Government

Coronavirus: Cinemas to reopen in Abu Dhabi malls

Theatres have been permitted to operate at 30 per cent capacity

Gillian Duncan
Gillian Duncan

August 17, 2020

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Cinemas in Abu Dhabi malls have been permitted to reopen at limited capacity.

Authorities on Monday said they can now welcome cinema-goers again, subject to a series of rules designed to protect staff and visitors.

Operators must not book more than 30 per cent of available seats.

Social distancing will be in force in ticket queues and inside the cinema itself, while no adjacent seats will be used, except by members of the same family.

All seats must be sanitised after each show and cinemas must allow at least 20 minutes between screenings to ensure there is enough time for this.

Theatres across the country shut in March to stem the spread of Covid-19. But they have been gradually reopening in other emirates.

Now Abu Dhabi's Department of Economic Development has set down strict new guidelines governing their reopening.

Other rules stipulate the cinema must be disinfected at the end of each day.

There will be no tickets or pamphlets issued and touch screens will be removed.

Masks will be mandatory and all staff must be tested for coronavirus before cinemas reopen.

No set date has been given for their reopening. However, it is believed operators can open their doors once all requirements are met.

“The recent circular directs cinema owners to resume their activities at only 30 per cent capacity of their halls while continuously sanitising and cleaning all their service facilities and common areas where food and beverage products are sold," said Rashed Al Balooshi, undersecretary at the department.

"They also should apply social distancing measures between visitors inside and outside the cinema halls; comply with wearing masks; and conduct Covid-19 tests for all their staff members. Granting the cinema reopening permit is subject to the fulfilment of all the set of requirements,” he said.

Abu Dhabi has been home to a drive-through cinema located in Yas Marina for the past several weeks.

Tickets cost Dh160 per vehicle and there is a limit of three people per car if guests are not from the same family. If they are from the same family, there can be up to five guests in a vehicle.

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Gallery: Life returns to Abu Dhabi streets

  • Abu Dhabi's Corniche is slowly getting busier as residents brave the summer heat to stretch their legs. Victor Besa / The National
    Abu Dhabi's Corniche is slowly getting busier as residents brave the summer heat to stretch their legs. Victor Besa / The National
  • Bicycle riding is becoming more popular on the city's quieter streets. Victor Besa / The National
    Bicycle riding is becoming more popular on the city's quieter streets. Victor Besa / The National
  • A family goes for a stroll on Abu Dhabi's Corniche. Victor Besa / The National
    A family goes for a stroll on Abu Dhabi's Corniche. Victor Besa / The National
  • Cyclists on foldable bikes make their way through Abu Dhabi's downtown. Victor Besa / The National
    Cyclists on foldable bikes make their way through Abu Dhabi's downtown. Victor Besa / The National
  • Workers get on their shuttle home in downtown Abu Dhabi on Friday evening. Victor Besa / The National
    Workers get on their shuttle home in downtown Abu Dhabi on Friday evening. Victor Besa / The National
  • People wear face masks as they wait for a bus in downtown Abu Dhabi. Victor Besa / The National
    People wear face masks as they wait for a bus in downtown Abu Dhabi. Victor Besa / The National
  • Pedestrians cross the street in downtown Abu Dhabi on a hot summer evening. Victor Besa / The National
    Pedestrians cross the street in downtown Abu Dhabi on a hot summer evening. Victor Besa / The National
  • Jet skiers pictured off Abu Dhabi's Corniche at sunset on Friday. Victor Besa / The National
    Jet skiers pictured off Abu Dhabi's Corniche at sunset on Friday. Victor Besa / The National
  • The sun sets over Abu Dhabi on Friday evening. Victor Besa / The National
    The sun sets over Abu Dhabi on Friday evening. Victor Besa / The National
  • Families enjoy the beach as the sun sets over Abu Dhabi. Victor Besa / The National
    Families enjoy the beach as the sun sets over Abu Dhabi. Victor Besa / The National

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Martin Amis,
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'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

What drives subscription retailing?

Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.

The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.

The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.

The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.

UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.

That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.

Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.

CoronavirusAbu DhabiUAE