Zoe Saldana as Neytiri in scene from James Cameron sci-fi thriller Avatar.
Zoe Saldana as Neytiri in scene from James Cameron sci-fi thriller Avatar.

From disco hedonism to Afghan tabla



The cat-people are out the bag. Now it can be told that the finale to this year's Dubai International Film Festival is to be James Cameron's sci-fi epic Avatar. To judge by the trailer, it is a CGI-heavy effort about a space marine who psychically possesses a member of a tribe of primitive, Sphinx-like aliens. In other words, it's mad as teeth on a toaster. Still, so many years after Titanic, his momentous last feature, anything Cameron does has to be regarded as a major event. Compliments to DIFF for nabbing it.

The rest of the line-up is at least as interesting, however. There's the world premiere of City of Life, the debut feature from the Emirati director Ali Mostafa and, by the by, the first major film to emerge from UAE talent. The opening gala is Nine, an adaptation of Arthur Kopit's stage musical whose improbably starry cast includes Daniel Day Lewis, Nicole Kidman, Penélope Cruz, Marion Cotillard, Judi Dench, Kate Hudson and Sophia Loren. Don't let the threat of a singing Kidman put you off.

And there are treasures scattered throughout the rest of the programme: Jacques Audiard's prison bildungsroman Un Prophète, which narrowly missed the main prize at Cannes this year; One-Zero, Kamla Abu Zekry's reportedly charming portrait of Cairo in the grip of football fever; and intriguing mystical fantasy from Iran, The White Meadows. These are examples chosen almost at random: the programme is extensive and, to me at least, mostly bracingly unfamiliar. If you can't find something you enjoy you aren't trying. Still, like any film festival worth the name, it might call for a leap into the unknown.


The other big news this week is a clutch of big musical events at Abu Dhabi's Emirates Palace. The Killers are an indie rock band from Las Vegas and sound exactly the way you'd imagine from that description: tinselly and a bit self-loathing. They had that funny Christmas song last year - I think it went: "Are we Blitzen or are we Dancer?" Anyway, they're a bit less mainstream than some of the acts to visit the capital over the past few years, which can only be a good thing. Even if you don't care for them yourself - and they have as many detractors as fans - the cause of slightly marginal music in Abu Dhabi is a just one, best served by making your way to this concert. Who knows? If the turnout is good enough, someone might get the idea of booking The Fall for 2010. That would be a thing to see.


A few days later there's Creamfields Abu Dhabi, a day-long festival of disco hedonism staged on the Emirates Palace lawn. This is not a sentence I ever thought I'd type, but there's no time to waste on bafflement when the likes of Underworld and Calvin Harris get started. Of the other the acts, the most interesting is probably the canny Canadian producer Deadmau5 (pronounced "dead mouse"). His speciality is a muscular electro house with lots of grainy drum sounds and euphoric synths, but who needs a style when you have a gimmick? His is a giant cartoon mouse head that he wears on stage, a sort of Disneyfied rebranding of the old Daft Punk robot mask. His other distinguishing trait is a Tao Lin-style slackness in naming his material. Recent releases include Random Album Title and For Lack of a Better Name.

Finally, there's more beat-orientated music, albeit from a different tradition, when the Afghanistan-via-San Francisco tabla player Salar Nader comes to the Emirates Palace this week. Actually, it would be misleading to say he's from a different tradition altogether: Nader seems to be of the world-is-flat, DJ / Rupture school which thinks nothing of mixing ghazals with dub or moonlighting in a jazz fusion ensemble. Still, it seems reasonable to expect his Adach gig to stick to a more traditional path.

EXPATS
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The five pillars of Islam

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.”

BEACH SOCCER WORLD CUP

Group A

Paraguay
Japan
Switzerland
USA

Group B

Uruguay
Mexico
Italy
Tahiti

Group C

Belarus
UAE
Senegal
Russia

Group D

Brazil
Oman
Portugal
Nigeria

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The Africa Institute 101

Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction. 

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The specs: 2018 Genesis G70

Price, base / as tested: Dh155,000 / Dh205,000

Engine: 3.3-litre, turbocharged V6

Gearbox: Eight-speed automatic

Power: 370hp @ 6,000rpm

Torque: 510Nm @ 1,300rpm

Fuel economy, combined: 10.6L / 100km

Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5