The 7th China Film Week in the United Arab Emirates, an annual event to promote cultural exchanges between China and the Arab world, concluded in Dubai on Tuesday.
The opening ceremony took place at Reel Cinemas in Dubai on Saturday. It was attended by Wang Yi, acting consul-general of China in Dubai, Liu Yuxia, deputy director of the National Film Industry Development Special Fund Management Committee, and show business figures from both countries.
This year's film week presented a selection of Chinese films with diverse themes, including Detective Chinatown 1900, Decoded, Nobody, and The Shadow's Edge.
Dai Mo, director of Detective Chinatown 1900, said he hopes the films could show international audiences a real China in a comprehensive way.
"I think these films together could reveal different features of China. Whether it's an animated or live action film, and regardless of the production cost and genre, each film can show a different facet of today's China," Dai said.
The outstanding Chinese films also attracted a large number of foreign film enthusiasts residing in Dubai.
"Jackie Chan was the hero of my childhood, so when I heard about the festival, I came straight. Yes, the more movie you bring, I will watch them all, really just to learn more about your culture," said a Russian moviegoer.
In addition to film screenings, this year's film week also featured a virtual reality (VR) experience zone for the first time, where visitor could watch Chinese films Night Banquet in Tang Dynasty Palace and Guardian Warriors of Longmen on VR headsets.
"We want to bring our new films to the Middle East and to Dubai through the China Film Week in Dubai. As Dubai is an international city and a hub for trade and cultural exchanges, we hope more people from around the world can sense the charm of Chinese culture here," said Wang Nan, producer of Guardian Warriors of Longmen.
Seventh China Film Week held in Dubai
The ongoing conflict in the Middle East is seeing UK insurance firms hike up premiums for seaborne traders and shipping companies as a cloud of uncertainty hangs over the region amid the escalating crisis.
While the U.S.-Israel-Iran conflict continues, much attention is focusing on the severe disruption to shipping through the Strait of Hormuz -- a vital passageway which typically carries around one-quarter of global seaborne oil trade.
The economic implications of the war are already being seen in the City of London, the financial hub of the British capital and one of the world's foremost insurance centers, which is also an important trading place for global shipping, energy and war risk insurance.
Everyday, brokers and underwriters from all over the world gather in the financial district which is known simply as 'The City' to assess risks and negotiate premiums.
The London insurance market is often the first to feel the impact of any geopolitical turmoil in the Middle East, as war risk premiums for ships tend to rise rapidly whenever tensions escalate, particularly when shipping risks in the Strait of Hormuz increase to their current levels.
It can be a snowball effect, as these steeper insurance prices will eventually be passed on to other areas of the shipping sector, energy transportation, and even in global trade costs.
Before the United States and Israel launched their joint military operations against Iran on Feb. 28, the general quotations of shipping insurance brokers on the London market were approximately valued at between 0.2 percent to 0.3 percent, which meant the war risk premium for a single passage through the Strait of Hormuz for a container ship worth 150 million U.S. dollars was approximately 375,000 to 450,000 U.S. dollars.
However, since the escalation, insurance premiums for related vessels have skyrocketed, while shipping prices have also soared sharply, hampering shipping operations for vessels which may already be reluctant to travel through the war-torn waterway.
Industry insiders say that while prices will fluctuate depending on individual cases, these insurance hikes may be seen as a barometer of the bigger picture impact of the conflict.
"How much depends on the vessel, it depends on the circumstances. But you can see prices in the press have been given between one and three percent, but it will vary. It's possible, you heard that, and it may be true in some cases. But insurance is only one small part of their operating expenses (opex), so they'll be factoring in the freight rates, which have gone up by a factor of 11 or 12, and obviously, fuel costs and delay," said Neil Roberts, head of Marine and Aviation at the Lloyd's Market Association, a leading insurance and reinsurance firm.
The current crisis along the Strait of Hormuz came as part of Iran's response to U.S.-Israeli operations, which saw it restricting navigation through the strait and targeting any vessels associated with the U.S. or Israel.
As the war drags on, Iran has been leveraging its grip on the Strait of Hormuz, reducing shipping traffic through one of the world's most crucial waterways to historical lows as concerns about the wider global economic impact continue to mount.
London insurance market sees surging shipping costs amid Mideast tensions
