ABU DHABI // The curtain will fall on the second Middle East International Film Festival with tonight's closing ceremony, but it is just the opening credits for the UAE film industry.
Nashwa al Ruwaini, the festival's director, said its success was "beyond our imaginations".
"We have a film fund, a film commission, a research circle and a film institute - and that's not to mention all the other private investments that are going on. This is truly history in the making."
For the past 10 days, Abu Dhabi has hosted international film stars, directors and other cinematic professionals. But behind the scenes, the industry has been gaining momentum for some time.
The New York Film Academy-Abu Dhabi opened in February promising to help create cinematic stars of the future with classes in film production, direction and editing.
Imagenation, an arm of Abu Dhabi Media Company (parent company of The National), recently agreed to develop up to 18 films over the next five years with a budget of US$250 million (Dh918m).
In addition, Abu Dhabi Authority for Culture and Heritage (Adach) has set up the Circle, which is a year-round initiative aimed at giving young filmmakers a start.
Speaking at a conference during the festival, Mohamed Khalaf Al Mazrouei, vice chairman of the festival and director general of Adach, said: "We believe that we are in urgent need for the cinema industry, should we wish to elevate our culture and societies."
It would be wrong, however, to give the impression that the film industry sprang up overnight.
In 2001, Abdallah Bastaki founded the Emirates Film Competition, which gave filmmakers in the region their first opportunity to show their work.
"Seven years ago we decided to find out whether there was an interest in film," said Mr Bastaki. "Within a short period we had so many short films submitted that we launched the competition.
"Over the years it got bigger and bigger and when the Dubai film festival started, we worked hand-in-hand with them. Slowly the idea for MEIFF developed and now everyone is talking about it. The Emirates Film Competition is also heavily involved in all the other developments, such as the New York Film Academy, the film commission and the Circle."
The film competition has three branches: a competition for GCC nationals; one for anyone living in the Emirates whose film is about the UAE; and the Emirates Film Grant, which gives young film-makers financial help to buy equipment. More initiatives for local film-makers are planned.
Khaled Subaihi, a member of Adasa, a programme that helps Emirati film-makers improve their production and writing skills, said Emiratis had much to contribute to the global film industry.
"Emirati culture has always been rich in terms of storytelling but in the past this has been by mouth, through the tradition of poetry. What we have lacked until very recently is the technical capacity to transform our stories into film," he said.
"Now, with programmes like Adasa, we are being taught everything, from the basics of story structure to camera work, and we are at the turning point. I hope that within a few years we will reach international standards."
To bridge the gap between local talent and international expertise, Ms Ruwaini said the key was not to focus on one specific group.
"For this film festival there have always been three circles of interest, local, regional and international. But we never focused on one. We just wanted to facilitate good cinema.
"By doing so we hope that we bring people from all over the industry, and not only attract international attention, but benefit everyone here too."
aseaman@thenational.ae
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
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Afghanistan Premier League - at a glance
Venue: Sharjah Cricket Stadium
Fixtures:
Tue, Oct 16, 8pm: Kandahar Knights v Kabul Zwanan; Wed, Oct 17, 4pm: Balkh Legends v Nangarhar Leopards; 8pm: Kandahar Knights v Paktia Panthers; Thu, Oct 18, 4pm: Balkh Legends v Kandahar Knights; 8pm: Kabul Zwanan v Paktia Panthers; Fri, Oct 19, 8pm: First semi-final; Sat, Oct 20, 8pm: Second semi-final; Sun, Oct 21, 8pm: final
Table:
1. Balkh Legends 6 5 1 10
2. Paktia Panthers 6 4 2 8
3. Kabul Zwanan 6 3 3 6
4. Nagarhar Leopards 7 2 5 4
5. Kandahar Knights 5 1 4 2
UAE currency: the story behind the money in your pockets
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Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
TICKETS
For tickets for the two-day Maharlika Pilipinas Basketball League (MPBL) event, entitled Dubai Invasion 2019, on September 27 and 28 go to www.meraticket.com.
HAJJAN
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ESSENTIALS
The flights
Emirates, Etihad and Swiss fly direct from the UAE to Zurich from Dh2,855 return, including taxes.
The chalet
Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.
Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs