The 1 Billion Followers Summit taking place in Dubai has the potential to shape the future of the digital content industry, according to a senior figure from the government's media office.
The event, which runs from Saturday, January 11, to Monday, January 13, is expected to welcome more than 15,000 delegates − including 5,000 content creators helping to influence a rapidly evolving media landscape.
Among the key speakers are Zach King, a US magician with 175 million online followers, popular gaming personality AboFlah, who has 63 million followers, author and podcaster Jay Shetty, with more than 57 million followers, and polarising US political pundit Tucker Carlson, who has gained more than 26 million followers across platforms.
Organisers predicted this year's summit − the third time it has been held − will be the biggest yet, a signal of the sector's continued growth.
“The summit's growing momentum − evident in its increasing followers, participants, diverse tracks, workshops, activities, and partners − highlights significant global interest from media outlets, online platforms and digital content companies,” said Alia Al Hammadi, vice chairwoman of UAE Government Media Office and chief executive of the 1 Billion Followers Summit.
“Partnerships with leading global firms and platforms demonstrate confidence in the Summit's ability to shape the future of the digital content industry.
“By hosting top influencers and content creators across various fields and providing ideal networking and collaboration opportunities, the summit empowers experts and professionals to excel and share their monetisation expertise.”
Growing in numbers
At a curtain-raiser for the event on Tuesday, Minister of Cabinet Affairs Mohammed Al Gergawi said the UAE is primed to be a “global capital for content creators”.
“Over the past three years, this summit has transformed into the largest global event for content creation, hosted by the UAE,” said Mr Al Gergawi.
“Our nation has become a hub for creators, talents, and investors, and through this summit, the UAE is establishing itself as the global capital for content creators.
“Why content creation? The industry is currently valued at approximately $250 billion, with growth rates significantly outpacing the natural economic growth – nearly threefold.”
The 1 Billion Followers Summit will take place across three venues – Emirates Towers, the Museum of the Future and Dubai International Financial Centre.
Empathy and compassion
The UAE last year established the 1 Billion Award, a $1 million prize celebrating content creators who have made a positive impact on societies and champion empathy and compassion.
An initial shortlist of 10 candidates was announced last month, which was whittled down to a final five following a public vote. The winner will be crowned on the summit's final day on January 13. More than 16,000 submissions from 190 countries were received for the award.
The final five were decided after a total of 3.3 million votes were received from around the world, state news agency Wam reported.
Among them is Mahmoud Zuaiter, a content creator from Gaza, who creates uplifting content despite the hardships faced by Palestinians “to inspire and spread hope”.
Nasser Al Oqail, from Saudi Arabia, has also made the cut. The founder of the Dupamicaffeine Sciences channel simplifies complex books and concepts for his nine million-plus followers, Wam reported.
Also in contention is Creators For Lebanon − a group “uniting to help displaced families, providing aid, rebuilding communities and inspiring solidarity in times of crisis”.
Joining them is Simon Squibb, an “inspirational speaker” from the UK who shares personal experiences with more than nine million followers.
Completing the final five is Australian Samuel Weidenhofer, who is “known for spreading positivity and kindness through heartwarming videos featuring acts of kindness towards strangers, from surprising kids to gifting strangers”.
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.”
RESULT
Chelsea 2
Willian 13'
Ross Barkley 64'
Liverpool 0
Results
5pm: UAE Martyrs Cup (TB) Conditions Dh90,000 2,200m
Winner: Mudaarab, Jim Crowley (jockey), Erwan Charpy (trainer).
5.30pm: Wathba Stallions Cup (PA) Handicap Dh70,000 1,400m
Winner: Jawal Al Reef, Richard Mullen, Hassan Al Hammadi.
6pm: UAE Matyrs Trophy (PA) Maiden Dh80,000 1,600m
Winner: Salima Al Reef, Jesus Rosales, Abdallah Al Hammadi.
6.30pm: Sheikha Fatima bint Mubarak (IFAHR) Apprentice Championship (PA) Prestige Dh100,000 1,600m
Winner: Bainoona, Ricardo Iacopini, Eric Lemartinel.
7pm: Sheikha Fatima bint Mubarak (IFAHR) Ladies World Championship (PA) Prestige Dh125,000 1,600m
Winner: Assyad, Victoria Larsen, Eric Lemartinel.
8pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown (PA) Group 1 Dh5,000,000 1,600m
Winner: Mashhur Al Khalediah, Jean-Bernard Eyquem, Phillip Collington.
Company%20profile
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