Search Site

TAQA Q1 net income $571m

Net income fell $2.58bn due to one-off items recognized in 2023.

QatarEnergy buys stake in Egypt blocks

It did not disclose the cost of the agreement.

TSMC’s April revenue up 60%

It capitalized on huge wave of demand for chips used in AI hardware.

Etihad reports record Q1 profit

Total revenue increased by $269 million in the same period.

Aramco Q1 profit down 14.5%

Despite lower profit, it will pay $31bn in dividends to Saudi government.

Indian Oscars return as Abu Dhabi hosts Bollywood bash

Bollywood actor Salman Khan with actress Divya Khosla Kumar attends a press conference ahead of 22nd edition of the IIFA Awards in Abu Dhabi. AFP
  • The glitzy show follows a box office slump when movie-mad India was hit hard by Covid-19
  • The awards have been held at venues around the world including London, Madrid, Johannesburg and Singapore

Bollywood’s brightest stars will gather in Abu Dhabi on Saturday as the Indian Oscars return for the first time since the pandemic shuttered cinemas and turned audiences on to streaming.

Host Salman Khan and actor Aishwarya Rai Bachchan will be among the A-listers at the International Indian Film Academy Awards celebrating the Hindi-language movie industry, the world’s most prolific.

The glitzy show follows a box office slump when movie-mad India was hit hard by Covid-19, with US streaming giants such as Netflix and Amazon Prime Video rushing to fill the gap.

“I’m excited to perform at Abu Dhabi before a live audience. I’m sure it’ll be a fun show,” said actor Shahid Kapoor, who will dance at the first IIFA awards since 2019.

“I’m very nervous but I hope I can do my best,” Kapoor told reporters, wearing a pale blue suit with carefully coiffed hair.

“Shershaah”, the biopic of a war hero killed in the 1999 Kargil conflict with Pakistan, leads the way with 12 nods, with “83” — the story of India’s 1983 cricket World Cup victory — nominated for nine awards.

Historical drama “Sardar Udham”, action pic “Tanhaji: The Unsung Warrior” and “Thappad”, a drama tackling India’s problems with domestic violence, round out the best picture nominations.

Real-life intrigue is not far away. One performer will be actor Rhea Chakraborty, who was arrested on drug charges in 2020 after her boyfriend, actor Sushant Singh Rajput, allegedly committed suicide.

Chakraborty needed clearance to travel to Abu Dhabi and is under conditions set by a Mumbai court including attending the Indian embassy every day.

The show is also taking place as police probe the death of renowned Bollywood singer Krishnakumar Kunnath, or “KK”, who died after a concert in Kolkata of a suspected heart attack this week. Media reports said there were injuries to his face and head.

 Indian diaspora

Pumping music and scantily clad performers will be a change of scene for Abu Dhabi, the United Arab Emirates’ oil-rich capital which has been upgrading its staid image with imported attractions including Formula One.

The awards have been held at venues around the world including London, Madrid, Johannesburg and Singapore, reflecting Bollywood’s wide appeal and the sprawling Indian diaspora.

The Hindi-language film industry was worth $2.5 billion in 2019 and produces more movies than any other. India also releases hundreds of films in its 21 other official languages every year.

But pandemic lockdowns sent the industry into a tailspin, with multiplex chains suffering major losses and dozens of small cinemas going bust.

In a country where cinema visits are central to cultural life, India’s media and entertainment earnings slumped by a quarter to $18.7 billion in 2020, according to accounting firm EY.

The theatre closures prompted a surge in subscriptions to streaming platforms with American services Netflix, Prime and Disney’s Hotstar tapping into a sharp growth in online audiences.

Some big-budget Indian films were released straight onto streaming platforms, such as comedy-drama “Gulabo Sitabo” starring Bollywood great Amitabh Bachchan, which went out on Amazon in May 2020.

However, cinemas have made a robust recovery since restrictions were eased, with non-Hindi movies like “Pushpa”, “KGF” and “RRR” from southern India making brisk business.