The chairman and CEO of Fox Filmed Entertainment, James Gianopoulos, eloquently summed up the reality of the film industry in his keynote speech at The Circle conference in Abu Dhabi last week. He described making films as an "economic opportunity and a cultural imperative".
There is no doubt that the creation of film festivals has been a successful economic manoeuvre in the UAE. Through Dubai's thriving International Film Festival and Abu Dhabi's budding MEIFF, the country has embarked on a brilliant public relations strategy that has brought both cities to the forefront of the world's entertainment press. Now the UAE is attracting big names like Spike Lee, Antonio Banderas and Gianopoulos himself, while adding a new cultural dimension to a country that was viewed until recently as solely an economic hub.
But the creation of film festivals is presenting a tough challenge to the UAE's cultural identity and to local filmmakers in general. All major film festivals (Cannes, Toronto, Venice?) were born when an indigenous film industry required a platform for its output. In the UAE, festivals have preceded the industry - rather similar to throwing a "sweet 16" party for a 12-year-old.
Both UAE festivals have been conscientious about promoting local cinema by creating Emirati sections in their programmes, but that, if anything, has highlighted the gap in production values between international selections and the passionate yet under-funded attempts of young Emiratis and UAE-based filmmakers who are making cinema out of pocket.
Unlike painting, composing, or writing, cinema has rarely made notable achievements that were not tied to substantial national funding. Filmmaking is an expensive enterprise that requires the involvement of a multitude of skill sets. Time and money is required for research, scriptwriting, script-doctoring, location scouting, casting, lighting, filming, editing, etc. When all of these are attempted from a personal bank account, the outcome is usually a testimony to willpower, but rarely creates a production of high enough value to compete with the films of Europe and North America at our festivals.
It is true that filmmakers can seek money abroad, but the basics of financial partnerships apply to films, too: unless a filmmaker comes to the table with equity in hand, co-producers are unlikely to invest in the project. Egypt's once glorious film industry, characterised by local stories that touched hearts around the world, was only made possible by national subsidies. Spike Lee rightfully asked at The Circle: "Why should Hollywood produce your films and your stories?"
There are only a few international funds open to Arabs with no local subsidies required, but those are minimal and fraught with restrictions. None of them is likely to support a period film about, say, an Emirati family early in the last century who try to survive in the desert after the father perishes on a pearl diving trip. Not enough international appeal for major revenues; but definitely a pearl in this country's history.
Like Canada and the UK, the UAE can only become a true film contributor by creating a national film fund and international co-production agreements. Unlike mere cash, which has often been extended to local filmmakers by benefactors, a film fund also includes the supervision of film professionals who can advise on what is viable and what is not. The team behind a film fund is also entrusted with outlining the cultural vision of a country, the kind of rhetoric it needs to voice to the rest of world, making the film industry a major contributor to a nation's discourse.
Co-production treaties enable various countries to contribute to a project, thereby promising a higher budget and wider distribution. These have been the initiatives behind the glory of much of world cinema. I moved back to the UAE in 2005 when my documentary Being Osama came to the Dubai International Film Festival and I was motivated to stay by its success. The film was commissioned by the Canadian Broadcasting Corporation and the Canadian Telefilm Fund, who both agreed that a film on the tribulations of six men called Osama might alter public opinion and make life for Arab-Canadians easier.
Since 2005, I have become friends with driven Emiratis who want to make films. Each year we meet at festivals, with the same old scripts under our arms, hoping that some of the country's wealth will be directed towards indigenous filmmaking. But that never seems to happen.
We were all pleased hearing Jim Gianopoulos speak in Abu Dhabi, but nothing was more impressive than his expression a few silent seconds after he asked the audience how many local feature films are released here annually. My fellow filmmaker Ali Mustafa sought the floating microphone and solemnly whispered: "Zero."
Mahmoud Kaabour is an award-winning filmmaker and lecturer. He is also the managing director of the Dubai-based Veritas Films
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
How Alia's experiment will help humans get to Mars
Alia’s winning experiment examined how genes might change under the stresses caused by being in space, such as cosmic radiation and microgravity.
Her samples were placed in a machine on board the International Space Station. called a miniPCR thermal cycler, which can copy DNA multiple times.
After the samples were examined on return to Earth, scientists were able to successfully detect changes caused by being in space in the way DNA transmits instructions through proteins and other molecules in living organisms.
Although Alia’s samples were taken from nematode worms, the results have much bigger long term applications, especially for human space flight and long term missions, such as to Mars.
It also means that the first DNA experiments using human genomes can now be carried out on the ISS.
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MATCH INFO
Real Madrid 2
Vinicius Junior (71') Mariano (90 2')
Barcelona 0
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
Challenge Cup result:
1. UAE 3 faults
2. Ireland 9 faults
3. Brazil 11 faults
4. Spain 15 faults
5. Great Britain 17 faults
6. New Zealand 20 faults
7. Italy 26 faults
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Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
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.”
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia