ABU DHABI// Filmmaking experts are trying to encourage Emiratis to take up careers in the industry, saying that movies are critical to telling the story of the country.
Allan Nicholls has just finished his first term as art director at the New York Film Academy in Abu Dhabi. Previously, he was a director, screenwriter and actor in Hollywood, with roles in films such as Robert Altman’s Nashville and Tim Robbins’s Bob Roberts. He also wrote material for Altman’s The Player and Pret A Porter.
On Wednesday, he gave a speech to school pupils at the Abu Dhabi Vocational Education and Training Institute where he urged them to consider becoming filmmakers.
“When I first got here, I knew that there were so many stories to be told and nobody to be telling them, one doesn’t know the history of this place and part of the challenge is to encourage people to tell their stories, and through that a culture survives and lives on,” said Mr Nicholls.
Part of the problem, he says, is that there is a generational gap between those who think that movies are taboo and the new generation who recognise the importance of film.
“On one hand, I think no wonder they don’t want to encourage films, that there’s an insecurity about what might happen and that comes from what you see in commercial, western films.
“But more importantly there are some stories that should be told in the UAE, good stories, historical stories, and there’s this whole other generation who are making films with these real stories,” he said.
Last week, Mr Nicholls was part of a judging panel for submissions by 30 schools at the Children’s International Film Festival in Dubai.
“The guests of honour were the chief of police and the general of Dubai Police force and I spoke to both of them and they kept asking ‘what is it going to take to get some Emirati stories being told?’” he said.
“They see the frustration but they also see the possibility in the medium.”
During his presentation, Mr Nicholls used films, pictures and stories from his career to emphasise the importance of teaching film to future generations.
“You don’t really teach film, you encourage filmmakers,” he said.
“Filmmaking is something that you do, it’s when your head and your heart talk and tell a story. That conversation can take two days, 10 days, two years, 10 years, but in the end when you feel passionate about telling the story you will not make mistakes, because you are telling your story your way.”
More than 100 pupils from Secondary Technical Schools (STS) in Abu Dhabi, Al Ain and Ajman were present at the lecture.
The schools now run a year-long course in creative media production to teach all aspects of filmmaking.
Wafeer Ali, who is taking the course, is a fan of Studio Ghibli – the makers of Japanese anime blockbusters such as Princess Mononoke and Spirited Away – and says it is his dream to make similar animated films about the UAE.
“I was more interested in animation and computer games, I was just fixed on this idea but getting into this programme made me think that there are so many interesting aspects of filmmaking,” said the Emirati from Ajman.
“Mr Allan’s talk was really inspiring and to see someone who has lived through the filmmaking experience, it encourages me even more. I’ve already talked to my mum about pursuing film.”
Her classmate, Alya Mohammed, also enrolled on the programme and is optimistic that her generation will become expert movie makers.
“We have a lot of girls who are interested in filmmaking and animation, so I think that when we grow up, our media and film industry will be pretty popular and maybe in a few decades we can even compete with Hollywood,” she said.
nalwasmi@thenational.ae
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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.”