INTERVIEW: CEO Jasper Hope wants people to think of Dubai Opera as 'a great venue of the world'

Illustration by Luis Grañena
Updated 11 August 2019
Follow

INTERVIEW: CEO Jasper Hope wants people to think of Dubai Opera as 'a great venue of the world'

  • Jasper Hope, CEO of Dubai Opera, explains the subtleties of bringing high culture — and Status Quo — to the Gulf

DUBAI: After three years and 600 shows, Jasper Hope, chief executive of Dubai Opera, is convinced he made the right choice when he left the prestigious grandeur of London’s Royal Albert Hall for a “startup” in the Arabian Gulf.
“I want people to think of this as a great venue of the world, and I fully believe that they will,” he said, contemplating the third anniversary of the Opera’s opening in a a couple of weeks. In a short space of time, the Opera has become a firm attraction in the UAE’s cultural scene, and an anchor of Dubai’s buzzy Downtown area, nestling beside the world’s tallest building, the Burj Khalifa, and the gigantic Dubai Mall.
He believes it can also serve as a model for other Gulf countries, notably Saudi Arabia, as it seeks to open up new entertainment options for its citizens and foreign tourists.
50-year-old Hope, who has worked in the music entertainment business all his career, reeled off the successes of the first three years: The opening night with the “king of opera” Placido Domingo (“Wow, just amazing”); the three-week run of the hit musical Les Miserables; the virtuoso performance of the violinist Daniel Hope (his brother); through to sell-out shows by British rock band Status Quo and Catalan troubadours the Gypsy Kings.
To underline the commercial nature of the Opera, which is owned by the UAE property and leisure developer Emaar, he admits: “Every time we sell out is amazing.”
Hope said it was always part of the plan to offer the full spectrum of musical and visual entertainment, while admitting some “tweaks” to the program along the way.
“What got me most excited about being asked to come here was there as no prescriptive set of instructions I had to follow. There was an idea — Dubai needs a place for great entertainment, a great theater, a great concert hall, and under the banner of the opera house it has one,” he said.
“It was about being able to start from scratch in a market that didn’t exist, but in an industry and area I know and love and has been my professional life all these years,” he said.
He has little time for the opera snobs who might complain that it’s too inclusive of other genres.
“With getting pernickety about it, even in the great old opera houses of the world it’s not just opera. For a start, there’s always a ballet company, so it’s always opera and ballet, and because you need classical music, there’s always an orchestra as well,” he said.
“So even before you start to ask whether they do the occasional Elton John show, fashion show or anything else, you’ve already got other things there.”
Hope also pointed out that classical opera rarely makes any money, and all have had to widen their appeal. “This region is not full enough yet of opera-going audiences to fill a place like this, and one part of my job is to make sure this is not some horrendous white elephant. This is a used, exciting, alive building in the city — ‘bums on seats’ as we call it in the industry,” he said.
There are other major music venues in the Gulf — in Oman and more recently in Kuwait. Hope also pointed to Ithra, the big multicultural venue near Damman in Saudi Arabia, home to the King Abdulaziz Center for Word Culture, and gave tantalizing hints of other big projects coming up in the Kingdom.
He has had meetings with the Saudi General Entertainment Authority, and hosted its officials on fact-finding trips to Dubai. “They have been going all over the world to look at different buildings, different models, because there are so many different ways of operating — a commercial basis, state subsidies — and all sorts of different buildings that are suitable — some specific, some multi-functional,” he said.
He thinks Saudi Arabia certainly has the potential to sustain its own musical entertainment industry, “based on the number of people of a certain age who are excited about it,” but he advised some caution.
“My only worry is that it’s really easy to go and buy anything, frankly. What is very challenging is creating for yourself and for your audience, and developing it yourself — using international products in some cases but not exclusively. There has to be a proper blend of local, regional and international elements, and I’ve no doubt that in a country of that many people there are different tastes, like in any other country in the world. Taste is entirely subjective by its very nature and it’s very difficult to predict what’s going to be right for an audience,” he said.
“You can’t say because it worked in London or Paris it will work here. There are certain artistic products or companies that are not going to be appropriate, whatever the opportunities in Saudi Arabia, for a long time or possibly forever,” he said.
The “sensitivities” are not always on the side of local authorities or audiences. “I’ve experienced artistic companies coming to Dubai in the past three years, and they come with a kind of nervous mindset. They haven’t been to the Middle East before and they don’t know how things work here. They worry about one line in a musical or a stand up comedy. Am I allowed to say that? What will happen if I do?”

BIO

BORN

• 1969 South Africa (British citizen).

EDUCATION

• Oxford Brookes University, hotel and catering management.

CAREER 

• IMG — general manager Europe.

• AEG Live UK — senior director, live events.

• Royal Albert Hall — COO.

• Dubai Opera — CEO Middle East and Africa.

