutions and freelancers. Purchase art by local artists.
Online galleries such as emergeast.com showcase arts by regional talent, which can be bought as corporate gifts. Museum memberships, annual tickets to local cinemas as well as theatres can also be good corporate gifts.
Support for the creativity economy can take multiple forms, and it doesn’t necessarily dent balance sheets. The creative economy has helped us endure challenging times and it’s time we paid it back.
Manar Al Hinai is an award-winning Emirati journalist and entrepreneur, who manages her marketing and communications company in Abu Dhabi.
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The specs
Engine: 4.0-litre, twin-turbocharged V8
Transmission: nine-speed automatic
Power: 630bhp
Torque: 900Nm
Price: Dh810,000
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
COMPANY%20PROFILE
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COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
The biog
Name: Fareed Lafta
Age: 40
From: Baghdad, Iraq
Mission: Promote world peace
Favourite poet: Al Mutanabbi
Role models: His parents
KILLING OF QASSEM SULEIMANI
KILLING OF QASSEM SULEIMANI
COMPANY%20PROFILE
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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
COMPANY%20PROFILE
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At Eternity’s Gate
Director: Julian Schnabel
Starring: Willem Dafoe, Oscar Isaacs, Mads Mikkelsen
Three stars
Fixtures
Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms
Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles
Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
RESULT
Manchester United 1 Brighton and Hove Albion 0
Man United: Dunk (66' og)
Man of the Match: Shane Duffy (Brighton)
UAE currency: the story behind the money in your pockets
When is VAR used?
• Goals
• Penalty decisions
• Direct red-card incidents
• Mistaken identity
The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
Super Saturday race card
4pm: Mahab Al Shimaal Group 3 | US$350,000 | (Dirt) | 1,200m
4.35pm: Al Bastakiya Listed | $300,000 | (D) | 1,900m
5.10pm: Nad Al Sheba Turf Group 3 | $350,000 | (Turf) | 1,200m
5.45pm: Burj Nahaar Group 3 | $350,000 | (D) | 1,600m
6.20pm: Dubai City of Gold Group 2 | $300,000 | (T) | 2,410m
6.55pm: Al Maktoum Challenge Round 3 Group 1 | $600,000 | (D) | 2,000m
7.30pm: Jebel Hatta Group 1 | $400,000 | (T) | 1,800m
Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
"Moral education touches on every aspect and subject that children engage in.
"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.
"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."
RESULTS
1.45pm: Maiden Dh75,000 1,200m
Winner: Lady Parma, Richard Mullen (jockey), Satish Seemar (trainer).
2.15pm: Maiden Dh75,000 1,200m
Winner: Tabernas, Connor Beasley, Ahmed bin Harmash.
2.45pm: Handicap Dh95,000 1,200m
Winner: Night Castle, Connor Beasley, Satish Seemar.
3.15pm: Handicap Dh120,000 1,400m
Winner: Mystique Moon, Sam Hitchcott, Doug Watson.
3.45pm: Handicap Dh80,000 1,400m
Winner: Mutawakked, Szczepan Mazur, Musabah Al Muhairi.
4.15pm: Handicap Dh90,000 1,800m
Winner: Tafaakhor, Sandro Paiva, Ali Rashid Al Raihe.
4.45pm: Handicap Dh80,000 1,950m
Winner: Cranesbill, Fabrice Veron, Erwan Charpy.
More from Rashmee Roshan Lall
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
