She is one of the better known directors of Arabic music videos, and credited with bringing artists into the music scene; she has worked with music stars such as Nancy Ajram, Nicole Saba and Majida El Roumi. And following her 2007 directing triumph of a movie that became an international sensation at film festivals and went on to achieve box office success, she cemented her reputation as a moviemaker to keep an eye on.
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But at the close of the Toronto International Film Festival on Sunday, when her second movie - a bittersweet comedy set in war-torn Lebanon - beat two well-received entries starring George Clooney to win the people's choice award, the Lebanese-Canadian Nadine Labaki proved that the acclaim she has garnered as one of the Middle East's most talented female directors - not to mention writers and actresses - is definitely well-deserved.
The Cadillac People's Choice award, which also includes a C$15,000 (Dh56,000) cash prize, is voted on by audiences throughout the festival and has typically been regarded as a bellwether for Oscar success. Where Do We Go Now?, from Labaki, garnered rave reviews at this year's Cannes Film Festival, where it screened on the margins of the official competition. In Toronto, it received a standing ovation. And earlier this month, it was chosen as Lebanon's 2011 entry in the best foreign language film category for the Academy Awards.
The film follows Labaki's feature Caramel (Sukar Banat), a sweet love story set in a Beirut beauty salon, which was Lebanon's entry for the 2007 best foreign language film Oscar. The movie shows a Beirut that most are not familiar with. Rather than tackle political and religious issues, which have plagued Lebanon, she presented a romantic comedy that deals with five Beirut women who gather at the salon and deal with love, sexuality, tradition, disappointment and everyday ups and downs.
Labaki, who also stars in both Caramel and Where Do We Go Now?, was travelling in Europe when she heard the news, which was announced at a closing brunch for the 11-day festival.
Festival programmer Rasha Salti accepted the award on the filmmaker's behalf, reading a statement sent by Labaki from an airport in Germany.
"I'm thrilled, I'm happy, I'm ecstatic, I'm excited - my day that had just started on the wrong foot because of a flight cancellation has just been turned upside down," the 37-year-old Labaki said in her statement.
"I'm running around jumping up and down at the Frankfurt airport." Labaki said the film would be screened today for the first time in Lebanon. "I will be proud and happy to announce the news in front of my crew, my family and the Lebanese audience," she said.
Her latest film, which also features strong female characters like her first, is about village women bent on keeping their hot-headed men out of a religious war.
Set in a remote, unnamed village where the church and the mosque stand side by side and where Christians and Muslims have been happily living together as neighbours, Where Do We Go Now? follows the antics of the town's women to keep their blowhard men from starting a religious war. Women heartsick over sons, husbands and fathers lost to previous flare-ups unite to distract their men with clever ruses, from faking a miracle to hiring a troupe of Ukrainian strippers.
Labaki wrote the screenplay for the film, which was shot on location in three Lebanese villages with a cast made up almost entirely of nonprofessional actors. The female ensemble, including Labaki, is enthralling, and the film has a surprisingly light touch, especially given the serious central premise. Labaki, who is married to the film's composer, Khaled Mouzannar, effortlessly mixes in song and dance to the film by including a handful of old-school numbers that buoy the mood.
Festival director Piers Handling noted it was a surprise triumph for a film that was overshadowed by heavily promoted, star-studded Hollywood films. These included Clooney's two films: The Descendants and The Ides of March.
"We have some very, very high-profile films here at the festival and ones that a lot of people are talking about and I'm sure will go on to awards," said Handling. "But Nadine's film obviously connected with the public in a significant way because it was a clear, clear winner."
Last year's fans' pick, The King's Speech, starring Colin Firth and Geoffrey Rush, went on to take four Oscars, including Best Picture. Similarly, the 2008 people's choice winner, Slumdog Millionaire, starring Freido Pinto, took Best Picture and seven other Oscars.
Quebec director and writer Philippe Falardeau's Monsieur Lazhar, about an Algerian schoolteacher in Quebec and his relationship with two students, won the award for best Canadian feature and a $30,000 prize.
The best first Canadian feature award, which includes a $15,000 prize, went to director Nathan Morlando's period piece Edwin Boyd, starring Scott Speedman as the notorious Canadian bank robber.
Associated Press with reports from The National staff
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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.”