Cinema goers in the UAE have plenty of options this weekend – including Barbie, Oppenheimer and the filmed on location in Abu Dhabi charms of Mission: Impossible – Dead Reckoning Part One – in what has been a blockbuster summer for movies after the muted years of the pandemic.
And, if you venture to your local multiscreen venue this weekend, you may also bump into some fans of Metallica, one of the world’s most enduring and popular thrash metal music acts.
Two of the band’s concerts on their ongoing M72 world tour will be screened from Texas this weekend. The first will be shown in UAE cinemas on August 19 and the second on August 21.
The event offers a reminder that local cinemas are not just the place to watch the latest Margot Robbie or Tom Cruise film project, but also a venue for “live” events.
Big-screen venues have for years also served as the space to watch Indian Premier League cricket or top-of-the-bill boxing bouts, particularly in the peak period of Manny Pacquiao’s career when crowds used to swarm in the early mornings into UAE cinemas to enthusiastically cheer on their world champion sporting hero. Many people watched the unfolding drama of this year’s Uefa Champions League final in Istanbul at cinemas, in which Manchester City eventually prevailed over Inter Milan.
This weekend’s Metallica concert screenings also hint at something else.
Local cinemas are not just the place to watch the latest Margot Robbie or Tom Cruise film project, but also a venue for 'live' events
First, they are a great way to reach a wider audience at a cheaper price than a regular concert and to deliver them in the excellent sound environment that cinemas provide, although Metallica fans may wonder why tickets for each “concert” are priced at Dh100 per seat, when a typical movie seat is about half that price in the UAE. Metallica last performed in Abu Dhabi in 2013.
The advertised price does compare favourably, however, to two-day tickets for the AT&T Stadium in Arlington this weekend, which range from about $100 (Dh367) up to $1000, according to US ticket sales websites at the time of writing. So, maybe there is value after all in a Dh200 (circa $55) admission price at your local cinema.
Second, they underscore once again that it is touring that drives band economics in the way that physical album sales used to a generation ago.
Metallica famously went to court with the peer-to-peer site Napster at the beginning of the 21st century after quickly recognising how file sharing and streaming would affect an act’s ability to make money from their own back catalogue.
The band won in court but lost the argument in the long term, as generally, consumers have largely turned away from buying physical music, with devastating consequences for many musicians who may not have scaled the heights that Metallica have.
Many of us are now more likely to buy a cup of coffee than a new album. And even though millions of us globally are signed up to legal music streaming services such as Spotify, Apple or Amazon – effectively renting rather than owning music on a monthly basis – only a very small group of performers make meaningful money out of these services. Some artists have been moved to sell off the rights to their back catalogues to investment trusts as they seek to increase their incomes.
For an alternative take on live shows, retired Swedish superstars Abba – once known as their country’s second-biggest export after Volvo, having sold more than 400 million records worldwide – have been exploring another frontier of this “we’re not really here” territory over the past year or so, with their Abba Voyage shows in London.
The show, staged in a purpose-built venue in Docklands, features holographic avatars of the group performing “live” on stage running through an hour-and-a-half set, backed by a human and in-person 10-piece band. It’s a spectacular event that plays to large crowds.
The computer-generated nature of the star performers means they will never miss a performance and are unlikely to start or finish late, which is ideal for those worried about catching the last train home after the show – but it’s doubtful that this is a viable option for many acts, if any at all.
Before the show was launched, it was suggested that Voyage would need to sell in excess of 1.5 million tickets to recoup its development costs, although the technology does, in theory, allow for multiple versions of Abba to be in residency at the same time around the world and for much greater returns on investment once those vast setup costs have been recouped. Unsurprisingly, the tickets in London typically cost more than £100 (Dh460).
But the level of investment required takes it out of reach for most reuniting groups and reunion tours, which makes the “catch us if you can” spirit of cinemas hosting “live” shows an attractive and relatively cut-price alternative for all concerned.
What both examples highlight is that streaming and the movement of music from collectible to everyday consumable have changed the calculus for fans and for touring acts.
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Top financial tips for graduates
Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:
1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.
2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.
3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.
4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
T20 WORLD CUP QUALIFIERS
Qualifier A, Muscat
(All matches to be streamed live on icc.tv)
Fixtures
Friday, February 18: 10am Oman v Nepal, Canada v Philippines; 2pm Ireland v UAE, Germany v Bahrain
Saturday, February 19: 10am Oman v Canada, Nepal v Philippines; 2pm UAE v Germany, Ireland v Bahrain
Monday, February 21: 10am Ireland v Germany, UAE v Bahrain; 2pm Nepal v Canada, Oman v Philippines
Tuesday, February 22: 2pm Semi-finals
Thursday, February 24: 2pm Final
UAE squad:Ahmed Raza(captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia
Company%20Profile
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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.”
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
SQUADS
South Africa:
Faf du Plessis (capt), Hashim Amla, Temba Bavuma, Farhaan Behardien, Quinton de Kock (wkt), AB de Villiers, JP Duminy, Imran Tahir, David Miller, Wayne Parnell, Dane Paterson, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada
Coach: Ottis Gibson
Bangladesh:
Mashrafe Mortaza (capt), Imrul Kayes, Liton Das (wkt), Mahmudullah, Mehidy Hasan, Mohammad Saifuddin, Mominul Haque, Mushfiqur Rahim (wkt), Mustafizur Rahman, Nasir Hossain, Rubel Hossain, Sabbir Rahman, Shakib Al Hasan, Soumya Sarkar, Tamim Iqbal, Taskin Ahmed.
Coach: Chandika Hathurusingha
Results
4pm: Al Bastakiya Listed US$300,000 (Dirt) 1,900m; Winner: Emblem Storm, Oisin Murphy (jockey), Satish Seemar (trainer).
4.35pm: Mahab Al Shimaal Group 3 $350,000 (D) 1,200m; Winner: Wafy, Tadhg O’Shea, Satish Seemar.
5.10pm: Nad Al Sheba Turf Group 3 $350,000 (Turf) 1,200m; Winner: Wildman Jack, Fernando Jara, Doug O’Neill.
5.45pm: Burj Nahaar Group 3 $350,000 (D) 1,600m; Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass.
6.20pm: Jebel Hatta Group 1 $400,000 (T) 1,800m; Winner: Barney Roy, William Buick, Charlie Appleby.
6.55pm: Al Maktoum Challenge Round-3 Group 1 $600,000 (D) 2,000m; Winner: Matterhorn, Mickael Barzalona, Salem bin Ghadayer.
7.30pm: Dubai City Of Gold Group 2 $350,000 (T) 2,410m; Winner: Loxley, Mickael Barzalona, Charlie Appleby.
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
CHELSEA'S NEXT FIVE GAMES
Mar 10: Norwich(A)
Mar 13: Newcastle(H)
Mar 16: Lille(A)
Mar 19: Middlesbrough(A)
Apr 2: Brentford(H)
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Fuel economy, combined: 16.8L / 100km (estimate)
Napoleon
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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