While many eyes may have been on the stellar celebrity guest list on the opening day of this year’s Middle East Film and Comic Con, there was also a healthy focus on local productions.
Among the highlights was the premier of the trailer for the Emirati-produced Aerials, which the producers say is the UAE's, and possibly the Arab world's, first feature-length sci-fi film, and the premier of local filmmaker Faisal Hashmi's latest short, Sleight.
Aerials reunites Emirati producer Ghanem Ghoubash and Dubai-based director S A Zaidi, who previously collaborated on 2013's A Tale of Two Suns. It stars veteran Emirati actor Mansoor Al Feeli and Djinn's Abeer Mohammed.
The trailer shows Dubai invaded by aliens, complete with impressive shots of an alien spaceship hovering over the Burj Khalifa. The film is in the later stages of post-production, and the makers say they are in talks with distributors and hope to have it in cinemas by the end of the year.
“This is all in-house production, and we’re boasting that we’re the only production with such quality 3D animation here,” says Zaidi. “We privately funded it, including myself and Ghanem. We’ve been shooting for almost two years, so we’re being picky about distributors – we need to get it in cinemas to make our money back.”
Hashmi’s latest short film, features Virgin Radio’s Brent Black playing a late-night radio DJ whose on-air rant about magicians leads to some unexpected twists and consequences.
Hashmi is in the process of arranging further public screenings, including one at Dubai's Classic Rock Cafe on April 16. Check Hashmic House Films' Facebook page for details.
There was also plenty of international talent on show at MEFCC on Friday. Fans were treated to question-and-answer sessions with sci-fi icon William Shatner (Star Trek's original Captain James T Kirk) and Marvel's Agent Peggy Carter, Hayley Atwell. She apologised for her late arrival by revealing she'd left chilly London in a woollen dress and tights, only to arrive in Dubai's 30-plus degree temperatures to discover her luggage had been lost. So she had to shop for some cooler clothes before braving the World Trade Centre heat.
The show has taken over an additional hall at DWTC this year but by it’s midafternoon peak it still seemed even more jam-packed with visitors than last year’s record-breaking event as fans traversed the comic-book and movie-memorabilia dealers, display stands from global giants such as Marvel and Star Wars, an outdoor stage with live music, guest appearances, the reliably kooky cosplay competition, the Game Zone and, for my money the greatest thing ever seen – a human-sized, real-life Pac-Man game, complete with ghost and Pac-Man outfits.
There's plenty more to come on Saturday, not least the appearance of X-Files star Gillian Anderson, Flash Gordon's Sam Jones, and sword-fighting lessons with Game of Thrones' Miltos Yerolemou, as well as plenty more of the insane costumes, games and onstage antics that make the event such fun every year, whether you're a hardcore member of the geek fraternity or a befuddled observer.
One-day tickets are still available for Dh130 on the door, so if you’re looking for something entirely different to a visit to your local mall this weekend, I really can’t recommend it highly enough.
cnewbould@thenational.ae
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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