< Previous60 Vol. 25/10, September 2024 Film 60Vol. 25/10, September 2024 Film CAPTAIN ABU RAED Director: Amin Matalqa Cast: Nadim Sawalha, Rana Sultan, Hussein Al Sous Writer: Amin Matalqa Release year: 2007 Set location: Jordan Awards: World Cinema Audience Award: Dramatic at the Sundance Film Festival 2008, Audience Award at the Dubai International Film Festival 2007, Best Actor (Nadim Sawalha) at the Dubai International Film Festival 2007, and Grand Jury Prize at the Seattle International Film Festival 2008 Genre: Drama IN CAPTAIN ABU RAED, Amin Matalqa crafts a touching narrative about dreams and storytelling. Nadim Sawalha stars as Abu Raed, an elderly airport janitor who, mistaken for an airline pilot by the children in his impoverished neighbourhood, regales them with tales of his imaginary adventures. Through these stories, he inspires hope and courage in the young listeners. Matalqa’s film is a heartfelt ode to the power of imagination and the impact of seemingly ordinary individuals. Sawalha’s performance is tender and dignified, making Captain Abu Raed a deeply moving cinematic experience. “You don’t have to be a pilot to fly, little man. All you need is imagination” – Abu Raed THEEB Director: Naji Abu Nowar Cast: Jacir Eid Al Hwietat, Hussein Salameh Al Sweilhi- yeen, Hassan Mutlag Al Maraiyeh Writers: Naji Abu Nowar, Bassel Ghandour Release year: 2014 Set location: Jordan Awards: Best Director (Naji Abu Nowar) at the Venice Film Festival 2014, BAFTA Award for Outstanding Debut by a British Writer, Director or Producer 2016, and Academy Award Nomination for Best Foreign Language Film 2016 Genre: Drama THEEB, directed by Naji Abu Nowar, is a gripping Bedouin Western set during World War I. The film follows Theeb, a young boy who must navigate the treacherous desert after his brother is killed during a perilous journey. Jacir Eid Al Hwietat’s portrayal of Theeb is captivating, capturing both the vulnerability and the strength of his character. Abu Nowar’s direction, coupled with the stunning cinematogra- phy of the Jordanian desert, creates a tense, atmospheric experience. Theeb is a masterful exploration of survival, loyalty, and the harsh beauty of the desert landscape. Director: Maroun Bagdadi Cast: Hippolyte Girardot, Rafik Ali Ahmad, Hussein Sbeity Writers: Maroun Bagdadi, Roger Auque, Didier Decoin Release year: 1991 Set location: Lebanon Awards: Jury Prize at the Cannes Film Festival 1991 Genre: Drama OUT OF LIFE MAROUN BAGDADI’S Out of Life is a harrowing and deeply personal account of a French journalist kidnapped in Beirut. Hippolyte Girardot delivers a compelling performance as the captive, whose ordeal serves as a microcosm of the broader chaos and human suffering during the Lebanese Civil War. Bagdadi’s direction is unflinching, capturing the claustrophobia and despair of captivity. The film’s raw portrayal of the intersection between personal and political turmoil earned it the Jury Prize at Cannes, cementing its place as a powerful and significant work in Lebanese cinema. “In this place, we are all prisoners, not just you” – Walid “In the end, the strong eat the weak, no matter how much you tell yourself otherwise” – Theeb ABE_2510_56-61_Mid-East Films_13352304.indd 6028/08/2024 18:41arabianbusiness.com61 Film arabianbusiness.com61 Film CAPERNAUM Director: Nadine Labaki Cast: Zain Al Rafeea, Yordanos Shiferaw, Boluwatife Treasure Bankole Writers: Nadine Labaki, Jihad Hojeily, Michelle Keserwany Release year: 2018 Set location: Lebanon Awards: Jury Prize at the Cannes Film Festival 2018, Audience Award at the Sarajevo Film Festival 2018, Best Foreign Language Film at the Palm Springs International Film Festival 2019, Best Director (Nadine Labaki) at the Asia Pacific Screen Awards 2018, Academy Award Nomination for Best Foreign Language Film 2019, and Golden Globe Nomination for Best Foreign Language Film 2019 Genre: Drama NADINE LABAKI’S Capernaum is a searing indictment of poverty and neglect, told through the eyes of 12-year-old Zain. Played with extraordinary depth by Zain Al Rafeea, Zain sues his parents for bringing him into a world of suffering. Labaki’s direction is both compassionate and unflinching, exposing the harsh realities of life for Beirut’s most vulnerable. The film’s naturalistic performances and documenta- ry-style cinematography create an immersive, heart-wrenching experience. Capernaum is a tour de force, earning the Jury Prize at Cannes and an Academy Award nomination for Best Foreign Language Film. DIVINE INTERVENTION Director: Elia Suleiman Cast: Elia Suleiman, Manal Khader, George Ibrahim Writer: Elia Suleiman Release year: 2002 Set location: Palestine, Israel Awards: Jury Prize at the Cannes Film Festival 2002, FIPRESCI Prize at the Cannes Film Festival 2002, European Film Award for Best Screen- writer 2002, and Best Foreign Film at the São Paulo International Film Festival 2002 Genre: Drama, Comedy DIVINE INTERVENTION, directed by Elia Suleiman, is a surreal and darkly comic exploration of life under occupa- tion. Suleiman himself stars as E.S., a silent observer whose vignettes capture the absurdity and tragedy of Palestinian existence. The film’s blend of satire, slapstick, and imagery is both disorienting and enlightening. From a love affair conducted through a checkpoint to