South Indian superstar Rana Daggubati, centre, will host IIFA Utsavam along with other celebrities. Photo: IIFA
South Indian superstar Rana Daggubati, centre, will host IIFA Utsavam along with other celebrities. Photo: IIFA
South Indian superstar Rana Daggubati, centre, will host IIFA Utsavam along with other celebrities. Photo: IIFA
South Indian superstar Rana Daggubati, centre, will host IIFA Utsavam along with other celebrities. Photo: IIFA

Biggest achievement of IIFA Awards is taking Indian films to the world, says co-founder


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The International Indian Film Academy (IIFA) Awards weekend got underway in Abu Dhabi with a star-studded press conference featuring Shahid Kapoor, Rana Daggubati, Kriti Sanon, Vicky Kaushal, Ananya Panday and many other celebrities.

Speaking at the Etihad Arena Ballroom on Friday, co-founder and director Sabbas Joseph said the annual event's biggest achievement has been “to connect the industry to businesses across the globe”.

IIFA’s main aim over in 24 years of existence, he said, has been to bring the attention of India’s diverse film industry to various parts of the world.

When first held in 2000, the IIFA Awards aimed to award pioneers of Indian Hindi cinema outside the country. Since then the event has been hosted all over the world, including Dubai in 2006. This is Abu Dhabi’s third consecutive year as host city.

The IIFA Festival, as this year's event is called, is being held over three nights. It starts on Friday with IIFA Utsavam, which celebrates and rewards the best of South Indian cinema. The IIFA Awards, which focuses on Bollywood or Hindi films, follows on Saturday and the music-focused IIFA Rocks takes place on Sunday. Etihad Arena on Yas Island is the host venue for all three nights.

Bollywood star Shahid Kapoor at a press conference to mark the start of the 2024 IIFA Festival in Abu Dhabi. Photo: IIFA
Bollywood star Shahid Kapoor at a press conference to mark the start of the 2024 IIFA Festival in Abu Dhabi. Photo: IIFA

Bollywood star Kaushal briefly showed off a sensational quickstep to his hit song Tauba Tauba from Bad Newz before complimenting the warmth of Abu Dhabi's hospitality and said that it “multiplies every year”. Kaushal is hosting the IIFA Awards on Saturday night along with mega star Shah Rukh Khan and producer Karan Johar.

Actor Siddhant Chaturvedi, who is hosting IIFA Rocks on Sunday, also made an appearance at the press conference. “I’m so happy that we’re all coming together to represent pan-Indian cinema on the same stage,” he said.

Replying to a question about hosting the final night, he said: “It’s … tricky. It’s a lot, but I’ve prepped to do my best on the stage to entertain both the audience and the stars.”

Chaturvedi and his co-host Abhishek Bannerjee are in the UAE for the first time. Chaturvedi says he is focused primarily on the show, but Bannerjee exclaimed: “I’m very excited to explore the culture, meet new people, and see new places.”

Performers at IIFA Rocks will include the Shankar-Ehsaan-Loy trio – consisting of Shankar Mahadevan, Ehsaan Noorani and Loy Mendonsa – rapper Hirdesh Singh, known famously by his pseudonym Honey Singh, and singer Shilpa Rao.

Musing on the importance of art in our lives, and the role it plays in bringing people together, Rao said: “We end up representing people through music and film. Giving more power to people who create.”

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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

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Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

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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.”

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Updated: September 27, 2024, 1:06 PM`