'Cruel Sea' by Khaled Al Siddiq is the first film by a GCC director
'Cruel Sea' by Khaled Al Siddiq is the first film by a GCC director
'Cruel Sea' by Khaled Al Siddiq is the first film by a GCC director
'Cruel Sea' by Khaled Al Siddiq is the first film by a GCC director

Khaled Al Siddiq, Kuwaiti director behind first GCC film, dies aged 76


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Khaled Al Siddiq, the director behind the first GCC film, died on Thursday aged 76, according to local media reports and the Kuwait National Cinema Company.

No cause of death has been announced.

Al Siddiq was a pioneer of regional cinema. His debut 1972 film Cruel Sea was the first feature film directed and produced by a Gulf citizen. It was also selected as the Kuwaiti entry for the Best Foreign Language Film at the 45th Academy Awards.

The film won first prize at the 1972 Youth Film Festival in Damascus, as well as the Fipresci Prize at the Venice Film Festival that year.

Cruel Sea tells the story of a young man who pleads with his father, a former pearl diver who was injured by a shark, to let him go and earn a living collecting the precious gemstones from the sea. The film is a moving portrayal of the need to prove yourself to family and society.

"I had to sell land to make this film," Al Siddiq said during a 2018 screening of the film at NYU Abu Dhabi.

Al Siddiq went on to release several critically acclaimed features throughout his career, including The Wedding of Zein in 1976 and Shaheen in 1984. His films often sought to capture life in the Arabian Peninsula before the discovery of oil.

Tributes for Al Siddiq have begun pouring in on social media, with fans and media personalities praising the filmmaker’s contributions and offering condolences to his family.

“Imagine that he directed his film Cruel Sea when he was just 26 years old,” Twitter user Qasem Al-Qaderi wrote. “Isn’t that evidence of his creativity and distinction?”

The Kuwait National Cinema Company also posted a statement in honour of Al Siddiq, writing that the filmmaker helped to bring “Kuwait’s name to an international platform” through his work.

“He was a supreme talent among the ranks of Kuwaiti creatives,” the statement reads.

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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.”

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Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

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Updated: October 14, 2021, 11:43 AM