DUBAI // There has been no shortage of screaming at the Dubai International Film Festival, mainly for Tom Cruise and Shahrukh Khan, but yesterday the noise was for celebrities of a more furry variety.
The Muppets Movie, the first outing for the late Jim Henson's much-loved puppet creations in 12 years, was given a special gala screening that saw hundreds of excited children, and a fair few equally excited adults, flock to Madinat Jumeirah.
Unfortunately, the stars of the film, which sees the Muppets regroup for a big show after going their separate ways, could not make it to the red carpet.
"I think they sadly have other duties elsewhere in the world," said the director James Bobin. "I believe they may be in South America."
Despite not being there, the most famous Muppet of all did make time to record a special welcome message for the local audience.
"Shukran, Dubai!" bellowed Kermit the Frog from the main screen. "We're are really excited to be here at the 8th annual Dubai International Film Festival."
For Bobin, one of the most joyous parts of making the film was that he could introduce the Muppets to his four-year-old daughter. "To me they've always been around but it just felt weird that she didn't know who they were, so I'm delighted to have made a film that she can watch with me," he said.
Masoud Al Ali, the festival's artistic director, also remembers the Muppets as part of his youth.
"We grew up with them, but especially on our side we grew up with Kamel, who was the Arabic version of Kermit," Mr Al Ali said. "It lives in everybody's memory."
Opinions over favourite characters were divided mainly between the two biggest names, Kermit and Miss Piggy.
For Mr Al Ali and for Bobin it was Kermit. But the director understood why many went for the blonde-haired diva.
"She's got a very forceful personality and I think girls in particular prefer her because she sticks up for herself," said Bobin. "She has great belief in her own talent, even though she's not that good."
Bobin was also behind the camera for the TV shows Flight of the Conchords and Ali G.
The festival's Cinema for Children section continues today, with screenings of Arthur Christmas and the German offering Wickie and the Treasure of the Gods.
aritman@thenational.ae
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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.”
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Stage three:
1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-43
2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s
3. Tom Dumoulin (NED) Jumbo-Visma, at 14s
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6. Joao Almeida (POR) UAE-Team Emirates, at 22s
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Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Based: Dubai, UAE
Sector: E-commerce
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Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
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ABU DHABI CARD
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Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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