These issues can be overcome, he said, by careful and early planning, and by taking advice from the authorities. “I guess I self-censor. I guess I have an understanding of what is going to be acceptable or not. And if I need to take advice, I go ahead and do that before I commit to the show. I don’t wait until I hear what comes out of somebody’s mouth. There should be no surprises,” he said.
The other important constituency for Hope is the owner, Emaar. He is chief executive of a commercial business, and is conscious of the need to have Dubai Opera as a profitable operation. From earlier phases of his career — with international entertainment marketing business IMG and with AEG Live, the owners of The O2 in East London — he understands this imperative, but at the Royal Albert Hall, which is run as a national charity in the UK, he did not have the same financial pressure.
So does Dubai Opera make money? “I can’t tell you precisely what kind of numbers we deal in, for lots of reasons, but mainly because we are part of Emaar, a listed company and there are all sorts of rules about that. But we are not government, and we are not a charity. We operate by the same imperatives as if it’s an Emaar hotel, or cinema, or mall, or the Burj Khalifa,” he said.
“We have to have a commercial mindset going into each production. But having said that, it’s exceptionally rare for opera, the genre, ever to be profitable. On the flip side, it is entirely possible and probable for musicals, for rock and pop, and all sorts of the things to be profitable,” he added.
Hope explained the basic rule: “Don’t do stuff that loses money, unless you’ve got other things that make money that can balance that. We want to be a net contributor not just to Emaar but also to Dubai.”
Revenue comes via sponsorship, with some of the biggest names in Dubai business signed up, as well as via food and beverage and other income streams. And, of course, via selling tickets to the public. Hope admitted these are not cheap, but insisted they represent “good value” for the big shows he aims at attracting to Dubai Opera.
A look at the coming schedule shows the scale of his ambition, and the breadth of the offering. It will start off low-key with a Disney film festival, featuring 48 movies and activities like a “Beauty and the Beast” singalong in the foyers.
Then it gets straight into the serious stuff — a 300-cast production of Puccini’s Turandot by the Shanghai Grand Theatre, followed by the Shanghai ballet.
The highlight of the season will be a three-week run of The Phantom of the Opera with the original London production of the hit show. “It’s a massive show, and I’m so pleased we’ve been able to get it. For these big shows we want the same show you would have seen in London or Broadway,” he said.
Even blockbusters like Phantom are not the end of Hope’s ambitions for Dubai Opera. He said he would love to stage The Lion King, or the hit Broadway musical Hamilton. Likewise, there are “hundreds” of works and pop stars he would like to appear in Dubai.
Hope has lost none of the enthusiasm that got him into the music business in the first place, and eventually brought him to Dubai. “It’s the same if you’re 10 years old or 50. It should be an exciting thing in your life to be entertained by a live performance for a couple of hours. It’s a magical thing,” he said.
 


UNCCD COP16: Saudi Arabia announces Green Zone to combat land degradation

Updated 18 November 2024
Follow

UNCCD COP16: Saudi Arabia announces Green Zone to combat land degradation

RIYADH: Saudi Arabia will host a special UN forum to combat desertification with the introduction of a dedicated Green Zone and thematic days for the first time in the event’s history. 

As part of its presidency of the UN Convention to Combat Desertification COP16, the Kingdom has announced a dedicated area focused on raising global awareness about land degradation, while enabling key decision-makers from scientific, non-governmental, political, business, and at-risk communities to find and fund lasting solutions. 

The Green Zone will host thematic days designed to rally action on critical issues, including agri-food systems and finance, during the conference set to take place from Dec. 2-13 at Boulevard Riyadh City. 

This initiative aligns with the Saudi Green Initiative target to turn 30 percent of the Kingdom’s land into nature reserves, plant 10 billion trees, and restore 40 million hectares of degraded land. 

“Land degradation, desertification and drought impact almost every corner of the planet, and every living being on it, from the species at risk of extinction to the lives and livelihoods impacted by severe drought,” said Osama Faqeeha, deputy minister for environment at the Ministry of Environment, Water and Agriculture, and adviser to the UNCCD COP16 Presidency. 

“Saudi Arabia will host the first-ever UNCCD COP16 Green Zone to mobilize the international community and maximize the opportunity during December’s conference of delivering lasting global change,” he added. 

There will also be a Blue Zone, which along with its green counterpart will feature seven thematic days designed to foster action and dialogue among key stakeholders. 

Land Day will focus on land restoration initiatives and nature-based solutions, while the Business for Land Forum will bring together international leaders to discuss the economic importance of sustainable land practices. 

Finance Day will address ways to close the financing gap in land degradation, along with a special ministerial dialogue and innovations in Sustainable Land Management financing. Governance Day will focus on improving women’s land rights and address policy issues surrounding land tenure and resource governance. 

