Scott Rudin, the legendary producer whose latest film The Social Network is currently riding high in the Oscar prediction lists, has announced the star of his next project - the moon (well, moon rocks, to be exact).
The new film is to be based on a soon-to-be-published novel by Ben Mezrich. Based on a series of true events, Sex on the Moon looks at the former Nasa intern, Thad Roberts, and his failed attempt to sell $21 million (Dh77m) worth of rare moon rocks, with the help of three friends, in the summer of 2002. A 600lb safe containing rocks collected from every Apollo mission (the first of which was in 1969) was successfully stolen from Nasa's Johnson Space Center lab in Houston, where the rocks were kept locked up to prevent contamination. Roberts was eventually caught after trying to sell the precious rocks through the website of a mineralogy club in Antwerp, Belgium. Roberts was sentenced to eight years for his part in the theft with three other conspirators also convicted. In a stroke of luck - if not for the criminals, then for Rudin and his scriptwriter at least - the rocks were recovered on July 20, the 33rd anniversary of the first landing on the moon.
Presumably Rudin will be hoping that this next movie collaboration produces as fruitful a result as the last - Mezrich also wrote the 2009 novel The Accidental Billionaires: The Founding of Facebook, which was used as a basis for the plot of The Social Network.
But there's another auspicious precedent for the project. While this one might be earth-bound, moon-related films have an illustrious history. The black and white French film Le Voyage dans la Lune (A Trip to the Moon) is considered to be one of the first sci-fi movies made, and inspired the award-winning video for The Smashing Pumpkins' 1996 hit single, Tonight, Tonight. The 14-minute silent feature, which was made in 1902 by the acclaimed French filmmaker, Georges Méliès, was supposedly based loosely on novels by the noted sci-fi authors Jules Verne and HG Wells.
Fast forward to 1968, and the moon made an appearance in another film that was a hit with cinema audiences and, eventually, critics. It may not have been nominated for that many Oscars (and was snubbed in the Best Picture category) but Stanley Kubrick's seminal sci-fi 2001: A Space Odyssey is regularly named as one of the best movies ever made. Epic in length, at more than two hours, the movie initially received mixed reviews from critics.
As with most things that were created ahead of their time, A Space Odyssey has since gone on to become one of the most revered movies in film history, and is said to have had a lasting influence on the likes of George Lucas and Steven Spielberg, among others.
Of course, both of these films were made before man had actually walked on the moon. Later films told the story of the space race, including Apollo 13, which starred Tom Hanks, Kevin Bacon and Bill Paxton, and was one of the most successful films of 1995. Based on the true story of Nasa's failed attempt to land one of its spacecraft on the moon in 1970, the film made more than $350 million at the box-office, and was nominated for nine Academy Awards.
Most recently Moon, the 2009 film directed by Duncan Jones - David Bowie's filmmaker son - and starring Sam Rockwell, won the Bafta for Outstanding Debut by a British Writer, Director or Producer at last year's ceremony. It told the story of an astronaut trying to keep a grip on reality during a three-year solo moon mission
In any case, we think the tale of robbery at the hands of several Nasa interns will be safe in the hands of Rudin and his team. So long as they shoot for the moon, the worst they can do is land among the stars.
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.”
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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