The Saudi government recently announced an end to its multi-decade ban on domestic cinemas.
While citizens and businesses in the kingdom rejoiced, many cinema operators in the neighbouring Arabian Gulf countries, especially Bahrain, Kuwait and the UAE, expressed concerns about falling demand for their own services, as their business models were partially predicated upon offering greater social freedoms - including cinemas - than Saudi Arabia. Are such fears well-founded?
Yes and no.
Let’s start with the obvious argument, which is what economists refer to as the “substitution effect”. If you are consuming two commodities that are substitutes, when the price of one falls, then its relative attractiveness increases and you will shift demand from the other commodity towards it: if Pepsi becomes more expensive than Coke, I buy less Pepsi, and more Coke. Applying this simple logic to cinemas, the Saudi government’s decision has effectively made a service that was priced infinitely (Saudi cinemas) available at a much lower cost, and so we should see demand for it increase at the expense of substitutes, such as cinemas in Dubai or Kuwait City.
Why might this simple parable fail to capture the actual results of allowing cinemas in Saudi Arabia? Because going to the cinema more frequently in Saudi Arabia might make Saudi Arabians into cinema lovers, and therefore make them go to cinemas everywhere more frequently. Before you dismiss this as wishful thinking, let us look at the instructive illustration provided by live transmission of sports events.
Commissioners of sports leagues with large stadiums have been ambivalent towards TV broadcasting of their games because they fear an adverse substitution effect. For example, in England, Premier League football games that start at the traditional time of 3pm on Saturday are still banned from being shown on TV live, as a way of boosting stadium attendance. Similarly, in the National Football League in USA (American football), if a stadium does not sell out, the game might not be shown live to those in the city where the game is being played, in an effort to force people to go to the stadium. In both the English and American cases, live transmission elsewhere is permitted, as they do not envisage the possibility of a Frenchman or Canadian cancelling a trip to a stadium because they can watch the game on TV, ie, authorities only fear the substitution effect within a close vicinity.
_____________
Read more:
Saudi filmmakers, businessmen eye return of the silver screen
The burgeoning UAE film industry empowers the disenfranchised
_____________
However, what we find is that showing sports on TV increases people’s interest in sports, including capturing the interest of those who might otherwise have no desire to see a game. In fact, in the aggregate sense, live transmission actually boosts stadium attendance - and hugely so - because people can become attached to the sport without having to go to the stadium frequently. In 1900, it would have been impractical to be a supporter of Liverpool Football Club while only going to one game a season. In 2017, there are millions of Liverpool fans in the world who would love to go to one game a season, while watching the rest at home. They generate huge revenues via TV advertising and merchandise sales - both absent from the Liverpool accounts at the turn of the 20th century.
Returning to the case of Saudi cinemas, the previous 30-year ban dramatically dampened Saudi demand for cinema. If you only go to the cinema once or twice a year, when you have the opportunity to go abroad, then it becomes an exotic luxury, rather than a part of your weekly or monthly routine. But when you are able to develop a love for cinema - as many westerners do - then you may seek cinemas when you travel with greater frequency.
This logic also extends to the issue of related sectors. Saudi filmmakers have been highly restricted since the 1980s and they are the people who have the ability to make the films that most inspire and entertain Saudis. Now that they have an outlet, over time, we may see that Saudis become a lot more excited about the medium of cinema, increasing their aggregate demand for the service by several orders, to the benefit of Saudi and non-Saudi cinemas.
For countries like the UAE, whether this channel will be enough to offset falling visits due to the substitution effect is unclear. Moreover, it will take time for new trends to emerge. Therefore, the prudent course of action would be for tourism authorities in countries such as Bahrain and Kuwait to think about how to improve the quality of the services that they offer Saudi visitors, to ensure robust demand.
But we should not be surprised if allowing cinemas in the most populous country in the Gulf leads to increased demand for cinemas in the rest of the region. Marketing executives have long known that exposure and awareness can have transformative effects on the demand for your product.
Ask yourself the following: does allowing McDonald’s in Saudi Arabia mean Saudi Arabians seek it more or less when they go abroad?
Omar Al-Ubaydli (@omareconomics) is a researcher at Derasat, Bahrain.
