Mahmoud Kaabour is a Dubai-based filmmaker. He started Veritas Films, a film-production company, in 2008.
I come from an arts-orientated background. My grandfather was a violinist for the great diva Um Kulthum, and one of my uncles is a composer in Lebanon. I had very high grades at high school and was offered a scholarship to study medicine in the US, but art has always been the language of communication in my family, so it was the obvious path to choose. When I was six, one of my uncles, who was studying film in Lebanon, used me as an extra in one of his films and I knew then that film was what I wanted to do.
I grew up in the UAE, so my roots are here. Having studied film in Montreal, I showed my documentary film Being Osama at the Dubai Film Festival and the tickets sold out in two hours. I was humbled by its success; it was endearing and I wanted to take it further. I felt my talents were well-suited to Dubai because I had been here in the beginning and witnessed the huge changes.
I noticed that huge budgets were being spent on corporate films here but the results were always dry and boring. Western directors were being brought in who had a very orientalist and cliched view of the UAE - falcons and boys with their grandfathers - the UAE is now home to many interesting corporate entities and I felt they needed material with genuine sensibility to reflect the true culture here.
It is early days but I am sad to say that at the moment, all the investment is going in the wrong direction. Endless film festivals are being planned, which merely provide a platform for filmmakers to just show their films. We need to see funding going into education and training here to achieve a more grass-roots approach to filmmaking in the UAE. Anyone in the film industry will tell you that it isn't all glitz and glam; it requires careful investment in order to build an industry.
The UAE is home to a rapidly changing society with a big turnover of expats. Communities go up and come down, but there isn't always a record of what was there before. I felt it was necessary to create a form of celebratory archive before Satwa gets buried. There is no shame in progress, but it's important to keep track of the cycle of development, whether its through architecture or photographic records.
I am interested in communities that aren't necessarily old, but which have been left alone to grow organically. Satwa, with its mainly blue-collar and lower white-collar expat population, has developed its own micro-economy; when these Asian and Filipino populations moved in, they created businesses to service their needs. I wanted to take people who wouldn't normally go there into the cracks and crevices.
Demolition is already underway in Satwa, and who knows what plans are on the table for other areas like Deira. A cultural problem at the moment is that people across the city do not venture much into neighbourhoods besides their own. One of my current projects involves documenting each area of Dubai. Ideally, I would like to cover 13 areas in 13 separate episodes, which will familiarise people with the different areas of the city.
Coming from Lebanon, where there is no national film front, and living in the UAE, where priority is not given to film projects, it's difficult to get funding.
I am fascinated by the rise of Sufism in Europe and am currently conducting some research for a documentary on the subject. The modern day decadence of big European cities has resulted in a complete lack of spirituality and these people have turned to Sufism in order to rediscover their bond with society. At a time when the whole world is obsessed with building bridges between East and West, these people embody that bridge by balancing the philosophies of both cultures.
@email:kboucher@thenational.ae
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Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
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.”