Emirates' filmmakers still need to find their focus


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ABU DHABI // Emirati filmmakers are creating an industry from nothing, but need to figure out what they want to say and how to make it cinematically worthy, says a judge at the Middle East International Film Festival. Kate Seelye, a judge for the festival's Emirates Films Competition, said: "There were no film schools until last year, no film classes taught at universities and no film clubs. These students are not being exposed to theory of filmmaking and film history.

"So given they're working with a blank slate, they're producing work that technically is very competent and also showing storytelling potential." Ms Seelye, an American journalist and documentary filmmaker with a passion for Arab cinema who previously worked in Hollywood but now lives in Beirut, has judged 27 films for the competition. While several of the entries in the category came from Bahrain and Saudi Arabia, most were from the UAE.

"I'm excited about the UAE funding and making films because, in the past, Arab talent has had to turn to western funding, and that's been such a big problem for Arab film-makers," she said. However, young Emiratis have yet to discover what their message is or what social issues to tackle, she said. "Interesting film tends to be subversive, anti-establishment and talks about issues that people are afraid to talk about. Will Emirati filmmakers be ready to go there? There are many social issues that are so interesting here but often they're not discussed because they're too controversial.

"They'll begin to dig within themselves and within society, then they'll start to produce very interesting film." Ms Seelye used Iranian cinema as an example of filmmakers in the region tackling taboo topics. Emirati cinema will achieve the same level of recognition when its filmmakers explore complex issues from their every day lives, she said. "The UAE is in a period of transition, as they go through this phase of rapid growth and development. I get the sense that a lot of Emiratis are asking themselves: 'Who are we today? Can our culture sustain influx of other cultures given that we're a minority? Can we hold on to who we are or will it be swept away by development and westernisation?'

"It would be interesting for Emiratis to talk about these anxieties and fears, like, 'We might lose our language, and parts of our heritage like poetry.' I'd like to see questions of identity, gender, rapidly changing roles for men and women, relationship to the West." More technical challenges, such as learning how to narrate a story in screenwriting format, can be overcome with training, she said.

"With the right type of nurturing through training and funding, and a little bit of time, Emirati cinema can put the UAE on the world map in a much more prestigious way than the skyscrapers and development." relass@thenational.ae

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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.”

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The BIO:

He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal

He ascended Mount Everest the next year from the more treacherous north Tibetan side

By 2015, he had completed the Explorers Grand Slam

Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border

He carries dried camel meat, dried dates and a wheat mixture for the final summit push

His new goal is to climb 14 peaks that are more than 8,000 metres above sea level

UAE currency: the story behind the money in your pockets
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Founder: Ayman Badawi

Date started: Test product September 2016, paid launch January 2017

Based: Dubai, UAE

Sector: Software

Size: Seven employees

Funding: $170,000 in angel investment

Funders: friends

Graduated from the American University of Sharjah

She is the eldest of three brothers and two sisters

Has helped solve 15 cases of electric shocks

Enjoys travelling, reading and horse riding

 

While you're here
If you go

The flights

The closest international airport for those travelling from the UAE is Denver, Colorado. British Airways (www.ba.com) flies from the UAE via London from Dh3,700 return, including taxes. From there, transfers can be arranged to the ranch or it’s a seven-hour drive. Alternatively, take an internal flight to the counties of Cody, Casper, or Billings

The stay

Red Reflet offers a series of packages, with prices varying depending on season. All meals and activities are included, with prices starting from US$2,218 (Dh7,150) per person for a minimum stay of three nights, including taxes. For more information, visit red-reflet-ranch.net.

 

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'Doctor Strange in the Multiverse Of Madness' 

   

 

Director: Sam Raimi

 

Cast: Benedict Cumberbatch, Elizabeth Olsen, Chiwetel Ejiofor, Benedict Wong, Xochitl Gomez, Michael Stuhlbarg and Rachel McAdams

 

Rating: 3/5