Two new IMAX screens for Dubai, with more to follow


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DUBAI // Moviegoers can look forward to two new giant, state-of-the-art Imax theatres opening soon.

Imax and Novo Cinemas have signed a 10-year agreement that will lead to new complexes in Dubai.

The first two new Imax screens will be built at the IMG Worlds of Adventure, the under development 1.5 million square foot indoor theme park off Mohammed bin Zayed Road, and at Wafi Mall.

“There is no better way to experience today’s biggest blockbusters than in the immersive Imax format with its new groundbreaking laser and sound technology,” said Debbie Stanford-Kristiansen, chief executive of Novo Cinemas, the Middle East’s largest theatre chain.

“We’re particularly excited to bring Imax’s laser technology to the IMG Worlds of Adventure theme park, which includes a Marvel zone featuring the superheroes at the heart of some of Imax’s biggest upcoming releases.

“With today’s agreement, we look forward to delivering the ultimate cinema experience to more patrons across the region.”

The new partnership means Novo Cinemas will have four Imax screens in Dubai.

The company operates the Imax at Ibn Battuta Mall and there is a planned screen for Festival City mall.

The chain also has an Imax at the Pearl Mall, in Qatar, and another planned for Seef Muharraq Mall, in Bahrain.

“Gulf Film was the first exhibitor to open a commercial Imax theatre in the Middle East in 2005 and now represents our largest partner in the region,” said Andrew Cripps, president of Imax EMEA.

“We are delighted to build upon our decade-long partnership with today’s agreement.”

Since Imax’s entry into the market, attendance and ticket prices have seen a steady increase helping to push the Middle East box office, he said.

“These positive trends, coupled with the success of our existing theatres with partners such as Novo Cinemas, position the Middle East as an important growth market for us.”

The new Imax screens will use the next-generation projection and sound system, featuring the latest laser technology.

The new laser technology is described as a “quantum leap” in cinema technology, promising sharper, clearer and more vivid images and audio, according to the company.

newsdesk@thenational.ae

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Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

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Defined benefit and defined contribution schemes explained

Defined Benefit Plan (DB)

A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.

Defined Contribution Plan (DC) 

A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.

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.”