A still from Sabeel, a short film with no dialogue that tells the story of two boys living in the Northern Emirates.
A still from Sabeel, a short film with no dialogue that tells the story of two boys living in the Northern Emirates.
A still from Sabeel, a short film with no dialogue that tells the story of two boys living in the Northern Emirates.
A still from Sabeel, a short film with no dialogue that tells the story of two boys living in the Northern Emirates.

Emirati feature honoured at New York film festival


  • English
  • Arabic

An Emirati short film has won top honours at a film festival in New York.

Sabeel, written by Mohammed Hassan Ahmed and directed by Khalid al Mahmood, has received the Best Short Film Award at the New York Eurasian Film Festival.

The 20-minute film features no dialogue. Shot mostly in Ras al Khaimah, it is the story of two boys from the mountainous Northern Emirates.

The children spend their days growing and harvesting vegetables, which they sell by the side of a road to raise money for their sick grandmother.

Sabeel was produced by Faradees Artistic Production, and supported by the Emirates Foundation.

The premiere of the film was held at the 63rd Locarno International Film Festival in Switzerland, and won second prize for the best Emirati script at the 2010 Gulf Film Festival in Dubai

Sabeel was also shown at the ninth annual Miami Shorts Film Festival, which ended yesterday.

Meanwhile, the growing importance of regional film is to be highlighted at the seventh Dubai International Film Festival (Diff) from December 12-19, where short films from the region will be shown.

Following the success of Sabeel, a selection of short films from Bahrain, Oman, Kuwait and Saudi Arabia will be screened.

The five films included as part of "Gulf Voices" segment are stories of honour, war, family, and social dialogue about autism.

"As the international home for Arab film, it is our responsibility and a point of pride for us to champion outstanding films from the Gulf," said Masoud Amralla al Ali, the artistic director of the Diff. "Every one of these films is a compelling narrative, crafted by filmmakers who feel very strongly about their role, their societies and their craft."

Some of the examples of the short films at Diff include Canary, written and directed by Bahraini Mohammed Rashed Bu Ali, which follows the lives of a man, a woman and a young girl whose lives are affected by the bird. The bird is the sole relief to their shared sense of loneliness and isolation.

Also on view will be Tasreeb (Leaking) by the Omani filmmakers Amjad Abdullah al Hinai and Khamis Sulyem Ambo-Saidi, which looks at a child's psyche who seeks an outlet to his family's problems.

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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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