If you're in this business to make a lot of money, Spike Lee tells local directors, get out. Effie-Michelle Metallidis finds out more.
Joseph "McG" McGinty Nichol paced the stage in a conference room at the Shangri-La Abu Dhabi. McG - the director of the Charlie's Angels films, the producer of The OC television series, the mastermind of the Pretty Fly for a White Guy music video - was halfway through the first masterclass of this year's Abu Dhabi Circle Film Conference, and he had already run out of things to say.
As the half-full room watched, he scanned the crowd, looking for help. He called up James Gianopulos, the CEO of Fox Films, and Kathleen Kennedy, of the Kennedy/Marshall company, but kept scanning "Spike," he said, spying Spike Lee and his signature tortoiseshell glasses sitting off to the side of the room. "Come on up here for a minute." Lee had spoken earlier in the day, and was obviously in no mood for an encore. But he obligingly trotted up the steps to the stage, taking a place next to Gianopulos and Kennedy.
"Spike," said McG, continuing to pace, "I can't imagine the things you've had to go through in Hollywood. You know, you've had to - he's had to deal with oppression, you know? Of Hollywood. You know with, for example, dealing with race - you know race, he's chosen to combat the prejudice, and he's, you know - I don't know about you, but nothing was ever handed to me. Right, Spike? You have to work for it - right?" After levelling a dubious sideways glance at McG, Lee took the microphone and talked for a few minutes about hard work.
The next night, Lee gave his own masterclass to a room packed with industry professionals, young Emirati students and Arab filmmakers from across the region. At 51, with slightly greying hair, he looks more academic than activist, but his tone still conveys the ambition and attitude of the film student who almost got kicked out of NYU almost 20 years ago.
"Forget about Hollywood," he told his audience. "Hollywood debases and demeans. Hollywood always has a villain. Today, it's terrorists from Arabic and Islamic countries. So the response is, you have to tell your own story."
Despite Lee's emphasis on local stories, the audience seemed fixated on Hollywood. A woman raised her hand and, after lauding Lee as a "phenomenal activist", asked what the Arab community in the West can do to turn its youth into "Spike Lees".
"Excuse me," he interrupted her, "But why do you expect Hollywood to tell stories about Arabic nations?" The lady began to protest, and Lee interrupted again. "Ma'am," he said patiently, "Why do you expect the UK and the US to tell Arab stories? You have to tell your own stories. Look, this place has more money than God. The resources are here. You just have to implement it."
A young Sudanese actor raised his hand and asked if he will ever be able to play anything other than a terrorist in Hollywood. Lee shielded his eyes from the spotlight to see the man. "Sir, again. Why are you expecting Hollywood to do this for you? I see a filmmaker here. I see a producer there. Everything you need is here in this room."
To many film lovers in the audience, Lee was a household name, his films beamed through satellites and cable packages, his story of self-made success told in countless glossy magazines. "Ten years ago, I remember I would sit with my friends, speaking about Spike Lee," said Hisham Zaman, a Kurdish-Iraqi filmmaker who was in the conference's directors showcase. "When you see Spike, you think he is a god." But, he added, "Then you meet him and see he is a person. He has struggled in his own way and he didn't become a director by complaining that this is all Hollywood's fault."
"You need to bust your culo," Lee told the class, picking up steam. A murmur of confusion rippled through the crowd until he clarified by adding "There are no overnight success stories. You need blood, sweat and tears. If you are in this business to be famous or make a lot of money, get out. If you want to be filmmakers, you need to work hard."
Saeed al Dhaheri, an Al Ain-based filmmaker, was delighted by Lee's no-nonsense advice. "We need people to tell the truth, who wake you up, who shake you up," he told me after the talk. We were standing alone in the conference room, listening to the cacophony of people vying for photo ops with Lee outside.
Through the door I watched Lee stay calm amid the furore, even as multiple iPhones were thrust in his face and sweat from the powerful lights rolled down his face. I was reminded of the night before, when Lee had briefly showed up at a reception for Arab filmmakers at the Shangri-La's pool area. Then too he resolutely wore his creased pants and blazer, handkerchief angled just so despite the intense humidity. He stood against a column, back to the pool and crowd while he checked his messages, his glasses slipping slightly, unmistakably Spike Lee.
mmetallidis@thenational.ae
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'Ghostbusters: From Beyond'
Director: Jason Reitman
Starring: Paul Rudd, Carrie Coon, Finn Wolfhard, Mckenna Grace
Rating: 2/5
Queen
Nicki Minaj
(Young Money/Cash Money)
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
ORDER OF PLAY ON SHOW COURTS
Centre Court - 4pm (UAE)
Gael Monfils (15) v Kyle Edmund
Karolina Pliskova (3) v Magdalena Rybarikova
Dusan Lajovic v Roger Federer (3)
Court 1 - 4pm
Adam Pavlasek v Novak Djokovic (2)
Dominic Thiem (8) v Gilles Simon
Angelique Kerber (1) v Kirsten Flipkens
Court 2 - 2.30pm
Grigor Dimitrov (13) v Marcos Baghdatis
Agnieszka Radwanska (9) v Christina McHale
Milos Raonic (6) v Mikhail Youzhny
Tsvetana Pironkova v Caroline Wozniacki (5)
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.”
Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
'Cheb%20Khaled'
%3Cp%3E%3Cstrong%3EArtist%3A%20%3C%2Fstrong%3EKhaled%3Cbr%3E%3Cstrong%3ELabel%3A%20%3C%2Fstrong%3EBelieve%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Who is Ramon Tribulietx?
Born in Spain, Tribulietx took sole charge of Auckland in 2010 and has gone on to lead the club to 14 trophies, including seven successive Oceania Champions League crowns. Has been tipped for the vacant New Zealand national team job following Anthony Hudson's resignation last month. Had previously been considered for the role.
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.