Despite rising box-office admissions, the saturation of the Dubai market has prompted several of the big cinema chains to seek growth outside the Emirates. Jeffrey E Biteng / The National
Despite rising box-office admissions, the saturation of the Dubai market has prompted several of the big cinema chains to seek growth outside the Emirates. Jeffrey E Biteng / The National

No such thing as too much for cinemas



Cinema operators in the UAE have aggressive plans for overseas expansion, with two chains planning to double the number of screens they operate in the next three to four years.

Despite rising box-office admissions, the saturation of the Dubai market has prompted several of the big cinema chains to seek growth outside the Emirates.

Reel Cinemas, which is owned and managed by Emaar Retail, a unit of the Dubai property developer, plans to double its screen count over the next three years.

It operates 28 screens across two sites, The Dubai Mall and Dubai Marina Mall.

"In three years time I think we would expect to double that," said Gordon Kirk, the general manager of Reel Cinemas.

Cinema launches in the Gulf are largely driven by mall openings. After the frenetic pace of development in Dubai's retail space in recent years, many cinema chains now feel compelled to look elsewhere for growth.

"Dubai is a very good market, but it's approaching saturation point," said Mr Kirk. Reel Cinemas was considering launches in Egypt, Syria and Turkey, he said, adding it would also look for opportunities outside Emaar malls. "Most of them would be within malls, but not necessarily Emaar malls," Mr Kirk said. "We have four opportunities we are looking at but nothing has been decided."

VOX Cinemas, which was formerly known as CineStar Cinemas, also plans to double its screen count over the next few years. The chain is owned by the mall developer Majid Al Futtaim, which is developing its third mall in Egypt, as well as studying the retail markets of Azerbaijan, Georgia, Jordan and Lebanon.

Cameron Mitchell, the chief executive of VOX Cinemas, told The National last month the company was looking for expansion outside the UAE.

VOX would open a cinema in Beirut next year, and was looking at opportunities in North Africa, Oman, Bahrain and Qatar, Mr Mitchell said. "We envisage in the next three to four years we'll double our screen count," he added.

Grand Cinemas, which is based in the UAE and also has screens in Lebanon and Jordan, is also looking overseas for growth.

"We'll be opening cinemas in Syria, and we'll be opening before the end of the year in Kuwait," said Andy Fordham, the brand marketing manager at Grand Cinemas. Plans to open in Qatar are "further down the track", he added.

The Cinemacity chain, which has its headquarters in Lebanon and has cinemas in Beirut, the UAE, Syria and Jordan, is also expanding.

Samer Debsi, the general manager, said Cinemacity was launching a new "state-of-the-art" cinema in Beirut, adding sites in Syria and considering the Abu Dhabi market.

"We have a few undisclosed projects we are working on," said Mr Debsi. "We have a great plan of expansion."

Shivani Pandya, the managing director of the Dubai International Film Festival, said part of the success of the cinema industry in the UAE was because of the relatively low price of tickets, which typically start at Dh30 (US$8.16).

"All of the cinemas are quite busy," said Ms Pandya. "Everyone says it's recession-proof. It's comparatively a cheaper form of entertainment."

RACE CARD

6.30pm: Handicap (TB) $68,000 (Dirt) 1,600m

7.05pm: Meydan Sprint – Group 2 (TB) $163,000 (Turf) 1,000m

7.40pm: Curlin Stakes – Listed Handicap (TB) $88,000 (D) 2,200m

8.15pm: UAE Oaks – Group 3 (TB) $125,000 (D) 1,900m

8.50pm: Zabeel Mile – Group 2 (TB) $163,000 (T) 1,600m

9.25pm: Balanchine – Group 2 (TB) $163,000 (T) 1,800m

10pm: Al Shindagha Sprint – Group 3 (TB) $130,000 (D) 1,200m

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.”

THE RESULTS

5pm: Maiden (PA) Dh80,000 1,400m

Winner: Alnawar, Connor Beasley (jockey), Helal Al Alawi (trainer)

5.30pm: Maiden (PA) Dh80,000 1,400m

Winner: Raniah, Noel Garbutt, Ernst Oertel

6pm: Handicap (PA) Dh90,000 2,200m

Winner: Saarookh, Richard Mullen, Ana Mendez

6.30pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown (PA) Rated Conditions Dh125,000 1,600m

Winner: RB Torch, Tadhg O’Shea, Eric Lemartinel

7pm: Al Wathba Stallions Cup Handicap Dh70,000 1,600m

Winner: MH Wari, Antonio Fresu, Elise Jeane

7.30pm: Handicap Dh90,000 1,600m

Winner: Mailshot, Royston Ffrench, Salem bin Ghadayer

 

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

TERMINAL HIGH ALTITUDE AREA DEFENCE (THAAD)

What is THAAD?

