Festival gives women leading role


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ABU DHABI // Next week's Middle East International Film Festival will highlight the achievements of female Arab directors in a series of screenings. The Arab Women Directors programme, an important feature of the nine-day event in Abu Dhabi, will be presented by Rima al Mismar, the Lebanese critic, and dedicated to Randa Chahal Sabbag, the acclaimed director who died in August. Sabbag's last film, The Kite, won the Venice Film Festival award - the Silver Lion - in 2003, and will be the first film screened. Set in the Druze area of the Golan Heights, the film follows two young lovers as they struggle against religious divides and cultural traditions. Nashwa al Ruwaini, the festival director, told the state news agency, WAM: "We believe that we should be responsible for giving Arab women directors the chance to showcase their splendid capabilities to the world; and we hope that this event will work as an ideal platform for all of them and help them reach out to the maximum audience possible. We hope, in addition, that it will encourage other emerging talents to make the effort to show off both themselves and their experiences." Other films in the programme include the Palestinian production Always Look Them in the Eyes, by Azza el Hassan, a documentary examining communication networks between Palestinians and Israelis. Also featured is the 1991 production of Albert Cossery's Second World War novel Beggars and Gentlemen, directed by Asmaa el Bakri. One of the most anticipated screenings is the animated film My Son, by Lina Ghaibeh, the Danish-Lebanese director. Other films in the programme include Marock, by Laila Marrakchi; Khmissa, by Molka Mahdaoui; Behind the Mirror, by Nadia Cherabi, Our Heedless Wars, also by Sabbag, Pret A Porter Imm Ali, by Dima el Horr, The Silence of the Palace, by Moufida Tlatli and Thread of Life, by Razam Hijazi. The festival, in its second year, brings together more than 100 films from around the world. Another programme - 60 Years since the Division of Palestine - will show 16 non-Arab productions, including documentaries, shorts and narrative screenings. These include: Intifada - Road to Freedom, by Sarah Montgomery, which tells the story of the Palestinian uprising against the Israeli military occupation in the West Bank and Gaza Strip; Letters from Palestine, a 2003 documentary featuring 10 stories of day-to-day life for Palestinians, a collaboration by 11 directors; Everyday by Marco Puccioni; Gaza Ghetto - Portrait of a Palestinian Family, by Pea Holmquist; Genet in Chatila, by Richard Dindock; I Came to Palestine, by Robert Krieg; and On Our Land and Voices from Gaza, by Antonia Caccia. lmorris@thenational.ae

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Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

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.”

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.