Telfaz11, the Saudi Arabian production and financing group behind Six Windows in the Desert, has struck a partnership with Netflix to produce eight feature films.
Though little has been announced about the films at this point, it has been reported that the first of the projects will be available on the streaming platform in late 2021 and will be aimed at both regional and international audiences.
The partnership between Telfaz11 and Netflix comes after the success of Six Windows in the Desert, a collection of six short films that cover various topics such as nature, social taboos, extremism and the human psyche.
The films within the collection, directed by different filmmakers, were released on Netflix in March and have won several awards, including the Best Short Film Award from the Gold Film Awards Goddess Nike International Film Festival, and the Best Foreign Film Award for students at the Los Angeles Independent Film Festival.
“Great stories can come from anywhere and be loved everywhere,” Nuha El Tayeb, director of content acquisitions at Netflix Menat, said in a statement. "We are expanding our library of Saudi content and showcasing the beauty of Saudi storytelling by joining forces with its creators to produce authentic and intriguing stories that will resonate with both Arab and global audiences.”
Founded in Riyadh in 2011 by Alaa Yousef Fadan, Ali Al Kalthami and Ibrahim Al Khairallah, Teflaz11 quickly grew in popularity following the release of its web series Khambalah, as well as Top 5 and Alkhallat, which have collectively amassed billions of YouTube views.
Khairallah was also among the four comedians representing the Arab world in Netflix's Comedians of the World – a production that brought together 47 comedians from 13 regions in a stand-up comedy series. Kalthami, on the other hand, has written, directed and produced several films in his nine-year career, including Wasati, which is part of the Six Windows in the Desert collection.
“We are thrilled to partner with Netflix in an important validation of both our success at Telfaz11 and the region’s burgeoning production ecosystem,” Telfaz11 chief executive Fadan said in a statement. “These eight films will showcase for global audiences the incredible culture, locations and talent that exists within both our region and the Telfaz11 filmmaker network.”
This is the second partnership for Netflix with a Saudi production house as it continues to expand its production in Saudi Arabia. Earlier in September, it also announced a five-year partnership with Myrkott, the Saudi Arabian animation studio behind Masameer.
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
