Jila Fayz, 52, an Iranian housewife, is a fan of Farsi 1 and never misses her favourite shows. "The shows on national TV are always so boring and have nothing new to say," she says.
Jila Fayz, 52, an Iranian housewife, is a fan of Farsi 1 and never misses her favourite shows. "The shows on national TV are always so boring and have nothing new to say," she says.

Iranians shun 'boring' domestic TV for illicit western fare



TEHRAN // A free-to-air general entertainment channel that broadcasts western soap operas is making Iran's religious establishment increasingly uneasy. Farsi 1, a satellite television channel run by the media tycoon Rupert Murdoch's News Corp, is gaining increasing popularity among Iranians, who complain that the homegrown fare is stale. Some authorities have expressed concern about the Hong Kong-based channel's operation, which began broadcasting last August. They say the operation targets the foundations of the Iranian family and is culturally corrupting for an Islamic society.

"There is no doubt that Farsi 1 is a tool of the extensive cultural onslaught [of the West] against Iran," Maryam Ardabili, the women's affairs adviser to the governor of Fars province, said at a one-day seminar aimed at assessing the effect of Farsi 1 on Iranian society. The seminar was held in the southern city of Shiraz last week. The entertainment programmes that the channel broadcasts promote infidelity between spouses and free sexual relations between unmarried young people and imply that abortion is a right, she warned the participants.

Broadcasting in Iran is a state-run monopoly and satellite television is banned, partly for political reasons and also in accordance with the moral codes the religious establishment cherishes. Still, as many as 40 per cent of all Iranians watch unauthorised satellite television, according to Ali Darabi, the deputy head of the state broadcasting organisation, the Islamic Republic of Iran Broadcasting (IRIB).

The state combats satellite television channels by occasional crackdowns and jamming signals. Even for the foreign television shows and movies it does pick up, Iran censors extensively, sometimes doctoring the content of foreign films to guard the morality of society. Thus, "wine" always becomes "fruit juice" and lovers morph into friends or even siblings in translation. Farsi 1 is unique among all entertainment channels aimed at the Iranian public for being the only channel to broadcast fully dubbed dramas, soaps and comedies rather than subtitled programmes.

"I don't know enough English to be able to comprehend foreign films. All we got before Farsi 1 was in English with Farsi or Arabic subtitles. I get plenty of my favourites on Farsi 1 now," said Nader Arman, 42, an engineer whose favourite show is Dharma and Greg. The channel's immense popularity has even been admitted by some officials. "Research in one of the schools in Shiraz indicates that nearly all students and even teachers watch the programmes of Farsi 1," Ms Ardabili told ISNA on the sidelines of the seminar.

Ezzatollah Zarghami, the head of IRIB, implicitly admitted that the entertainment channel was popular recently when he said a high percentage of viewers of Farsi 1 acknowledge the corruptive nature of the channel's programmes. "Why people watch this channel is another matter," he was quoted by the press as saying. Mr Zarghami's organisation has been criticised for failing to produce and broadcast programmes that can win away the competition. IRIB has yet to respond to such critiques.

"The main reason for television viewers' penchant for satellite channels ? lies in the falling quality of the domestic television programmes," Esmail Afifeh, a television drama producer, was quoted by Khabaronline, a conservative news portal, as saying. Some critics, including the film director Azizollah Hamidnejad, who was also quoted by Khabaronline, blame the decline in the quality of domestically produced dramas on harsh censorship. "Due to limitations imposed on producers we are always left with productions that are hackneyed in form and content and fail to satisfy searching souls," he said.

The view is shared by Jila Fayz, 52, a housewife who says she never misses any episodes of her favourite shows on Farsi 1, including the South Korean-made Mermaid Story, has given up watching the national channels. "The shows on the national TV are always so boring and old and have nothing new to say. Farsi 1 brings a lot of new things and issues to viewers' attention." Many viewers say they do not endorse the kind of morality present in foreign films, but believe that the dramatic portrayal of taboo subjects such as extramarital relationships cannot do as much harm as authorities think they do.

"It's true that dramatic portrayals of affairs or love between a middle-aged woman and a younger man, as in Victoria, do not set a good example for families, but pretending that such things never happen does little to prevent people from that kind of behaviour," said Ladan Nikmanesh, a secretary. The popular telenovela Victoria, a Spanish-language production starring Victoria Ruffo, is about a 50-year-old woman whose marriage is wrecked by her husband's infidelity and who falls in love with a dashing young man 17 years her junior.

Beside daily soaps including Victoria and The Bold and the Beautiful, a US-made show, Farsi 1 also broadcasts international dramas such as TheX-Files and Prison Break and such comedies as Dharma and Greg and How I Met Your Mother. @Email:msinaiee@thenational.ae

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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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