Al Ain centre focusing on music of Islamic world will be global first



Al Ain is to become home to the world's first centre dedicated to preserving the musical heritage of the Islamic world, a senior cultural official confirmed yesterday. Although the Al Ain Centre for Music in the World of Islam will not open until 2011, it will launch a schedule of events, research and outreach programmes almost immediately. "There is no centre in the entire world with such a specific scope," said Dr Sami al Masri, deputy director general and director of strategic planning at the Abu Dhabi Authority for Culture and Heritage (Adach).

"It will cover aspects of musical history, including old instruments, archive musical scores and the sub-genres of folk music, which are rarely researched and never promoted." Ahead of a two-day conference in Abu Dhabi attended by 30 specialists in ethnic music and anthropology from 21 countries, Dr al Masri said that the long-term aim of the centre would be to establish a base of expertise in the region.

"Currently, people with professional capacities in this area are largely based in the West. We want the focus to be on preserving the knowledge in the Islamic world," he said. "Music is an important part of culture. It is an expression, linked to aspirations, habits and traditions. Especially by studying the types of music that are not often promoted, we can learn a lot about our history." Researchers at the centre will also study literature, calligraphy and architecture. "This will put the musical history in context," said Dr al Masri.

He added that the experts attending the Abu Dhabi conference were focused on safeguarding the Muslim world's musical heritage. "The idea is to bring people together from all over the world to talk about why this research is important," he said. "We want to identify the traditions that are becoming lost in our rapidly globalising world and pinpoint specific examples of what needs safeguarding. We will then revitalise these traditions in a new context."

Last week, Mohammed Khalaf al Mazrouei, director general of Adach, broke the news of the centre, saying it was part of the authority's long-term plans. He said the authority was trying to help reach a better level of understanding of Muslim, Arab and UAE culture both locally and globally. aseaman@thenational.ae

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How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

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What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

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Prefers vegetables and fish to meat and would choose salad over pizza

Walks daily as part of regular exercise routine 

France is her favourite country to visit

Has written books and manuals on women’s education, first aid and health for the family

Family: Husband, three sons and a daughter

Fathiya Nadhari's instructions to her children was to give back to the country

The children worked as young volunteers in social, education and health campaigns

Her motto is to never stop working for the country

MATCH INFO

Newcastle United 1 (Carroll 82')

Leicester City 2 (Maddison 55', Tielemans 72')

Man of the match James Maddison (Leicester)

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.


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