An Emirati documentary about a man determined to feed 500 stray cats a day has been chosen to screen at this month's Encounters Short Film and Animation Festival in the UK.
Feeding Five Hundred, directed by UAE national Rafed Al Harthi, is the first Emirati film to be chosen for the festival, which is a qualifier for awards including the Oscars and the Baftas.
It is also the only Arab film chosen from 2,372 entries this year.
It was produced and supported by the Abu Dhabi media zone twofour54's creative lab.
"I'd like to extend my thanks to the team at twofour54 creative lab who supported and produced Feeding Five Hundred," said Al Harthi, 25. "I am passionate about filmmaking and this could lead to anything."
Liz Harkman, managing director of the festival, said organisers were delighted to be showing Al Harthi's film in Bristol.
"It's great to see such strong work coming from the developing film industry in the Emirates," she said.
Al Harthi's debut film is set in the UAE and tells the story of the man, who has vowed to feed 500 cats each day since 1995.
The film is in Arabic with English subtitles and has been screened at three international festivals this year and selected for four more.
Al Harthi started his career on screen, first as a volunteer and later as a professional presenter on Abu Dhabi TV where he regularly introduces his own show Min Alkhater.
After taking part in the Young Media Leaders programme, run by twofour54's training academy Tadreeb, he developed a passion for documentary filmmaking.
Since its establishment in 2010, the creative lab has worked across media platforms such as short film, music, online applications, electronic games and publishing.
It has completed 57 projects and helped more than 500 young people to take their first steps in the media industry. Feeding Five Hundred is its first documentary production.
Noura Al Kaabi, chief executive of twofour54, said the film's selection for such a prestigious festival was a "well-deserved recognition" for the filmmaker and the organisation.
"The acclaim that the film is receiving demonstrates not just Rafed's talent as a filmmaker, but also the calibre of productions developed by young UAE talent from twofour54's creative lab community," Ms Al Kaabi said.
"It is very exciting that the first documentary produced by creative lab has been so well received, especially because it's a genre that has great potential in the region."
Feeding Five Hundred is eligible for awards in three categories at the festival - the Brief Encounters Grand Prix Award, the Audience Award and the Best Short Documentary Award.
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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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Dhafeer Street
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Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