Agri-Food Systems Day will spotlight food security, crop resilience, and sustainable farming. Resilience Day will explore water scarcity, drought resilience, and early warning systems for sand and dust storms. 

People’s Day will feature a youth caucus to engage young people, as 1 billion people under 25 in regions dependent on land and natural resources for jobs and livelihoods face significant challenges. 

 


Alfanar Projects, SEC sign $5.33bn deals to support Saudi energy modernization 

Updated 18 November 2024
Follow

Alfanar Projects, SEC sign $5.33bn deals to support Saudi energy modernization 

RIYADH: Energy deals worth SR20 billion ($5.33 billion) have been signed between Alfanar Projects and Saudi Electricity Co. to advance the Kingdom’s power modernization and sustainability efforts. 

The agreements, announced during the Energy Localization Forum hosted by the Ministry of Energy, include the construction of the Middle East’s largest High-Voltage Direct Current Converter Station, according to a press release.  

This facility, developed in partnership with China Electric Power Equipment and Technology Co., will deliver 7 gigawatts of power between the Central, Western, and Southern regions. 

The deals also include projects for battery storage systems, smart distribution centers, and renewable energy integration, aimed at improving grid reliability and supporting Saudi Arabia’s Vision 2030 goals of energy self-sufficiency and sustainability. 

Saudi Arabia aims to get 50 percent of its power from renewable energy by 2030, with a total capacity of 130 GW. This includes 58.7 GW from solar and 40 GW from wind, making it the most ambitious renewable energy target in the Gulf Cooperation Council. 

Amer Al-Ajmi, executive vice president of sales and marketing at Alfanar Projects, said: “The confidence placed in us by the Ministry of Energy, through its representative, Saudi Electricity Co., affirms our commitment to deliver and execute transformative projects of this scale.”  

He added: “At Alfanar Projects, we combine our robust resources, technical expertise, and a highly skilled national workforce to create a sustainable energy infrastructure that supports the Kingdom’s self-sufficiency goals and strengthens its role as a leader in renewable energy.” 

The signing ceremony was attended by Saudi Energy Minister Prince Abdulaziz bin Salman, Minister of State Hamad bin Mohammed Al-Sheikh, and Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef. 

Other key representatives included Khaled Al-Ghamdi, CEO of Saudi Electricity Co., and Sabah Al-Mutlaq, vice chairman of Alfanar Co. and managing director of Alfanar Projects, who represented both organizations. 

Alfanar Projects is a Saudi-based company developing sustainable energy projects that support economic growth and environmental goals in the Kingdom and beyond. 

Earlier this month, Saudi Electricity Co. reported a net profit of SR5.6 billion for the first nine months of 2024, up from SR 4.6 billion last year. The company’s power generation capacity grew by 1.4 percent, with its directly owned capacity rising to 56.9 GW. 


Closing Bell: Saudi benchmark index edges up to close at 11,830

Updated 18 November 2024
Follow

Closing Bell: Saudi benchmark index edges up to close at 11,830

RIYADH: Saudi Arabia’s Tadawul All Share Index rose by 0.16 percent or 18.40 points to reach 11,830.38 points on Monday.   

The total trading turnover of the benchmark index was SR5.4 billion ($1.46 billion), as 78 of the listed stocks advanced, while 151 retreated.   

The MSCI Tadawul Index increased by 1.22 points, or 0.08 percent, to close at 1,487.07.    

The Kingdom’s parallel market Nomu also increased, gaining 119 points, or 0.40 percent, to close at 29,596.35 points. This comes as 44 of the listed stocks advanced while as many as 34 retreated.   

The index’s top performer, the National Co. for Glass Industries, saw a 9.11 percent increase in its share price to close at SR53.90.   

Other top performers included Arriyadh Development Co., which saw a 5.76 percent increase to reach SR27.55, while Almasane Alkobra Mining Co.’s share price rose by 4.41 percent to SR68.70.  

The Power and Water Utility Co. for Jubail and Yanbu also recorded a positive trajectory, with share prices rising 3.26 percent to reach SR57. CATRION Catering Holding Co. also witnessed positive gains, with 3.20 percent reaching SR129.

East Pipes Integrated Co. for Industry was TASI’s worst performer, with the company’s share price dropping by 3.78 percent to SR137.40. 

Arabian Pipes Co. followed with a 3.68 percent drop to SR109.80. Alkhorayef Water and Power Technologies Co. also saw a notable drop of 3.31 percent to settle at SR140. 

Elm Co. and MBC Group Co. were among the top five poorest performers, with Elm Co.’s share declining by 3.24 percent to settle at SR1.127.60 and MBC Group’s falling by 3.18 percent to sit at SR44.15.

On Nomu, Shalfa Facilities Management Co. was the best performer, with its share price rising by 14.03 percent to reach SR95.90. 

