It's too soon to tell what impact the sudden death of the Fast & the Furious 7 star Paul Walker will have on plans to shoot scenes for the film in Abu Dhabi next month, according to Twofour54's chief executive.
The American actor was due to land in the capital within weeks along with other cast and crew to work on the film, which is due in theatres next year.
Noura Al Kaabi, chief executive of Twofour54 - whose production arm Intaj is Fast and Furious 7’s UAE producer - reacted to the news yesterday.
“We are very sad to learn that actor Paul Walker has died tragically after an accident while attending a charity event for his organisation Reach Out Worldwide,” she said in a statement. “Paul Walker was well-known for his role in the famous The Fast and the Furious franchise and we had been looking forward to welcoming him to Abu Dhabi next month for filming of The Fast and the Furious 7. Our thoughts are with Paul Walker’s family and with The Fast and The Furious cast and crew at this difficult time.”
Fast and the Furious 7 began limited shooting in Abu Dhabi last month, when visual effects units arrived to capture some images around key Abu Dhabi landmarks, including Etihad Towers and Emirates Palace. Al Kaabi said it was too early to comment on whether the upcoming Abu Dhabi shoot featuring the remaining lead actors will continue as scheduled.
The Los Angeles-based website www.acting-auditions.org, which had posted a casting call for the film back in July, updated its website today in light of Walker’s death, posting: “Filming will likely be postponed indefinitely.”
Fast and the Furious 7 is the latest Hollywood feature to take advantage of the emirate’s film rebate scheme.
Launched by the Abu Dhabi government last September, the initiative aims to reimburse 30 percent of production costs of film and television projects shot in Abu Dhabi.
The scheme has already lured the Jerry Bruckheimer-produced paranormal thriller Beware of the Night, which shot its title sequence and other scenes around the Liwa desert earlier this year.
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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.”
Kanguva
Did you know?
Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
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Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
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Close your windows and turn on the AC.
Shower or bath after being outside.
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