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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Generational responses to the pandemic
Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:
Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.
Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.
Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.
Strait of Hormuz
Fujairah is a crucial hub for fuel storage and is just outside the Strait of Hormuz, a vital shipping route linking Middle East oil producers to markets in Asia, Europe, North America and beyond.
The strait is 33 km wide at its narrowest point, but the shipping lane is just three km wide in either direction. Almost a fifth of oil consumed across the world passes through the strait.
Iran has repeatedly threatened to close the strait, a move that would risk inviting geopolitical and economic turmoil.
Last month, Iran issued a new warning that it would block the strait, if it was prevented from using the waterway following a US decision to end exemptions from sanctions for major Iranian oil importers.
The five pillars of Islam
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
RESULTS
5pm: Maiden (PA) Dh80,000 1,600m
Winner: Omania, Saif Al Balushi (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Conditions (PA) Dh85,000 1,600m
Winner: Brehaan, Richard Mullen, Ana Mendez
6pm: Handicap (TB) Dh100,000 1,600m
Winner: Craving, Connor Beasley, Simon Crisford
6.30pm: The President’s Cup Prep (PA) Dh100,000 2,200m
Winner: Rmmas, Tadhg O’Shea, Jean de Roualle
7pm: Wathba Stallions Cup (PA) Dh70,000 1,200m
Winner: Dahess D’Arabie, Connor Beasley, Helal Al Alawi
7.30pm: Handicap (PA) Dh80,000 1,400m
Winner: Fertile De Croate, Sam Hitchcott, Ibrahim Aseel
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Reputation
Taylor Swift
(Big Machine Records)
SPECS%3A%20Polestar%203
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Asia Cup Qualifier
Venue: Kuala Lumpur
Result: Winners play at Asia Cup in Dubai and Abu Dhabi in September
Fixtures:
Wed Aug 29: Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30: UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1: UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2: Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4: Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6: Final
Asia Cup
Venue: Dubai and Abu Dhabi
Schedule: Sep 15-28
Teams: Afghanistan, Bangladesh, India, Pakistan, Sri Lanka, plus the winner of the Qualifier
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Company%20Profile
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Company%20profile
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GROUPS
Group Gustavo Kuerten
Novak Djokovic (x1)
Alexander Zverev (x3)
Marin Cilic (x5)
John Isner (x8)
Group Lleyton Hewitt
Roger Federer (x2)
Kevin Anderson (x4)
Dominic Thiem (x6)
Kei Nishikori (x7)
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.
Understand What Black Is
The Last Poets
(Studio Rockers)
DC%20League%20of%20Super-Pets
%3Cp%3EDirector%3A%20Jared%20Stern%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Dwayne%20Johnson%2C%20Kevin%20Hart%2C%20John%20Krasinski%2C%20Keanu%20Reeves%2C%20Olivia%20Wilde%2C%20Kate%20McKinnon%2C%20Jameela%20Jamil%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
LOVE%20AGAIN
%3Cp%3EDirector%3A%20Jim%20Strouse%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Priyanka%20Chopra%20Jonas%2C%20Sam%20Heughan%2C%20Celine%20Dion%3C%2Fp%3E%0A%3Cp%3ERating%3A%202%2F5%3C%2Fp%3E%0A
Adele: The Stories Behind The Songs
Caroline Sullivan
Carlton Books
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%203.9-litre%20twin-turbo%20V8%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E620hp%20from%205%2C750-7%2C500rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E760Nm%20from%203%2C000-5%2C750rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3EEight-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1.05%20million%20(%24286%2C000)%3C%2Fp%3E%0A
MATCH INFO
Kolkata Knight Riders 245/6 (20 ovs)
Kings XI Punjab 214/8 (20 ovs)
Kolkata won by 31 runs
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)
Date started: August 2021
Founder: Nour Sabri
Based: Dubai, UAE
Sector: E-commerce / Marketplace
Size: Two employees
Funding stage: Seed investment
Initial investment: $200,000
Investors: Amr Manaa (director, PwC Middle East)
Elvis
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Baz%20Luhrmann%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Austin%20Butler%2C%20Tom%20Hanks%2C%20Olivia%20DeJonge%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
More from Neighbourhood Watch:
Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development