ABU DHABI // An Abu Dhabi company has joined forces with National Geographic Entertainment to invest US$100 million (Dh367m) in producing 10 to 15 films in the next five years.
The feature film division of National Geographic is led by longtime producer Jake Eberts, whose previous films including Gandhi, Driving Miss Daisy and Dances With Wolves have won a total of 12 Academy Awards. Mr Eberts pointed to these and other films he has developed and produced during his 30-year career as examples of the kinds of films that the new partnership could make.
"Our focus will be on true stories, although not exclusively," he said. "The films that we typically try to make are challenging. That's the niche that we are going for."
He added that a few of the partnerships' films might be IMAX films or documentaries, but the focus would be on feature films, resembling anything "from Indiana Jones to Whale Rider".
The partnership represents the second major international alliance formed by Imagenation Abu Dhabi since its formation as a $1 billion film fund by Abu Dhabi Media Company (ADMC) last month.
"National Geographic is a global brand that shares many of the same values that we share: commitment to the environment and respect for different cultures," said Edward Borgerding, the chief executive of Imagenation and the ADMC, the parent company of this newspaper. "People know them all over the world, and it's a brand that appeals to all sorts of people. They are a good, natural partner for us."
Mr Borgerding signed the deal with Tim Kelly, the president of National Geographic Global Media, at an Emirates Palace ceremony as part of the Middle East International Film Festival. The ceremony was also attended by Mohamed Khalaf al Mazrouei, the chairman of Imagenation Abu Dhabi and ADMC.
The new series of films will be funded equally by both partners.
National Geographic Entertainment is part of National Geographic Global Media, which reaches more than 325 million people each month through magazines, books, digital media, television, radio, music and film. Its film division is best known for the 2005 hit documentary March of the Penguins, which grossed over $73 million.
The profits from its media activities go back into the educational and scientific projects of the National Geographic Society, a non-profit group founded in 1888 "to increase and diffuse geographic knowledge".
Mr Eberts said the alliance came about in part because of his long professional relationship with Mr Borgerding, who spent 20 years at The Walt Disney Company before joining ADMC last spring.
A native of Montreal, Mr Eberts got his first glimpse of Abu Dhabi in 1973 while working for the investment house Oppenheimer & Co in London. He was struck by the hospitality of Emiratis during that time, he said, and has had that impression reinforced by recent visits.
"When I travelled out to Abu Dhabi, I had the enormous pleasure of meeting people like the Crown Prince and Khaldoon Al Mubarak - people who are deeply involved in building a nation, and who have a very clear understanding of the power of cinema and what can be done to reach across these great divides and help people understand each other."
Several of Mr Eberts's recent projects deal directly with this mission in the Middle East. He produced an IMAX film about the travels of Ibn Battuta, including much footage of the Haj, which is due to premier in Abu Dhabi in December.
He has also been working on The Gandhi Project, an initiative of the non-profit organisation Relief International, which offers free, Arabic-dubbed screenings of Gandhi to people in the Palestinian territories, followed by discussions about the movie's message of non-violence.
The project is funded by the Skoll Foundation, whose founder, Jeff Skoll, serves as the chairman of Participant Media, which signed a $250m partnership with Imagenation Abu Dhabi last month.
Like Participant, National Geographic Films will set up an office in Abu Dhabi and plans to announce its first project within the next few months.
When asked how National Geographic would balance the requirements of the marketplace with the conservative traditions of its partner's government owners, Mr Eberts gestured to Sir Ben Kingsley, who was attending the briefing in advance of Gandhi's screening at the film festival later in the day, as an example of how he has dealt with such challenges in the past.
"We had enormous difficulties in India when we began to talk about the production of this film, not just because of censorship, but also because of national sensitivity, and the way we addressed it was just through truth," he said. "Ben did a truthful job. It worked, and we did not have any criticism after the film was made."
khagey@thenational.ae
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.”
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Villains
Queens of the Stone Age
Matador
At a glance - Zayed Sustainability Prize 2020
Launched: 2008
Categories: Health, energy, water, food, global high schools
Prize: Dh2.2 million (Dh360,000 for global high schools category)
Winners’ announcement: Monday, January 13
Impact in numbers
335 million people positively impacted by projects
430,000 jobs created
10 million people given access to clean and affordable drinking water
50 million homes powered by renewable energy
6.5 billion litres of water saved
26 million school children given solar lighting
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
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Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
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The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
UAE currency: the story behind the money in your pockets
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
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Russia's Muslim Heartlands
Dominic Rubin, Oxford
Ovo's tips to find extra heat
- Open your curtains when it’s sunny
- Keep your oven open after cooking
- Have a cuddle with pets and loved ones to help stay cosy
- Eat ginger but avoid chilli as it makes you sweat
- Put on extra layers
- Do a few star jumps
- Avoid alcohol
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars
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