Cannes deal can open doors for Arab filmmakers



C Sky Pictures and twofour54 Abu Dhabi have signed a new development deal in Cannes that will operate under the name C Sky Abu Dhabi.

The award-winning Kuwaiti filmmaker Walid al Awadi of C Sky Pictures and Wayne Borg, the deputy chief executive and the chief operating officer of twofour54, were in Cannes to announce the three-year partnership deal.

Walid al Awadi's new film Tora Bora, about a Pakistani family who go to Afghanistan to search for their son who has gone to fight alongside al Qa'eda, is playing at the Cannes market on Wednesday. Tora Bora is the first project to be produced under the agreement. The film was shot in the Gulf, Morocco and Europe and stars Saad al Faraj and Asmahan Tawfiq.

"We hope to develop three pictures each year under the deal as well as TV projects," said Borg "For us it is for helping and developing Arab talent with seasoned professionals like Awadi, who has had tremendous success in the US and now wants to come back to the region.

"It's about looking for the right project and it's about finding the right people and finding contemporary content that connects with the young audience and we think it's important for Arab stories to come to the fore and hopefully Awadi will lead that process.

"Our brief is to create a hub that the creative community can come to and produce content."

Awadi said that the films will not just be concentrating on Arab filmmakers and that the company will be looking for western mentors to help with projects. He added that he expected that a new project "will start to be developed as soon as we return to Abu Dhabi after Cannes. We believe that there will be something to add in a month about our first project."

There was no mention of the type of budgets that are likely to be committed for the projects, but Borg stressed that this is a new opportunity for UAE filmmakers to break into the film industry.

Four of those looking to benefit from the new venture have been taken to Cannes by the Abu Dhabi Film Commission: the scriptwriter Ahmed Arshi, who has a film, Alaska, optioned by ImageNation; Abdulla al Kaabi, director of the short film, The Philosopher starring Jean Reno; Abdelrahman Mohamed, a producer working with the entertainment company Jenova, and Fadel al Muhairi, a director working on the screenplay Hormuz Reconquista, a historical feature on the Portuguese invasion of Arabia in the early 1500s.

Says Arshi: "I have three scripts here in market so hopefully I'll get one deal from them. Two are based in the Middle East and the other is in the US called Undeserved Fate. The films in the Middle East are a thriller and a road trip comedy.

"Opportunities are everywhere. "The delegation is helping by exposing me to the producers and a lot of producers come to the Abu Dhabi Pavilion and they are directed to me." Elsewhere, the Doha Film Institute (DFI) announced that the third edition of the Doha Tribeca Film Festival will run from October 25-29 and will feature the world premiere of the Arabian epic Black Gold. The film was co-produced by the DFI and is set in the Gulf at the start of the oil boom.

The big commotion of the film festival so far took place at the market screening of Unlawful Killing, a film directed by Keith Allen about the 2007 inquest into the death of Princess Diana. Financed by Mohammed al Fayed the father of Dodi Fayed, who also died in the 1997 Paris car crash that killed Diana, the film makes accusations against the British royal family.

The press conference that took place after the screening turned into a farce. Martyn Gregory, author of Diana, The Last Days, a book about the princess's death, constantly heckled Allen over the film's contents. Allen disclosed that Fayed put up all of the £2.5 million (Dh14.8million) needed to make the film. The former Harrods owner did not make his expected appearance at the press conference.

The commotion at the press conference spiced up what has otherwise been an unusual start to the festival. For the first time in several years, the market has seen a lively start to deals with no talk of the credit crunch. In contrast the film competition has made a slow start.

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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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360Vuz PROFILE

Date started: January 2017
Founder: Khaled Zaatarah 
Based: Dubai and Los Angeles
Sector: Technology 
Size: 21 employees
Funding: $7 million 
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin

THE BIO:

Sabri Razouk, 74

Athlete and fitness trainer 

Married, father of six

Favourite exercise: Bench press

Must-eat weekly meal: Steak with beans, carrots, broccoli, crust and corn

Power drink: A glass of yoghurt

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