Saudi filmmakers and major cinema chains alike are basking in the news the kingdom will lift its decades-old ban on movie theatres, opening a market of more than 30 million people.
At the Dubai International Film Festival on Tuesday, short-film directors talked shop on a seaside veranda, the city's iconic sailboat-shaped hotel in the background. And Saudi Arabia was on everyone's mind.
Director Hajar Alnaim wore her national pride in the form of a green Saudi flag pinned to her black abaya. She gushed as she recounted how she received the big news on Monday.
"I posted a picture of me on the red carpet on Facebook and someone told me, 'What a coincidence! This is a great picture on a great day' … I was like, 'what?'"
Alnaim took to Twitter to find out the buzz and was "shocked" to see her government had announced the immediate licensing of cinemas, with the first expected to open in March 2018.
The move is part of a modernisation drive by Crown Prince Mohammed bin Salman, who is seeking to balance unpopular subsidy cuts in an era of low oil prices with more entertainment options — despite opposition from religious hardliners.
Alnaim admits that she was once susceptible to those hardliners, but a Saudi government scholarship — one of thousands of annual grants — to study film in Los Angeles changed her world.
"I wasn't accepting. I wasn't even able to convince my family to go to Bahrain and let me watch a movie before I went to the United States to study film. My perspective has changed … my family's perspective has changed," she said.
Alnaim says her short-film "Detained" — about a Syrian asylum seeker under interrogation by US Homeland Security over the actions of her father — offers a window into the Muslim perspective, and that of the West.
Read more: Saudi Arabia to open cinemas for first time in 35 years
One decade ago, Saudi filmmaker Abdullah Al Eyaf captured the longing of his countrymen for the silver screen in a documentary.
"Cinema 500km" is the tale of a Saudi crossing his country's borders for the first time, just to see a film.
"It's funny, right?" remarked Hanaa Saleh Alfassi, a Saudi director taking part in the Dubai film fest.
"We're ready for a long time for all these bans to be lifted," she told AFP.
Alfassi's own film "Lollipop" also tackles restrictions, legal and social.
"It's a coming of age story about a girl who gets her period for the first time and decides to hide it from her family in order not to cover her face," she said.
Saudi women are required to wear a black abaya and veil, although the latter is arbitrarily enforced and in recent years some women have started showing their faces.
Alfassi's film was inspired by a pamphlet she used to see advising women to "protect" themselves by veiling, with an image of two lollipops.
"One is wrapped and has no flies and the other one is unwrapped and has flies."
But for her the message is misleading, because "in Saudi, most people are covered and they still get harassed".
When Alfassi's main character starts wearing the veil, she is "sexualised" by society and harassed by a friend's father.
Alfassi acknowledges that cinemas may start by screening "uncontroversial" selections, but she foresees the industry blossoming as Saudis become used to theatre-going.
"The cool thing about cinema is the film doesn't come to you. You're going to enjoy that film with strangers."
Read more: Local industry reacts to Saudi cinema announcement
Major cinema chains are clamouring to break into the untapped Saudi market, where the majority of the population is under 25.
US giant AMC Entertainment on Monday signed a non-binding agreement with Saudi Arabia's vast Public Investment Fund to build and operate cinemas across the kingdom.
It will face stiff competition from regional heavyweights, namely Dubai-based VOX Cinemas, the leading operator in the Middle East.
The chief executive of VOX parent company Majid Al Futtaim, Alain Bejjani, told AFP on Monday his company was eager to expand into Saudi Arabia.
"We … are committed to developing Vox Cinemas in Saudi Arabia and [to] make sure that every one of our Saudi customers will have a Vox Cinema close to them where they will be able to experience what they have been experiencing outside Saudi Arabia — in Saudi Arabia," he said.
Bejjani predicts that cinemas will be "the cornerstone of a whole new economic sector", generating jobs and developing Saudi content and talent.
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
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.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Company%C2%A0profile
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
more from Janine di Giovanni
Four tips to secure IoT networks
Mohammed Abukhater, vice president at FireEye in the Middle East, said:
- Keep device software up-to-date. Most come with basic operating system, so users should ensure that they always have the latest version
- Besides a strong password, use two-step authentication. There should be a second log-in step like adding a code sent to your mobile number
- Usually smart devices come with many unnecessary features. Users should lock those features that are not required or used frequently
- Always create a different guest network for visitors
Qosty Byogaani
Starring: Hani Razmzi, Maya Nasir and Hassan Hosny
Four stars
The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
More on Quran memorisation:
SPECS
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COMPANY%20PROFILE
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SERIE A FIXTURES
Saturday (UAE kick-off times)
Atalanta v Juventus (6pm)
AC Milan v Napoli (9pm)
Torino v Inter Milan (11.45pm)
Sunday
Bologna v Parma (3.30pm)
Sassuolo v Lazio (6pm)
Roma v Brescia (6pm)
Verona v Fiorentina (6pm)
Sampdoria v Udinese (9pm)
Lecce v Cagliari (11.45pm)
Monday
SPAL v Genoa (11.45pm)
The%20Super%20Mario%20Bros%20Movie
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Tales of Yusuf Tadros
Adel Esmat (translated by Mandy McClure)
Hoopoe
