One of the main indicators of the generation gap is the rise of social media – particularly that of the influencer. Few of those who came of age before the proliferation of smartphones could have predicted that creatives, reviewers and performers in their late teens or early twenties can be a credible commercial vehicle, commanding fees worth thousands of dollars in some cases.
The world of traditional advertising and mass media has changed profoundly during a process that began about two decades ago with the advent of Facebook and YouTube. Now, the ubiquity and accessibility of high-level technology has been harnessed to social media platforms with unimaginable reach that allow homemade content to be shared instantly with millions of users worldwide. All that’s needed to get started is a smartphone, an internet connection and plenty of drive.
The 1 Billion Followers Summit that took place in Dubai this week offered a platform for many of the most – pardon the pun – influential figures in this youthful and dynamic part of the global economy. The influencer has well and truly arrived; they are also demanding recognition. As Alia Al Hammadi, chief executive of the New Media Academy, which organised the two-day event, told some of the 3,000 attendees: “It's not just a bunch of youths standing in front of the camera for the sake of fun and entertainment. It's a multimillion-dollar industry, and it's expected to keep growing.”
That growth, particularly in digital advertising, cannot be dismissed by those who find social media content frivolous or unappealing. According to Statista research published in December, an estimated $616 billion was projected to be spent on digital advertising worldwide in 2022. This figure is projected to surpass $1 trillion by 2027. The second generation of social media platforms, such as TikTok, are the go-to medium for millions around the world and the sector’s appeal is undeniable – Ms Al Hammadi told the Dubai summit that there are about 50 million people working as content creators globally.
This part of the Middle East is already embracing the potential and challenges of the content economy. The GCC’s high rate of internet connectivity and social media use mean careers in content creation, from coding to digital storytelling, are more viable and numerous than ever. These positions offer talented and ambitious young people an opportunity to succeed and are an important part of Gulf states’ diversification away from energy-based economies.
Dubai has become a regional centre for the content economy, as is evidenced by consistent government support for the industry and efforts to encourage more young people to equip themselves with the tech skills of the future. The UAE’s One Million Arab Coders initiative, launched in 2017, is a good example of this approach, offering courses that range from basic digital literacy to app development, machine learning and data analysis. As well as preparing Arab youth to become the next generation of technology experts, such initiatives take place in the wider context of the UAE’s embrace of artificial intelligence.
As with any boom there is always the possibility that if it is not well managed, it will prove to be unsustainable, or its benefits will not reach everyone. Issues like protecting digital assets and enforcing intellectual property rights are continuing challenges. This is why events like the 1 Billion Followers Summit are important; by bringing as many people as possible into the mix, they increase the chances of building a digital sector this is not just home to a handful of superstar influences, but is a place that offers millions of young people steady, paid and fulfilling careers for years to come.
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
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More from Rashmee Roshan Lall
RESULTS
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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Killing of Qassem Suleimani
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."
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
