DUBAI // The movie that for years has held the title of the longest ever made became even longer over the weekend as director Gérard Courant shot additional scenes featuring visitors to the Gulf Film Festival.
Courant has been working on Cinématon, which is made up of more than 2,300 segments each lasting three minutes and 20 seconds, since October 1977. Each section features a person shot silently in a single take with a single camera.
The French director filmed himself for the first segment, which he numbered 0. Since then a host of major names from the film world including Jean-Luc Godard, Terry Gilliam and Wim Wenders plus hundreds of people from other walks of life have posed for his camera.
Now the length of the marathon film has been extended to 157 hours thanks to the new material shot at the festival, which is showcasing Courant's work on screens all over Dubai Festival City.
"Shooting here is quite special because I've got an opportunity to film people from the cinema world and the arts in general from countries where I've never shot before," said Courant. "So it's an opportunity for me to approach this region."
The director approaches people he is interested in filming and asks them to appear. The segments - also called cinématons, meaning vignettes - are unscripted and spontaneous and he does not direct his subjects, who are asked to choose a location and decide what they want to do on camera. Gilliam, for example, is seen larking around and eating a banknote.
The first person Courant shot in Dubai was the Kuwaiti director and producer Abdullah Boushahri.
"He set up his camera and he was very quiet and calm, then he just switched it on," said Boushahri. "The first half was a bit awkward for me because you're not talking, you're not being asked questions, there's no direction, it's just you being you in front of the camera.
"Then halfway through I felt more comfortable and started saying 'hello' to friends and playing with my phone, I started taking pictures of Gérard - then he said, 'it's done'.
"You feel part of history, you feel you've been documented, you feel honoured, you feel you're part of the visual memory of a very important filmmaker and cinema."
Courant never set out to make such a long work. "At first I wasn't sure how the audience would receive it," he added. "Only after three months, when the public received it extremely well and it was in demand, then I felt it was something that could be continued endlessly."
The clips should, he said, be about truth and integrity. "It's not about displaying something eccentric or different, it's just displaying your true self even though you look uncomfortable or shy or hesitant in front of the camera."
Courant's appearance in Dubai comes weeks after it was reported that an even longer film had been released by a Danish collective. Modern Times Forever (Stora Enso Building, Helsinki) runs for 240 hours and was screened for the first time last month in the Finnish capital. But the Frenchman is dismissive of the project.
"I do not consider this a film, it is just a collective project," he said. "My film remains the longest ever by one director only. I would not want to compare my work to that type of initiative, which was created just to be the longest with no other real purpose."
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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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- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
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Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.