Global recorded music body IFPI and the United Arab Emirates Ministry of Economy (MoE) have signed a joint Memorandum of Understanding pledging “to support the continuing growth of the UAE’s recorded music business”.
According to the IFPI, the “landmark agreement” is “a first-of-its-kind for the region” that outlines several ways in which the MoE, IFPI and record companies operating in the UAE will collaborate.
This includes, according to the IFPI, “sharing relevant information and data; creating a copyright framework that aligns with international standards; and enforcing, collecting and protecting the rights of record producers”.
The MoU was signed during IFPI’s Global Main Board meeting in Abu Dhabi, this month.
According to IFPI’s recently published Global Music Report, recorded music market revenues in the Middle East and North Africa (MENA) region grew by 35% in 2021 – the fastest-growing region in the world.
The figures also showed that streaming represented some 95.3% of recorded music revenues in the region in 2021.
The MOU follows the announcement by IFPI that regional music charts are being established in the region for the first time.
His Excellency Abdulaziz Al-Nuaimi, Assistant Undersecretary for Commercial Affairs at the UAE Ministry of Economy, commented on the MoU, added: “There’s a saying that the future has already happened, unfolding one day at a time.
“We believe the partnership with IFPI and its members shall unfold the music industry future the same way, as each day passes.
“Among other areas included in the MoU, collective management is only the beginning to fuel the economic potential of the UAE’s and the region’s creative economy.”
“This is a very exciting time for the music industry in the UAE and the MoU is an important next step to ensuring its future growth.”
Frances Moore, IFPI
Speaking on the signing of the MoU, IFPI Chief Executive, Frances Moore, said: “This is a very exciting time for the music industry in the UAE and the MoU is an important next step to ensuring its future growth.
“We are looking forward to working closely with the Ministry of Economy in a number of areas to support the development of the industry in a way that is sustainable for the long term.
“Our priority is to develop an official music licensing company that will license the use of recordings for broadcast and public performance under UAE law.”
IFPI’s Regional Director, Middle East & North Africa, Rawan Al-Dabbas added: “This marks a really important moment that will drive the development of a strong environment for recorded music in the UAE and support the next generation of artists here.”
Music Business Worldwide