Aishwarya Rai Bachchan poses for cameras on the Cannes dock at the photo call for her film Jazbaa. Getty Images
Aishwarya Rai Bachchan poses for cameras on the Cannes dock at the photo call for her film Jazbaa. Getty Images

The news from Cannes 2015: Aishwarya Rai Bachchan wows Cannes crowds



Bollywood star and L'Oréal ambassador Aishwarya Rai Bachchan may well have caused boats to crash on Tuesday as she posed for cameras on the Cannes dock at the photo call for her film Jazbaa. The 41-year old wore a Bordeaux-coloured Oscar de la Renta organza and silk taffeta gown with layered lattices that gave a classic gown a fashion-forward twist. See Arts&Life on Sunday for our exclusive interview with the actress.

Female stars complete charity road trip

The celebrity charity car rally Cash & Rocket roared into Cannes on Tuesday, with stars including Furious 7 actress Michelle Rodriguez, model Jodie Kidd and singer Natalie Imbruglia. Seventy women are selected each year from the worlds of fashion, film, music and art to travel Europe in a glamorous convoy of 35 red cars. The rally began in Paris and went to Lyon and Milan before arriving at the finish line in Cannes – 1,717 kilometres and five days later. This year, it was raising money for the charities Oafrica, Sumbandila and Shine on Sierra Leone – which helps poor women and children in the developing world.

Film sheds light on US war on drugs

Denis Villeneuve debuted his drug-war thriller Sicario at Cannes, a saga that plunges deep into Mexico only to reveal more about the other side of the border. "For me, the movie's not about Mexico," said Villeneuve. "The movie's about America." Emily Blunt stars as an FBI agent who joins a task force led by a cocky CIA operative (Josh Brolin). They're joined by a mysterious Colombian, played by Benicio del Toro, as they carry out clandestine raids on Mexico and other illicit activities in an attempt to bring down a cartel boss. "We are living in a time where grey zones are more blurred than ever," said Villeneuve.

Rossellini presents Bergman film

There's no getting away from Ingrid Bergman at this year's festival. Her youthful eyes stare out from giant billboards in town, special film screenings celebrate her classic movies and her daughter, actress Isabella Rossellini, is at the festival as jury president of the Un Certain Regard competition. On Tuesday, Rossellini, 62, also presented a documentary, directed by Stig Björkman, called Ingrid Bergman – In Her Own Words. It uses never-before-seen documents, diaries, letters and personal images from Bergman to tell the incredible story of how a young Swedish girl won three Oscars and became one of the most respected actresses in world cinema.

DiCaprio's charity gift for mum

Who knew Leonardo DiCaprio had an eye for Chanel bags? The actor paid €10,000 for a blue Chanel neoprene flap bag embroidered with flowers on the Croisette at Cannes. It was all for charity, part of an auction at the Heart Fund Gala, also attended by Paris Hilton, actor Gary Dourdan and featuring a performance by Yasiin Bey (formerly known as Mos Def). It was also for his mother – he said he would be giving it to her. The auction was in aid of The Heart Fund, which offers cardiovascular care around the globe for impoverished children. Heart surgeons donate their services to perform operations that would otherwise be unaffordable.

* AP

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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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COMPANY%20PROFILE
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COMPANY PROFILE
Name: Mamo 

 Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua

 Based: Dubai, UAE

 Number of employees: 28

 Sector: Financial services

 Investment: $9.5m

 Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. 

 
COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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If you go

The flights

There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.

The trip

Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.

The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.

 

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4