the absurdity of daily life in a divided land, Divine Intervention is a masterful and subversive work that challenges the boundaries of conventional storytelling. GAZA MON AMOUR Directors: Arab Nasser, Tarzan Nasser Cast: Salim Dau, Hiam Abbass, Maisa Abd Elhadi Writers: Arab Nasser, Tarzan Nasser, Fadette Drouard Release year: 2020 Set location: Gaza, Palestine Awards: Best Actor (Salim Dau) at the Venice International Film Festival 2020 (Venice Days), Best Film at the Valladolid International Film Festival 2020, and NETPAC Award for Best Asian Film at the Toronto International Film Festival 2020 Genre: Drama, Romance GAZA MON AMOUR, directed by the Nasser brothers, is a tender and quietly humorous love story set against the backdrop of Gaza’s hardships. Salim Dau stars as Issa, an ageing fisherman who discovers an ancient statue and decides to pursue his feelings for the local dressmaker, played by Hiam Abbass. The film’s charm lies in its gentle portrayal of love and resilience amidst the daily struggles of life in Gaza. The Nassers’ direction is nuanced, capturing both the beauty and the bleakness of their setting. Gaza Mon Amour is a touching and hopeful film, earning accolades at international film festivals. “We live in a world that has forgotten how to dream” – E.S. “I want adults to listen. I want them to know they can’t throw us away like garbage” – Zain “Love is the only thing worth fighting for, even in a place like this” – Issa ABE_2510_56-61_Mid-East Films_13352304.indd 6128/08/2024 18:4162 Vol. 25/10, September 2024 Investment With a history of steady appreciation and a growing global market, luxury handbags are proving to be more than just fashion statements W O R D S B Y N IC O L E A BIG AIL &K AT E -L Y N N E W O L M A RA NS 62 Vol. 25/10, September 2024 Audrey Hepburn carrying the Louis Vuitton Speedy bag ABE_2510_62-65_Investment - Luxury Handbags_13360744.indd 6228/08/2024 18:25arabianbusiness.com63 Investment he allure of luxury handbags has long transcended their functional purpose. In recent y ear s, they have gained remarkable recognition as a serious alternative asset class, rivalling traditional invest- ments like wine, ar t, and watches. With a histor y of appreciation, particularly in the 21st century, luxury handbags have evolved from mere fashion statements to coveted investments that capture the interest of the affluent worldwide. The origins of luxury handbags The concept of the handbag as we know it today began in the late 19th century. Louis Vuitton, originally a luggage maker, was one of the first to venture into the luxury handbag market, intro- ducing his iconic steamer bag in the 1890s. This innovation was followed by brands like Hermès, which initially focused on equestrian accessories before introducing its first handbag, the Sac à dépêches, in 1935. These early forays into the handbag market set the stage for what would become a thriving industry. The rise of the luxury handbag can be traced to the post-war era when brands like Chanel revo- lutionised the market with designs that combined practicality with elegance. Chanel’s 2.55 bag, intro- duced in 1955, featured a quilted design and a chain strap, embodying a new era of luxury that was accessible yet exclusive. This period marked the beginning of handbags being seen not just as accessories but as symbols of status and taste. The emergence of handbags as status symbol The 1980s and 1990s witnessed a surge in the popularity of luxury handbags, driven by a growing consumer culture and the powerful influence of celebrities. Iconic designs like the Hermès Birkin, introduced in 1984 and named after actress Jane Birkin, epitomised luxur y and exclusivity. Produced in limited quantities, these bags quickly became highly sought after, acces- sible only to a privileged few. The Birkin, with its handcrafted leather and meticulous attention to detail, set the standard for luxury handbags. Its exclusiv- ity and association with celebr ities propelled it to legendary status, transform- ing it into one of the most coveted bags globally. By the turn of the century, the Birkin had established itself not only as a fashion icon but also as a sound investment, with prices steadily appreciating over time. Luxury handbags have been propelled not only by their craftsmanship and exclu- sivity but also by the influential figures who carried them. Grace Kelly, the Hollywood star turned Princess of Monaco, was famously photographed with her Hermès Sac à dépêches, later known as the Kelly bag. This moment of glamour and royalty significantly elevated the bag’s status, making it one of the most iconic luxury handbags in history. Jane Birkin herself had a profound impact on the allure of the Birkin bag. Her effortless style and association with the bag lent it an air of sophisti- cation and desirability that continues to this day. The Birkin has been carried by countless celebri- ties, from Victoria Beckham to Kim Kardashian, each adding to its mystique and investment appeal. Audrey Hepb ur n, another style icon, famously carried the Louis Vuitton Speedy bag, which became synonymous with her chic, understated elegance. The Speedy, originally designed as a travel bag, was downsized to suit Hepburn’s request, quickly becoming a staple in the Louis Vuitton collection, loved