Saudi Arabia began screening feature-length animated children's films this weekend in a makeshift theatre, after a 35-year-old ban on cinemas was lifted in the kingdom.
The first permanent theatres could open as early as March, part of a liberalising reform drive that has already opened the door to concerts, comedy shows and women drivers over the past year.
For now, the authorities are sponsoring temporary settings, like the state-run cultural hall in the Red Sea city of Jeddah which is equipped with a projector, a red carpet and a popcorn machine.
"Until now, there is no infrastructure for movie theatres, so we are trying to take advantage of [alternative] venues to approximate the cinematic form," said Mamdouh Salim, whose Cinema 70 brand organised the week-long screenings. "We tried to use these films to be a starting point as the first cinematic screening after the decision on December 11 to permit movie theatres."
Cinemas were banned in the early 1980s under pressure from Islamists.
But reforms led by 32-year-old Crown Prince Mohammed bin Salman have eased many of those restrictions, as the government tries to broaden the economy and lessen its dependence on oil.
In a nod to conservatives, films will be censored to make sure they remain in line with the kingdom's "moral values".
After watching The Emoji Movie with his wife and daughter on Sunday evening, 28-year-old Sultan Al Otaibi said Saudis are happy to see movies in the theatre instead of staying at home.
"It's more comfortable, more fun to have a change of scenery and an activity on the weekend. It is a step that was very late in coming but thank God it's happening now."
Thousands of Saudis currently travel to Bahrain, the UAE and other countries for entertainment.
The authorities expect to open 300 cinemas with 2,000 screens by 2030, building an industry it hopes will contribute more than 90 billion riyals (Dh88.1bn) to the economy and create 30,000 permanent jobs.
Regional and international cinema chains are also eyeing the Saudi market, keen to tap the spending power of the young people who make up roughly 70 per cent of the population.
"I want to see everything because it is something new for Saudi," said 30-year-old moviegoer Ibtisam Abu Talib. "I hope everything is available — action, romance, children's films, comedy. Everything, God willing."
Read more: In lifting the cinema ban, Saudi Arabia gives voice to people's stories
The specs
Engine: 1.4-litre 4-cylinder turbo
Power: 180hp at 5,500rpm
Torque: 250Nm at 3,00rpm
Transmission: 5-speed sequential auto
Price: From Dh139,995
On sale: now
The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
If you go
Flying
Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.
Touring
Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com
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Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
Women’s World T20, Asia Qualifier
UAE results
Beat China by 16 runs
Lost to Thailand by 10 wickets
Beat Nepal by five runs
Beat Hong Kong by eight wickets
Beat Malaysia by 34 runs
Standings (P, W, l, NR, points)
1. Thailand 5 4 0 1 9
2. UAE 5 4 1 0 8
3. Nepal 5 2 1 2 6
4. Hong Kong 5 2 2 1 5
5. Malaysia 5 1 4 0 2
6. China 5 0 5 0 0
Final
Thailand v UAE, Monday, 7am
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Infobox
Western Region Asia Cup Qualifier, Al Amerat, Oman
The two finalists advance to the next stage of qualifying, in Malaysia in August
Results
UAE beat Iran by 10 wickets
Kuwait beat Saudi Arabia by eight wickets
Oman beat Bahrain by nine wickets
Qatar beat Maldives by 106 runs
Monday fixtures
UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain
JUDAS AND THE BLACK MESSIAH
Directed by: Shaka King
Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons
Four stars
Remaining Fixtures
Wednesday: West Indies v Scotland
Thursday: UAE v Zimbabwe
Friday: Afghanistan v Ireland
Sunday: Final
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