Sure Global Tech Co. and Mohammed Hasan AlNaqool Sons Co. also delivered strong performances. Sure Global Tech Co. saw its share price rise by 13.24 percent, reaching SR83.80, while Mohammed Hasan AlNaqool Sons Co. recorded a 12.20 percent increase, standing at SR43.70.

Osool and Bakheet Investment Co. also fared well with 9.81, and Banan Real Estate Co. increased 7.73 percent.

Alqemam for Computer Systems Co. shed the most in Nomu, with its share price dropping by 12 percent to reach SR88. 

Natural Gas Distribution Co. experienced a 5.87 percent decline in share prices, closing at SR54.50, while Horizon Educational Co. dropped 5.66 percent to settle at SR75.

Raoom Trading Co. and Lana Medical Co. were also among the top decliners, with Raoom Trading Co. falling 5.26 and Lana Medical Co. declining 4.89 percent.


Pakistan Stock Exchange may gain at least 27% by end of 2025 — Bloomberg

Updated 18 November 2024
Follow

Pakistan Stock Exchange may gain at least 27% by end of 2025 — Bloomberg

  • Benchmark KSE-100 Index forecast to increase to 127,000 points by Dec. 2025, a 34% rise, from 94,704 points it closed on Friday
  • Key index advanced as much as 0.6% on Monday, taking gains to more than 50% this year, the second best performer globally

ISLAMABAD: Pakistan’s stocks are expected to advance by more than a quarter by the end of next year as the nation’s economy shows improvement under a loan program with the International Monetary Fund and the currency stabilizes, Bloomberg reported on Monday, quoting two brokerage houses. 

The benchmark KSE-100 Index is forecast to increase to 127,000 points by December 2025, or a 34% rise, from the 94,704 points it closed last Friday, according to Topline Securities Ltd. in a report announced on Nov. 16. Arif Habib Ltd. targets the index to reach 120,000 points, a gain of 27%.

“The stage is set for a potential market re-rating with declining interest rates, a stable rupee, and improving macroeconomic indicators,” Karachi-based brokerage Arif Habib commented in a report.

Pakistan’s economy has stabilized with inflation easing from record levels that has allowed the central bank to cut the interest rate for four straight meetings to 15 percent, the lowest in two years. 

The key index advanced as much as 0.6% on Monday, taking its gains to more than 50% this year, the second best performer globally, according to data compiled by Bloomberg.

The equity market will be offering a 37% return including 10% dividend yield by the end of 2025 because of economic stability and falling bond yields, Karachi-based Topline said in a separate report.

Pakistan is also increasingly attracting the attention of foreign investors, particularly in its debt and equity markets, said Arif Habib.


Saudi commercial records surge 68% in 20 months

Updated 18 November 2024
Follow

Saudi commercial records surge 68% in 20 months

RIYADH: Saudi Arabia has seen a remarkable 68 percent growth in commercial records over the 20 months since the implementation of its New Companies Law, according to a recent government report.

The law, which took effect on Jan. 19, 2023, introduced significant reforms aimed at simplifying business processes and fostering a more dynamic corporate environment. By the end of the third quarter of 2024, the number of commercial records had risen to 389,413, up from 230,762 before the law’s introduction, the Ministry of Commerce reported.

Among the law’s key innovations are streamlined processes for setting up joint-stock companies, the ability for shareholders to participate remotely, and improved financing options, including allowing limited liability companies to issue debt instruments. These changes have reshaped the corporate landscape by simplifying company formation and offering flexible financing avenues.

The law also encourages broader ownership by easing the purchase of shares and equity stakes. Notably, it introduces a simplified joint-stock company model and includes provisions for non-profit organizations. Other reforms include allowing sole proprietorships to transition into any company type, modernizing rules for corporate mergers and transformations, and permitting company splits.

Small and micro enterprises are exempt from the requirement of an external auditor, reducing their compliance burdens. Additionally, the law enhances digital services, enabling remote shareholder meetings and decision-making, and removes restrictions across all stages of company formation, operation, and exit.

The reforms also introduce a family charter to govern family-owned businesses and simplify the process for foreign companies to operate in the Kingdom, creating a more flexible and investor-friendly environment.

In its September report, the International Monetary Fund praised the reforms for improving access to financing, reducing fees, and strengthening governance, which has helped attract record levels of foreign investment. The IMF also noted that the reforms have contributed to the growth of non-oil sectors and increased employment.

The IMF further highlighted that the rise in non-oil revenues underscores the effectiveness of these reforms, which have also led to better compliance and alignment of customs procedures with international best practices.

In addition, in September, Saudi Arabia approved new laws related to commercial registration and trade names, further streamlining business operations and improving the overall business environment.

These changes were approved at a Cabinet session in Riyadh on Sept. 17, chaired by Crown Prince Mohammed bin Salman.