for its practicality and timeless design. introdu Birkin, e Pr qu si a Hermès Birkin, with its handcrafted leather and meticulous attention to detail, set the standard for luxury handbags ABE_2510_62-65_Investment - Luxury Handbags_13360744.indd 6328/08/2024 18:2864 Vol. 25/10, September 2024 Investment In more recent times, celebrities like Rihanna and Kendall Jenner have been spotted with the Dior Saddle bag, a design that gained popularity in the early 2000s and has seen a resurgence in the past decade. Their endorsement has driven demand for this quirky, asymmetrical bag, turning it into a highly sought-after piece on the resale market. The birth of a new asset class The concept of handbags as invest- ments has roots in the appreciation of iconic designs that have consistently held their value. However, it was in the 21st century that this idea gained significant traction. With the global rise in wealth and the increasing visibility of luxury goods, hand- bags began to be viewed as serious investment opportunities. The Birkin bag, in particular, has emerged as the pinnacle of luxury handbag investments. Emily Abraham, CEO of Love Luxury, remarks in an exclusive inter view with Arabian Business: “Anybody who buys from Hermès doesn’t want what they paid, which is retail or less. They want the profit.” This sentiment reflects the growing recognition of luxury handbags as valuable assets, not just fashionable accessories. In Dubai, for instance, a luxury reseller, The Luxury Flavor, listed a rare Birkin 20 Faubourg Sous La Neige for an astounding $245,000. This particular bag, with its leather-crafted windows resembling the facade of the Hermès flagship store in France, exemplifies the exclusivity and rarity that drive the secondary market for luxury hand- bags. In 2022, a Snow Faubourg Birkin was sold for an impressive $400,000, underscoring the significant value these items can command. A 2021 study by Baghunter revealed that the Birkin bag had outperformed both the S&P 500 and gold in terms of value increase over a 35-year period, with an average annual return of 14.2 percent. The factors contributing to the Birkin’s enduring value include its limited production, high-quality crafts- manship, and strong celebrity associations. The expanding market for luxury handbags While the Birkin remains the epitome of investment handbags, other brands and models have also shown strong performance in the market. The Chanel Classic Flap Bag, for exam- ple, has seen its value increase by over 70 percent in the last five years alone, according to data from the luxur y resale platfor m Vestiaire Collective. This iconic design, with its time- less appeal and enduring popularity, has become a staple in the portfolios of handbag investors. Similarly, Louis Vuit- ton’s limited editions, particularly those resulting from collaborations with artists like Takashi Murakami and Yayoi Kusama, have seen significant appreciation. Some of these pieces have doubled or even tripled in value within a few years, high- lighting the potential for substantial returns in the luxury handbag market. Vintage finds from luxury brands are also expe- riencing a resurgence in popularity and value. Driven by sustainability concerns and a growing nostalgia for classic designs, rare vintage pieces are becoming highly sought after. This trend is further amplified by the rise of social media and influencer marketing, which have had a profound effect on the luxury handbag market. Instagram, in particular, has become a powerful platform for showcasing and trading high-end acces- sories. The digital revolution has expanded the market beyond traditional luxury consumers, attracting younger buyers and investors who see luxury handbags not just as status symbols but as profitable investments. Anybody who buys from Hermès doesn’t want what they paid, which is retail or less. They want the profit Grace Kelly, the Hollywood star turned Princess of Monaco, was famously photographed with her Hermès Sac à dépêches ABE_2510_62-65_Investment - Luxury Handbags_13360744.indd 6428/08/2024 18:28arabianbusiness.com65 Investment The secondary market The growth of the luxury hand- bag investment market has been significantly facilitated by the rise of authenticated resale and auction platforms. Compa- nies like Sotheby’s, Christie’s, Love Luxury, and The Luxury Closet have made it easier for buyers and sellers to trade high- end handbags with confidence. According to a report by Business Wire, the global market for luxury goods is estimated at $253.7bn in 2023 and is projected to reach $369.8bn by 2030, growing at a compound annual growth rate (CAGR) of 5.5 percent. This growth trend is attributed to several factors, including increasing wealth among high-net-worth individuals and evolving consumer preferences. The secondary market for luxury handbags is booming, with many collectors and investors turning to resale platforms to buy and sell their coveted items. Love Luxury has noted that “the high level of crafts- manship and the use of often-rare materials and hardware means that each individual bag can double in value if not more on the second-hand market – making every purchase a stable investment.” Risks and considerations in luxury handbag investments Despite the strong performance of