It is lights, cameras, action for Abu Dhabi

Money alone is often insufficient to found an organisation, an enterprise or an industry. Supporters of new businesses must also understand the importance of how a variety of actors must work together to facilitate the creation of new economic activities.

For example, in the early 1900s the emerging film industry in the US helped other areas of business expand. In a similar fashion, over the past 40 years the city of Abu Dhabi has seen tremendous progress. The Abu Dhabi Urban Council has worked hard on a plan to continue this growth and progress through to 2030. Making up one part of this plan are the efforts to spur economic growth in key "? sectors, including health, education, value-added manufacturing and tourism".

I have recently studied the growth and emergence of new industries and sectors, with a particular focus on the emergence of Hollywood. My studies of the success of the American film industry between 1895 and 1930 revealed systematic findings and patterns. I think these may be applicable beyond Los Angeles in the early 20th century and even have implications for Abu Dhabi in the early 21st century.

Given the enormous oil wealth concentrated in Abu Dhabi, I will presume that financial resources will not be the major constraint in growing new sectors such as health, education, manufacturing and tourism. Instead, I think a major challenge facing the emirate will be assembling the social resources that the emergence of new industries may require. In using the phrase "social capital", I have a very particular meaning in mind; specifically, the web of relationships among organisations, and within organisations among employees and groups, that provides information to add value and expand the capabilities of an organisation.

In terms of gaining attention, I can offer the following recommendations based on work I have done along with colleagues: first, policymakers should help new companies and industries engage in effective public relations strategies. It is apparent that media coverage of a new industry is self-generating; that is, past coverage leads to more future coverage - in the same way that properly invested seed money can grow into future profits.

Second, money to found media that provide specialised information to participants in a new sector, such as a trade journal or a trade social networking site, can also be important. The intense communication among participants enhances their ability to be effective in their new work and how they present themselves to important stakeholders. Third, creating more collective experience more rapidly can also be important. The faster a community of professionals, employees and companies can build a base of experience in the new sector, the more quickly that sector will gain exposure to the stakeholders that will help them succeed.

Fourth, the value of this experience will be magnified by facilitating connections among the key actors on the production side of the new industry. In particular, I interpret my findings to suggest that a greater concentration of relationships, that is when relatively fewer actors account for relatively more of the total connections, is important. Specifically, the presence of such central actors is associated with more rapid increases in attention to the new sector.

Of course, merely gaining attention is not sufficient for a new sector to grow; it is also important to get the right kind of attention. In general, the recommendations for gaining favourable evaluation of a new sector are the same as for gaining attention but with two significant differences: first, there is a general tendency for favourable evaluation to be self-generating - that is, more favourable evaluations in the past lead to more favourable evaluations in the future. Interestingly, there is also a tendency for negative evaluations in the past to not be self-generating; that is, more negative evaluations lead to more favourable future evaluations.

I believe this is because a mobilised, connected set of actors in the new sector will respond to negative evaluations. The danger comes from discussions of the new sector that are neutral rather than positive or negative. In fact, the evidence from my work suggests the possibility that coverage has a tendency to drift from neutral to negative. Perhaps this occurs because participants are not motivated to respond to neutral coverage or pay less attention to it. In addition, the concentration of ties that led to more attention to the new industry also tends to be associated with more negative evaluation of the sector. This may result from two different processes both of which should be considered by proponents of new industries and sectors. Given that this may be because actors in central positions tend to be targets for media coverage, there should be considerable attention to who is in those positions and how various persons are promoted to or rotated through central positions in the new sector.

An alternate possibility is that actors in central positions act to promote narrow interests of a few participants rather than broad interests of all or most participants in the new sector. This can lead to fragmentation and division within the new sector, making it more difficult to grow and promote the sector with important stakeholders. Again, some attention to the processes by which certain persons or organisations move into central positions in the network and encouraging them to promote broad interests is important.

The speed of attention and evaluation now is different to what it was 100 years ago and perhaps many of these processes will occur more quickly today than they did in the US in 1910. Nonetheless, I think the emergence of Hollywood is a notable event that may have some lessons to consider as Abu Dhabi moves toward 2030. Stephen Mezias, professor of entrepreneurship and family enterprise, is the holder of the Abu Dhabi Commercial Bank chair in international management and the academic director at the INSEAD Middle East Campus in Abu Dhabi.

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

Mia Man’s tips for fermentation

- Start with a simple recipe such as yogurt or sauerkraut

- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.

- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.

- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

GYAN’S ASIAN OUTPUT

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2016-2017: Al Ahli (loan) – 25 apps, 11 goals

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Key products and UAE prices

iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229

iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649

iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179

Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.

The%20specs

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The specs: 2019 Haval H6

Price, base: Dh69,900

Engine: 2.0-litre turbocharged four-cylinder

Transmission: Seven-speed automatic

Power: 197hp @ 5,500rpm

Torque: 315Nm @ 2,000rpm

Fuel economy, combined: 7.0L / 100km

The finalists

Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho

Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson

Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)

Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)

Club of the Year: Bayern Munich, Liverpool, Real Madrid

Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)

Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola

Key facilities

Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills

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

Company%20profile

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Uefa Champions League, Group B
Barcelona v Inter Milan
Camp Nou, Barcelona
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What is Folia?

Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.

Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."

Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.

In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".

There are also plans to take Folia to several more locations throughout the Middle East and Europe.

While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."

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The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

The biog

Name: Maitha Qambar

Age: 24

Emirate: Abu Dhabi

Education: Master’s Degree

Favourite hobby: Reading

She says: “Everyone has a purpose in life and everyone learns from their experiences”

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.”