When a bright yellow inflatable structure appeared in the heart of Leh, a remote Himalayan town 3,505 metres above sea level, Jigmet Angchok initially mistook it for a bouncy castle.
But when he stepped inside the "balloon theatre" he found a fully-fledged cinema equipped with Dolby digital sound, plush pushback seats and stunning picture quality.
The radio DJ, 32, was inside the world’s highest-altitude cinema and couldn’t contain his excitement. “I was always curious about what it was like to watch a film on a big screen,” Angchok tells The National. “This wonderful theatre had appeared in front of my eyes, just like the ones in big cities.”
Cinema frenzy nation
India is a nation of movie buffs, with 2,000 different Hindi or Bollywood and regional productions shown in cinemas each year. But for millions, particularly in rural parts of the country, a night at the cinema has long been a distant and expensive dream.
Since 1913, when a film was shown on the big screen for the first time, cinemas have evolved from single screen theatres to multiplexes. But there are only 10,000 cinemas and 30,000 screens in a country that is home to 1.4 billion people. Most of them are in big cities or towns, according to research by the Producers Guild of India.
For movie buffs like Angchok, watching a film in a brick-and-mortar cineplex was, for a long time, a far-fetched dream. There was not a single cinema hall in Ladakh, an arid region in northern India which generally remains covered in five metres of snow for four months during winter, until Picture Time arrived in 2021 to install an inflatable cinema.
Its mobile movie theatres are designed to give an unparalleled experience to enthusiasts like Angchok.
“There used to be a cinema hall in town during my childhood, but it closed in the late 2000s,” Angchok says. “So I grew up watching films on CD players or screened at a community hall. I always longed to watch a film at a cinema on a big screen.”
About 1,500km from Leh, the capital of Ladakh, Tarun Soni had a similar experience. The cinephile had to travel 150km from his small town of Nagaur to a nearby city like Jodhpur in the desert region of Rajasthan, a journey of three hours each way, to watch a film on a big screen.
All that changed for Soni when the inflatable cinema arrived. “Initially we were apprehensive,” says the school principal, 30. “This is a windy place and we were worried that the structure would be blown away. But once inside, we din’t feel any difference. One time we were watching a film and it was raining heavily, but we did not feel a thing. The picture and sound quality is excellent.
“It is a small town and we had never had a theatrical experience before. Since this concept was introduce, people have been excited about films, especially families, because they now have a place to go for an outing.”
Cinema in small towns
Picture Time is the brainchild of Delhi-based entrepreneur Sushil Chaudhary, who strongly believes watching films in a cinema is “not just entertainment but a fundamental part of life”.
Chaudhary, 50, came up with the idea of bringing the big screen experience to small towns.
“Multiplex cinemas are in malls, but there is a shortage around the country,” he explains. “I wanted something that would be more accessible and thought a portable cinema could solve the problem.”
After years of research, Picture Time opened an experimental inflatable cinema in Chhattisgarh in 2019. It was a huge success, encouraging Chaudhary to replicate his idea across India. He has since set up more than 27 cinemas, from Ladakh to Bommidi in Tamil Nadu in southern India.
His inflatable theatres have 120 to 180 seats and can be set up to stand on any ground for 15 years. That idea came to him when he was at a birthday party which had a bouncy castle.
“We were designing at the time,” Chaudhary recalls. “My aim was to create an air-conditioned cinema that was easy to erect and portable.”
His inflatable cinema has proper acoustics and is fire-resistant. Balanced air circulation ensures it can withstand high temperatures.
Streaming challenge
Streaming is all the rage these days, but a 2023 study by online platform BookMyShow found that 98 per cent of Indians still believe in the magic of cinema.
India has 547.3 million users on streaming platforms but only 100 million paid subscribers, according to research by media consulting firm Ormax Media. Cinema's popularity endures.
“When we release a big film, 300 to 400 people turn up every day,” says Stenzin Tankyong, an entrepreneur who owns a Picture Time franchise in Ladakh.
The big screen and audio experience are only part of the attraction. Angchok points out that cinemas give audiences a chance to enjoy a film with friends over a large tub of popcorn.
“Cinemas have charm,” he says. “They are the complete package. People enjoy watching films on big screens with popcorn and this experience is not available at home.”
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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UNpaid bills:
Countries with largest unpaid bill for UN budget in 2019
USA – $1.055 billion
Brazil – $143 million
Argentina – $52 million
Mexico – $36 million
Iran – $27 million
Israel – $18 million
Venezuela – $17 million
Korea – $10 million
Countries with largest unpaid bill for UN peacekeeping operations in 2019
USA – $2.38 billion
Brazil – $287 million
Spain – $110 million
France – $103 million
Ukraine – $100 million
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
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Paatal Lok season two
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Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
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Young women have more “financial grit”, but fall behind on investing
In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.
While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.
In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all).
“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”
Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.
"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."
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1.
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3.
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5.
Explained
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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UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
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Second Test, Day 2:
South Africa 335 & 75/1 (22.0 ov)
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South Africa lead by 205 runs with 9 wickets remaining
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
TYPES%20OF%20ONLINE%20GIG%20WORK
Ticket prices
- Golden circle - Dh995
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- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
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FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place playoff
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Abu Dhabi Equestrian Club race card
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THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
