Since its release on November 25, Al Kameen has smashed UAE box office records, marking a big moment not only for Emirati cinema, but for Arab films as a whole.
The Emirati war drama has had more than 170,000 cinema admissions since its release in cinemas, according to Vox Distribution, making it the most successful Emirati and Arabic-language movie in the UAE.
Moreover, it has become one of the top-five grossing films of this year, a week after its release, behind Fast & Furious 9, Venom 2, No Time to Die and Godzilla Vs Kong, Vox Distribution said.
The movie, which translates as "The Ambush", is based on the true story of a daring mission by a group of Emirati soldiers who set off to rescue their compatriots trapped by rebel fighters in a mountainous valley.
Directed by Pierre Morel, the man behind 2008 movie Taken, Al Kameen is a co-production between AGC International and Image Nation Abu Dhabi. It was filmed entirely in the UAE, and features more than 400 cast and crew members – making it the largest Arabic-language feature film production in the GCC.
The movie’s world premiere at Vox Cinemas Yas Mall on November 22 was attended by Morel, producers Derek Dauchy (Victor Frankenstein) and Jennifer Roth (Black Swan), and the cast, alongside the real Emirati soldiers whose true story inspired the film.
“The feedback we have received from audiences across the UAE has been overwhelming and I am so proud to have been a part of this fantastic project. I hope audiences continue to resonate with this inspirational story of brotherhood,” said Morel.
Ignace Lahoud, chief executive officer, Majid Al Futtaim Leisure, Entertainment & Cinemas, said the success of the film reiterates the growing popularity of home-grown productions.
“We are committed to championing local talent and providing the necessary platform to ensure that premium Arabic content is made accessible to audiences,” he says.
Al Kameen stars an all-Emirati lead cast, including Marwan Abdulla Saleh, Khalifa Al Jassem, Mohammed Ahmed, Abdullah Saeed Bin Haider, Saeed AlHarsh and Hassan Yousuf Alblooshi.
The script was written by Brandon Birtell (Fast & Furious 7) and Kurtis Birtell (Medal of Honour) in close consultation with the soldiers involved in the real-life 2018 incident that inspired the plot. Image Nation Abu Dhabi’s production included a team of Emirati filmmakers and development executives including Hana Kazim, Talal Al Asmani, Alwiya Thani and Alia AlQemzi.
“Alongside the incredibly compelling story, the success that Al Kameen has seen in just a few days is thanks in no small part to the incredibly talented crew based in Abu Dhabi,” said Kazim, manager of local film and television at Image Nation Abu Dhabi and executive in charge of production on Al Kameen.
“This achievement is further proof that world-class content is being produced in the emirate. The success is a landmark moment for Emirati cinema and we hope this also provides further opportunities for our well-proven local talent."
Al Kameen is in cinemas across the UAE
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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.”
UAE currency: the story behind the money in your pockets
