Cinema goers in the UAE have plenty of options this weekend – including Barbie, Oppenheimer and the filmed on location in Abu Dhabi charms of Mission: Impossible – Dead Reckoning Part One – in what has been a blockbuster summer for movies after the muted years of the pandemic.
And, if you venture to your local multiscreen venue this weekend, you may also bump into some fans of Metallica, one of the world’s most enduring and popular thrash metal music acts.
Two of the band’s concerts on their ongoing M72 world tour will be screened from Texas this weekend. The first will be shown in UAE cinemas on August 19 and the second on August 21.
The event offers a reminder that local cinemas are not just the place to watch the latest Margot Robbie or Tom Cruise film project, but also a venue for “live” events.
Big-screen venues have for years also served as the space to watch Indian Premier League cricket or top-of-the-bill boxing bouts, particularly in the peak period of Manny Pacquiao’s career when crowds used to swarm in the early mornings into UAE cinemas to enthusiastically cheer on their world champion sporting hero. Many people watched the unfolding drama of this year’s Uefa Champions League final in Istanbul at cinemas, in which Manchester City eventually prevailed over Inter Milan.
This weekend’s Metallica concert screenings also hint at something else.
Local cinemas are not just the place to watch the latest Margot Robbie or Tom Cruise film project, but also a venue for 'live' events
First, they are a great way to reach a wider audience at a cheaper price than a regular concert and to deliver them in the excellent sound environment that cinemas provide, although Metallica fans may wonder why tickets for each “concert” are priced at Dh100 per seat, when a typical movie seat is about half that price in the UAE. Metallica last performed in Abu Dhabi in 2013.
The advertised price does compare favourably, however, to two-day tickets for the AT&T Stadium in Arlington this weekend, which range from about $100 (Dh367) up to $1000, according to US ticket sales websites at the time of writing. So, maybe there is value after all in a Dh200 (circa $55) admission price at your local cinema.
Second, they underscore once again that it is touring that drives band economics in the way that physical album sales used to a generation ago.
Metallica famously went to court with the peer-to-peer site Napster at the beginning of the 21st century after quickly recognising how file sharing and streaming would affect an act’s ability to make money from their own back catalogue.
The band won in court but lost the argument in the long term, as generally, consumers have largely turned away from buying physical music, with devastating consequences for many musicians who may not have scaled the heights that Metallica have.
Many of us are now more likely to buy a cup of coffee than a new album. And even though millions of us globally are signed up to legal music streaming services such as Spotify, Apple or Amazon – effectively renting rather than owning music on a monthly basis – only a very small group of performers make meaningful money out of these services. Some artists have been moved to sell off the rights to their back catalogues to investment trusts as they seek to increase their incomes.
For an alternative take on live shows, retired Swedish superstars Abba – once known as their country’s second-biggest export after Volvo, having sold more than 400 million records worldwide – have been exploring another frontier of this “we’re not really here” territory over the past year or so, with their Abba Voyage shows in London.
The show, staged in a purpose-built venue in Docklands, features holographic avatars of the group performing “live” on stage running through an hour-and-a-half set, backed by a human and in-person 10-piece band. It’s a spectacular event that plays to large crowds.
The computer-generated nature of the star performers means they will never miss a performance and are unlikely to start or finish late, which is ideal for those worried about catching the last train home after the show – but it’s doubtful that this is a viable option for many acts, if any at all.
Before the show was launched, it was suggested that Voyage would need to sell in excess of 1.5 million tickets to recoup its development costs, although the technology does, in theory, allow for multiple versions of Abba to be in residency at the same time around the world and for much greater returns on investment once those vast setup costs have been recouped. Unsurprisingly, the tickets in London typically cost more than £100 (Dh460).
But the level of investment required takes it out of reach for most reuniting groups and reunion tours, which makes the “catch us if you can” spirit of cinemas hosting “live” shows an attractive and relatively cut-price alternative for all concerned.
What both examples highlight is that streaming and the movement of music from collectible to everyday consumable have changed the calculus for fans and for touring acts.
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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Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
List of alleged parties
- May 15 2020: Boris Johnson is said to have attended a Downing Street pizza party
- 27 Nov 2020: PM gives speech at leaving do for his staff
- Dec 10 2020: Staff party held by then-education secretary Gavin Williamson
- Dec 13 2020: Mr Johnson and his then-fiancee Carrie Symonds throw a flat party
- Dec 14 2020: Shaun Bailey holds staff party at Conservative Party headquarters
- Dec 15 2020: PM takes part in a staff quiz
- Dec 18 2020: Downing Street Christmas party
Gulf rugby
Who’s won what so far in 2018/19
Western Clubs Champions League: Bahrain
Dubai Rugby Sevens: Dubai Hurricanes
West Asia Premiership: Bahrain
What’s left
UAE Conference
March 22, play-offs:
Dubai Hurricanes II v Al Ain Amblers, Jebel Ali Dragons II v Dubai Tigers
March 29, final
UAE Premiership
March 22, play-offs:
Dubai Exiles v Jebel Ali Dragons, Abu Dhabi Harlequins v Dubai Hurricanes
March 29, final
More from Neighbourhood Watch:
The years Ramadan fell in May
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
KILLING OF QASSEM SULEIMANI
Sam Smith
Where: du Arena, Abu Dhabi
When: Saturday November 24
Rating: 4/5
Mohammed bin Zayed Majlis
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Zayed Sustainability Prize
