MEIFF's Turkish film programme, which has been bubbling away throughout the festival and which continues tonight with Pandora's Box, was intended by Peter Scarlet to serve as a model to the UAE's filmmakers for how to get things done. In recent years Turkey has produced a clutch of home-grown, independent and idiosyncratic movies, all rooted in its broadly Islamic outlook. And so, the theory goes, it might make a good object lesson for the budding talents in the Emirates. Still, there's another informal delegation at the festival whose experience may be no less relevant, and they live about as far from Turkey as it's possible to get. Let a thousand flowers bloom, as a not-so-great man once said, but let's not ignore the lesson of the Kiwis.
A couple of days ago the Abu Dhabi Film Commission's head of production and training, Greg Unrau, invited me to consider the similarity between the UAE now and New Zealand as it was a little more than a decade ago. They were, he observed, both small and sparsely populated. They were both slightly out of the circuit of the international film industry. They possessed unique landscapes and encouraging governments. Coincidentally Mark Albiston, the director of the wonderful New Zealand short The Six Dollar Fifty Man, which just played at MEIFF and won a Special Distinction Prize at Cannes this year, recently told me: "I haven't met any other country that supports short films like New Zealand does... It's a really good grounding for the industry." But the other thing New Zealand has going for it, Albiston admitted, the thing that really sets it apart from the UAE at present: "It's very, very easy in New Zealand to get help from people who have come off The Lord of the Rings." The difference, in short, is the Peter Jackson effect.
Jackson's three-part Tolkien adaptation was one of the biggest projects in film history. It took eight years and nearly $300 million dollars (Dh1.1bn). He did it in a country that scarcely had a film industry, so he built one, and its skills have been sustaining Hollywood ever since.
Indeed, a chunk of it has been showing off its prowess in the MEIFF festival tent for the past two days. Courtesy of the ADFC and Emirates Film Competition, three artists from Jackson's visual effects company Weta Workshop were demonstrating the art of monster prosthetics. Interested passers-by might have seen fresh-faced Abu Dhabians gradually transmute into vampires, dwarves, or a generic underworld creature. All the while, the effects technician Joe Dunckley did a good impersonation of a sort of infernal TV chef, mixing up potions and explaining to the audience the visible differences between arterial blood, puddled blood and "mouth blood". He also found time, between beasties, to tell me how he got swept up in Jackson's caravan.
Pre-Lord of the Rings, Dunckley had been an amateur artist and sometime construction worker. A Tolkien fan since childhood, he heard that the author's masterpiece was being shot in his home country. Just out of school and not doing much, he signed up as an acting extra. "I enrolled with an agency and said I only want work on Lord of the Rings. I thought they were going to laugh at me." A year later he was on set, fighting in the battle of Helm's Deep. He had a foot in the door. An artist friend put him touch with Richard Taylor, head of Weta. Of the interview, Dunckley says: " It was quite funny. It really reflects how busy he was at the time. He said: 'Why should I hire you?' I said: 'This is the biggest opportunity of my life and I'll do everything to make it right.' He said: 'OK, cool, you've got two weeks to prove it.'" Dunckley never looked back. His recent credits include District Nine and James Cameron's Avatar; his skills have been embraced by the wider movie world.
"My story of how I got in was the story of the growth of the New Zealand film industry," he says. Who knows? Perhaps if we find a Jackson of our own, it can be the story of the UAE's film business as well.
Monday furnished another nice example of Kiwis leading the way. Shu Liang is a Chinese-Canadian project manager living in Abu Dhabi. Inspired by MEIFF's environmental programme of films and particularly by the message of the New Zealand documentary Earth Whisperers-Mother Earth (festival blurb version: "a shift in consciousness can have a healing effect on our environment"), she decided to make a point of cycling up to the festival. It appears she was told by security at the Emirates Palace that she couldn't bring her bike up to the hotel. So, she got in touch with Earth Whisperers' director Kathleen Gallagher to see if the pair of them might make a symbolic ride up to the documentary's first screening at Marina Mall together.
Gallagher was game, and on Monday evening she and her partner set out from the Intercontinental on rented bicycles, accompanying Liang to the screening. "It was just a very pleasant bike-ride," says Liang. "Frankly the bike path was pretty empty. The temperature was great and everyone had a good time." Liang just hopes the director's example will catch on. "I would really like to see Abu Dhabi adopt a more bike-friendly attitude," she says. As for Gallagher? Liang reports: "At one point Kathleen turned around and said: This is so much better than sitting in a minibus." One imagines it would be.
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Brolliology: A History of the Umbrella in Life and Literature
By Marion Rankine
Melville House
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Griselda
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The five pillars of Islam
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Company%20Profile
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Young women have more “financial grit”, but fall behind on investing
In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.
While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.
In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all).
“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”
Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.
"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."
if you go
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
COMPANY%20PROFILE
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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.”