luxury hand- bags as investments, there are risks and consider- ations that potential investors must take into account. Authenticity concerns are paramount, as the prevalence of high-quality counterfeits poses a significant risk to investors. Ensuring the authen- ticity of a handbag is vital, as even minor discrep- ancies can dramatically affect its value. Condition issues are another critical factor. Even minor damage, such as scratches or wear on the leather, can significantly impact a bag’s value. Proper storage and maintenance are essential to preserving the condition of high-value handbags, but this comes with its own costs. Storage and insurance for luxury handbags can be expensive, and these costs must be factored into the overall investment strategy. Market volatility is another consideration. Trends in the luxur y handbag market can change rapidly, and the value of certain models or brands can fluctuate accordingly. Investors must be prepared for the possibility of market downtur ns and should consider a long-term perspective when investing in luxury handbags. The future of luxury handbag investments Looking ahead, industry experts predict continued growth in the luxury handbag invest- ment market. Several factors are expected to drive this growth, including increasing global wealth, particularly among high-net-worth individuals in emerging markets. As wealth continues to rise, so too will the demand for luxury goods, including high-end handbags. Sustainability is another factor that is likely to influence the luxury handbag market in the coming years. As consumers become more environmentally conscious, the appeal of investing in durable, high-quality items is expected to grow. Vintage and pre-owned handbags, in particular, are likely to see increased demand as consumers seek sustainable and eco-friendly alternatives to fast fashion. The digitalisation of the market is also expected to play a significant role in the future of luxury handbag investments. Improved online platforms and digital authentication technologies are making it easier for buyers and sellers to trade luxury hand- bags with confidence. These advancements are likely to further expand the market, attracting new investors and driving growth. According to a report by Knight Frank, hand- bags as an asset class saw a 13 percent price growth in 2020, outperforming other luxury investments like wine and watches. While luxury handbags may not replace traditional investments in a diversified portfolio, they represent an intriguing alternative asset class with the potential for significant returns. Luxury handbags have evolved from functional accessories to powerful symbols of status and wealth, and now, to valuable investment assets. With a history of steady appreciation, a growing global market, and the added benefit of personal indulgence, high-end handbags are proving to be more than just fashion statements. Chanel Classic Flap BagChan l $253.7 bn Estimated global market for luxury goods in 2023, according to a report by Business Wire ABE_2510_62-65_Investment - Luxury Handbags_13360744.indd 6528/08/2024 18:2866 Vol. 25/10, September 2024 AI applications Digital transformation is ongoing and with no fixed destination, thus technology and the digital economy will continue to evolve, with artificial intelligence (AI) playing a crucial role Today, 75 percent of organisations are implementing AI assistance, and it’s safe to say that virtually every senior business leader is being asked to help determine where – or where else – AI might fit into the organisation’s strategic plans. Investment in AI is rising across industries. On average, AI expenditures represent nearly one-fifth of organisations’ overall IT budgets in 2024. Further- more, nearly everyone (94 percent) expects that budget bite to grow, rising more than one-quarter (26 percent), on average, by 2026. In today’s sophisticated cybercrime landscape, most organisations are aware of the r isks that threaten AI implementations. Indeed, decision makers rank attacks – themselves powered by AI – as their top AI security concern. The final phase of the digital trans- formation journey may be endless, but with a data strategy and relia- ble data in hand and each tier of the AI stack well plotted, the trip to the digital economy of the future can be as rewarding for customers and the business as any finite desti- nation would be. Without a data foundation in place, too many organisations are in danger of succumbing to the significant challenges of AI while their better-prepared competitors surge ahead. And even those with both a formal data strategy and reliable, inte- grated data face a number of risks and potential threats that lie in the path of succeeding with this powerful technology. Endless possibilities Cyber security concerns Rising investment AI and strategic planning The power of data ABE_2510_66_5 things_13352298.indd 6628/08/2024 18:19Wednesday, 22nd January 2025 Dubai, United Arab Emirates NOMINATIONS ARE NOW OPEN SPONSORSHIP ENQUIRIES Sales team Direct: +971 4 444 3353 Email: absales@itp.com EVENT & NOMINATION ENQUIRIES Events and Marketing team Direct: +971 4 444 3685 Email: events@arabianbusiness.com Celebrating outstanding achievements across the region SCAN HERE TO START YOUR NOMINATIONSNext >