It is considered to be the US's most superior missile defence system.

Production:

It was created in 2008.

Speed:

THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.

Abilities:

THAAD is designed to take out  ballistic missiles as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".

Purpose:

To protect high-value strategic sites, such as airfields or population centres.

Range:

THAAD can target projectiles inside and outside the Earth's atmosphere, at an altitude of 150 kilometres above the Earth's surface.

Creators:

Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.

UAE and THAAD:

In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then stationed them in 2016, becoming the first Gulf country to do so.

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Abu Dhabi World Pro 2019 remaining schedule:

Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm

Thursday April 25:  Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm

Friday April 26: Finals, 3-6pm

Saturday April 27: Awards ceremony, 4pm and 8pm

The Laughing Apple

Yusuf/Cat Stevens

(Verve Decca Crossover)

The specs

Engine: 4-cylinder 2.0L TSI
Transmission: Dual clutch 7-speed
Power: 320HP / 235kW
Torque: 400Nm
Price: from $49,709
On sale: now

LIKELY TEAMS

South Africa
Faf du Plessis (captain), Dean Elgar, Aiden Markram, Hashim Amla, AB de Villiers, Quinton de Kock (wkt), Vernon Philander, Keshav Maharaj, Kagiso Rabada, Morne Morkel, Lungi Ngidi.

India (from)
Virat Kohli (captain), Murali Vijay, Lokesh Rahul, Cheteshwar Pujara, Rohit Sharma, Ajinkya Rahane, Hardik Pandya, Dinesh Karthik (wkt), Ravichandran Ashwin, Bhuvneshwar Kumar, Ishant Sharma, Mohammad Shami, Jasprit Bumrah.

The specs

Engine: 3.8-litre, twin-turbo V8

Transmission: eight-speed automatic

Power: 582bhp

Torque: 730Nm

Price: Dh649,000

On sale: now 

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

Sly Cooper and the Thievius Raccoonus

Developer: Sucker Punch Productions
Publisher: Sony Computer Entertainment
Console: PlayStation 2 to 5
Rating: 5/5

MEYDAN RACECARD

6pm Arabian Adventures – Maiden (TB) Dh82,500 (Dirt) 1,200m
6.35pm Emirates Sky Cargo – Handicap (TB) 87,500 (D) 2,000m
7.10pm Emirates Holiday – Maiden (TB) Dh82,500 (D) 1,400m
7.45pm Emirates Skywards – Handicap (TB) Dh87,500 (D) 1,400m
8.20pm Emirates Airline – Handicap (TB) Dh105,000 (D) 1,600m
8.55pm Emirates Airline – Handicap (TB) Dh105,000 (D) 1,900m
9.30pm Emirates.com – Handicap (TB_ Dh87,500 (D) 1,200m

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

Company profile

Company: POPC
Started: 2022
Founders: Amna Aijaz, Haroon Tahir and Arafat Ali Khan
Based: Dubai, UAE
Industry: art and e-commerce
Funds raised: undisclosed amount raised through Waverider Entertainment

Spare

Profile

Company name: Spare

Started: March 2018

Co-founders: Dalal Alrayes and Saurabh Shah

Based: UAE

Sector: FinTech

Investment: Own savings. Going for first round of fund-raising in March 2019

What went into the film

25 visual effects (VFX) studios

2,150 VFX shots in a film with 2,500 shots

1,000 VFX artists

3,000 technicians

10 Concept artists, 25 3D designers

New sound technology, named 4D SRL

 

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

Meydan card

6.30pm: Al Maktoum Challenge Round-1 (PA) Group 1 US$65,000 (Dirt) 1,600m
7.05pm: Conditions (TB) $100,000 (Turf) 1,400m
7.40pm: UAE 2000 Guineas Trial (TB) $100,000 (D) 1,600m
8.15pm: Handicap (TB) $175,000 (T) 1,200m
8.50pm: Al Maktoum Challenge Round-1 (TB) Group 2 $350,000 (D) 1,600m
9.25pm: Handicap (TB) $175,000 (D) 1,900m
10pm: Handicap (TB) $135,000 (T) 1,600m

SPECS

Engine: 2-litre 4-cylinder petrol (V Class); electric motor with 60kW or 90kW powerpack (EQV)
Power: 233hp (V Class, best option); 204hp (EQV, best option)
Torque: 350Nm (V Class, best option); TBA (EQV)
On sale: Mid-2024
Price: TBA

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices