The UAE’s influencer community, Creators HQ, has attracted 2,415 people from 147 countries in its first six months.
Launched in January, Creators HQ aims to attract 10,000 influencers to the Emirates as part of a plan to build a “comprehensive content economy”.
The community brings together content creators and industry leaders worldwide. It also attracted 78 global companies in the content sector from 24 countries to relocate to the UAE, with the UK, Pakistan, the US, India, France, and Germany leading the list.
Collectively, the influencers, who now call the Emirates home, have a combined following of more than 2.45 billion people.
“The content economy is one of the main drivers shaping the world’s future. The UAE is working to be among the first to create and lead that future," Mohammed Al Gergawi, Minister of Cabinet Affairs, said on Sunday.
“Our goal at Creators HQ is to build a comprehensive, attractive ecosystem for all players in the creators economy to support the spread of positive, purposeful content and its impact on community development. The UAE’s success in attracting global companies and content creators clearly shows its unique advantages as a pivotal hub for shaping the content economy and driving its global growth.”
What is Creators HQ?
The hub was established through the Content Creators Fund, initiated by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, during the second edition of the 1 Billion Followers Summit.
Creators HQ is equipped to host more than 300 events and workshops annually. It also offers exclusive member services, including golden visa facilitation, relocation support, and assistance with company set-up.
Creators across social media, digital streaming, podcasts, and visual arts are targeted. Its scope extends to gaming and e-sports, to virtual augmented reality firms, AI and machine learning start-ups, and software developers.
It was established with 100 members drawn from 20 countries, including some of the world's leading content creators, as well as those championing the rise of the sector.
The initiative has been endorsed by many of the world’s most prominent names in the field of written or visual content, including Meta, TikTok, X, Spotter, Creator Now, Tube Filter, Epidemic Sound and the New Media Academy.
Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
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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.”
