Still from the IMAX film "Journey to Mecca." Courtesy Cosmic Picture   (EDITOR'S NOTE NO "S' ON PICTURE) *** Local Caption ***  IMG_7454.JPG
A publishing house plans to make an illustrated book about the haj, which is the focus of the film Journey to Mecca, seen above.

Haj celebrated on film and in print



Rym Ghazal ABU DHABI // On the eve of the world premiere of Journey to Mecca, the epic film celebrating the haj, a high-quality publishing house has announced it is to produce a lavishly illustrated book documenting the Muslim world's most sacred journey. "There is something about a photograph and how it captures the soul of the moment," said Karl Fowler, the chief executive of Kraken Opus, as he unveiled plans for the large-format book. "The Journey to Mecca Opus will be a lasting tribute and historical record of what for millions of people around the world is the greatest and most treasured journey of their life on earth." The film Journey to Mecca, which cost US$10 million (Dh36.7m) and took four years to complete, was shot in the ultra-high resolution IMAX format on location in Saudi Arabia and Morocco. It follows the famous 14th-century Arabian explorer Ibn Battuta on his first holy pilgrimage of haj in 1325. The film is narrated by the actor Ben Kingsley. Tonight's world premiere is being shown at the Emirates Palace hotel. The English version will be shown at 6.30pm, with doors opening at 6pm. An Arabic version will follow at 8.30pm. The film was produced by Cosmic Picture, SK Films and National Geographic and is presented by Imagenation, in partnership with Abu Dhabi Media Company (ADMC), the King Abdul Aziz Public Library and the King Faisal Centre for Research and Islamic Studies. ADMC also publishes The National. Last night a special VIP screening was held. Sheikh Mohammed bin Zayed, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, was among the guests and Sheikh Saif bin Zayed, the Minister of Interior, also attended. Volunteers from the Palestine Children's Relief Fund collected donations for the children of Gaza. "It is a great opportunity for us to be here," said Tanya Zabaneh Hourani, a volunteer for the fund. "People have been very generous and, at the invitation of the Abu Dhabi Media Company, we will be here for the next few nights, gathering donations." The publishing project, which will chronicle and illustrate the movie's dramatic content in print form, was announced before last night's private viewing. It is a new venture for Kraken Opus which has previously focused on sports related topics, such as the Manchester United Opus. It intends to produce a high-quality book with more than 2,500 photographs as well as poetry and artwork related to the haj. The project will cost more than US$3 million (Dh11m) and will take up to a year to complete. It will be published in English and Arabic and, breaking with Opus tradition, it will not be a limited edition. The price is yet to be set but is estimated at around Dh15,000 (US$4,000). "Our aim is to have a Journey to Mecca Opus in every mosque around the world," said Mr Fowler. "It is such an important story with global interest that we feel everyone should have a copy." Mr Fowler announced that there had been a pre-order of 150 copies of the Opus for secondary schools in Britain. Kraken Opus, together with the Abu Dhabi-based Shawati Publishing, will covert IMAX images from the film to the printed page, as well as including four two metre-wide "gatefold" pages depicting epic shots from the film. DVD versions of the Journey to Mecca Opus will also released. "It would be best described as a high definition book on haj," said Bassem Kudsi, the director of communication for the Abu Dhabi Authority for Culture and Heritage. "Quality on this issue is very important for Abu Dhabi as it will be held accountable by the rest of the Muslim world," he said. The first copy of the book will be auctioned off for charity, with the cause to be announced closer to publication. In 2007, $1.5m was paid for the first copy of Manchester United Opus for the benefit of Dubai Cares charity. Taran Davies, the chief executive of Cosmic Picture, said: "We have produced a film that sheds a new light on Islam, to help people understand haj in a new way. "Peace, friendship and equality is the message from the movie. Opus provided us with an opportunity to move the message from the giant screen to a giant book." rghazal@thenational.ae

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

Results:

5pm: Maiden (PA) Dh80,000 1,400m | Winner: Eghel De Pine, Pat Cosgrave (jockey), Eric Lemartinel (trainer)

5.30pm: Maiden (PA) Dh80,000 1,400m | Winner: AF Sheaar, Szczepan Mazur, Saeed Al Shamsi

6pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (PA) Group 3 Dh500,000 1,600m | Winner: RB Torch, Fabrice Veron, Eric Lemartinel

6.30pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (TB) Listed Dh380,000 1,600m | Winner: Forjatt, Chris Hayes, Nicholas Bachalard

7pm: Wathba Stallions Cup for Private Owners Handicap (PA) Dh 70,000 1,400m | Winner: Hawafez, Connor Beasley, Ridha ben Attia

7.30pm: Handicap (PA) Dh 80,000 1,600m | Winner: Qader, Richard Mullen, Jean de Roaulle

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.”

The Killer

Director: David Fincher

Stars: Michael Fassbender, Tilda Swinton, Charles Parnell

Rating: 4/5 

MATCH INFO

Uefa Champions League semi-final, first leg

Tottenham 0-1 Ajax, Tuesday

Second leg

Ajax v Tottenham, Wednesday, May 8, 11pm

Game is on BeIN Sports

Diriyah project at a glance

- Diriyah’s 1.9km King Salman Boulevard, a Parisian Champs-Elysees-inspired avenue, is scheduled for completion in 2028
- The Royal Diriyah Opera House is expected to be completed in four years
- Diriyah’s first of 42 hotels, the Bab Samhan hotel, will open in the first quarter of 2024
- On completion in 2030, the Diriyah project is forecast to accommodate more than 100,000 people
- The $63.2 billion Diriyah project will contribute $7.2 billion to the kingdom’s GDP
- It will create more than 178,000 jobs and aims to attract more than 50 million visits a year
- About 2,000 people work for the Diriyah Company, with more than 86 per cent being Saudi citizens

Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.


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