The festival moved this year to Doha's Souq Waqif area. Karim Sahib / AFP
The festival moved this year to Doha's Souq Waqif area. Karim Sahib / AFP
The festival moved this year to Doha's Souq Waqif area. Karim Sahib / AFP
The festival moved this year to Doha's Souq Waqif area. Karim Sahib / AFP

Nowhere but up: the Doha Tribeca Film Festival 2012


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It seems regional film festivals have itchy feet. Less than a month after the Abu Dhabi Film Festival relocated back to the Emirates Palace, the 4th Doha Tribeca Film Festival - which drew to a close over the weekend - ditched its usual hub at the Katara Cultural Village to set up shop in the city's newly regenerated Souq Waqif area. And it was a move that was approved almost universally by attendees.

Abuzz night and day with locals and visitors spilling out from the cafes and restaurants onto its cobbled streets and with the scent of shisha and live musical performances an almost permanent fixture in the air, the new setting gave the festival a charmingly authentic, almost film set-style backdrop. Coupled with the family days held at Katara that saw the vast beachside complex come alive with enormous kites, children's workshops and outdoor screenings, this year's festival cemented Doha's status as the region's most community-embracing film event.

Algeria's moments

Filmmaking from Algeria was given a special showcase at the festival, 50 years after the country's independence. At the closing ceremony for the Arab Film Competition, the Algerian jazz musician Safy Boutella performed several of his own film soundtracks, plus a song he wrote for the 40th anniversary of Algerian independence, having been given a longer set by organisers due to audience appreciation.

Fittingly, it was an Algerian film that took the main prize. Highlighting the festival's creative achievements, Merzak Allouache explained on stage that The Repentant - about a former jihadist who tries to rejoin society - was made using the prize money he won at last year's festival for the film Normal. There will no doubt be calls for him to return with whatever he makes with his US$100,000 (Dh367,310) winnings this time around.

Talent from within

The Made in Qatar segment was bigger and better than any previous festival, underlining the huge year-round efforts made by the Doha Film Institute (DFI) to help develop local talent. While Bader, about a young boy fighting prejudice in an elementary school, took the main prize, arguably the most noise among international visitors and critics was being made about Lyrics Revolt - an energetic feature-length documentary exploring hip-hop and the Arab Spring. After the film's premiere in Katara, several of the artists featured - including the Egyptian trio The Arabian Knightz, Lebanon's Malikah and the Syrian rapper Omar Offendem - gave an outdoor performance. The musicians were later seen on the red carpet for the closing ceremony (where Lyrics Revolt was given a special mention), most naturally having ditched smart shoes for massive trainers.

The Doha connection

Doha regulars may have noticed that the past two festivals have now opened with big-budget, DFI-funded films - last year it was Black Gold and this time it was Mira Nair's adaptation of The Reluctant Fundamentalist, which went down fairly well with most guests, largely due to its captivating cinematography. But will this become a regular occurrence? Will next year's Doha Tribeca Film Festival perhaps open with the Salma Hayek-produced, animated adaptation of The Prophet, also being financed with help from the DFI?

"We hope it will be ready for showing by then," says the DFI's new chief executive Abdulaziz Al-Khater. "These larger projects give us an opportunity to be involved with really high quality productions. We had four interns working with her on that project and that kind of exposure our filmmakers wouldn't be able to get otherwise."

The De Niro effect

With a revised focus on regional cinema, this year's festival wasn't quite as festooned with international, A-list names like previous times. But it didn't seem to bother too many and the presence of Robert De Niro - the founder of the original Tribeca festival and one of the stars of Silver Linings Playbook, which received its Mena premiere - satisfied most star-seeking camera phones.

De Niro's scruffy demeanour and generally unenthused attitude belied his "greatest actor of his generation" tag. But his In Conversation With session in the Al Rayyan Theatre provoked whoops and standing ovations from the audience, particularly when he confirmed that he would be teaming up with Martin Scorsese, Al Pacino and Joe Pesci for his forthcoming project The Irishman.

Under stars with ET

There's something quite special about watching a film outdoors, particularly when the temperature is just right and you've managed to snag one of the last few deckchairs available. Which is why Saturday night's showing of ET on the huge outdoor screen by the waterfront at Katara was one of the highlights of the weekend, introducing a whole new audience of kids to the delights of the spindly-fingered one and, for those who remember seeing it in the 1980s, reminding us exactly why it is still regarded as one of the greatest family flicks of all time.

Looking ahead

Of course, screening films is one thing, but ensuring more keep coming is another. And with this in mind, the DFI used the festival to announce its latest round of funding, with grants being handed out to 27 new projects, including Marjoun and the Flying Headscarf by Susan Youssef, whose debut feature Habibi collected the lion's share of awards last year in Dubai.

"The Gulf now is obviously very important and those festivals are more and more important in making the new generation of Arab filmmakers," said the acclaimed Tunisian actress Hend Sabri, who was the president of the festival's narrative jury, adding that she appreciated the lack of censorship.

"You always have this fear that when people have give you money it comes with restrictions. But I was really impressed with the level of freedom that you find here in partnerships with the DFI and Arab filmmakers."

Trump v Khan

2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US

2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks

2019: Trump calls Khan a “stone cold loser” before first state visit

2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”

2022:  Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency

July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”

Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.

Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”

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.”

MATCH INFO

CAF Champions League semi-finals first-leg fixtures

Tuesday:

Primeiro Agosto (ANG) v Esperance (TUN) (8pm UAE)
Al Ahly (EGY) v Entente Setif (ALG) (11PM)

Second legs:

October 23

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Retirement funds heavily invested in equities at a risky time

Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.

Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.

The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.

The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.

Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.

The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.

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