illustration by Sarah Lazarovic for The National
illustration by Sarah Lazarovic for The National

Arabic literary journal is not just surviving, it's flourishing



An afternoon browser in the Al Wahda Mall branch of Magrudy's book store is likely to be magnetically drawn to the brightly coloured stacks of first-edition copies of The Casual Vacancy that currently fill its retail environment. The primary palette of its book jacket announces the author's dramatic change of tack in the post-Potter years.

JK Rowling's first foray into adult fiction may have split the critics and shaken up a few expectations of the best-selling author - certainly the initial reaction from The Review was that The Casual Vacancy was, at best, a challenging read - but, as the dust has settled, its publication has united her fans: Vacancy has taken up residence in the upper reaches of the sales charts (it would almost certainly occupy top spot but for a certain trilogy of books by EL James) and is likely to be remain rooted there long into next year.

If your eyes can shift away from Rowling's latest work and you wander a little farther into the store, you'll come across Banipal, an equally noteworthy, although significantly less hyped, publication, nestled among the raft of newspapers and magazines jostling for attention on the racks.

Published in A5 format, Banipal, a journal of modern Arabic literature in English translation, first hit the streets in the final years of the last century. Few gave it, or its creators Margaret Obank and Samuel Shimon, much hope of making it to issue two. Such pessimism was thankfully misplaced: Banipal marked its 15th birthday earlier this week with the publication of its 45th issue.

Shimon, whose episodic, semi-autobiographical novel AnIraqi in Paris was released in Kindle format earlier this year (following its hardback publication by Bloomsbury Qatar Foundation last year), is a charming figure and a determined fellow. I was lucky enough to spend a few hours with him last year when he made a brief stop in Abu Dhabi on a scouting mission for a future issue of Banipal focusing on Emirati authors. Our conversation flipped from topic to topic, but kept returning to the amazing story behind his evergreen literary journal.

"When we started Banipal they said I was a dreamer. They said: 'How are you going to make money from it?' People said we cannot continue. But we have been doing it for 14 years non-stop," he told me. Thankfully, he is still a dreamer today and together with Obank, something of a steely-eyed visionary too.

Banipal's trick is to keep coming up with editions that address contemporary matters. Last year, the magazine focused its attentions on Libyan writers just as the uprisings were beginning to swell and the long, slow road towards Qaddafi's downfall had started to reveal itself.

The issue before that had collected works by modern Tunisian writers just as the Arab Spring was about to dramatically announce itself to the world. This year, the anniversary edition turns its attention towards writers from Palestine.

In his introductory notes to the new edition, Fadhil Al Azzawi, a contributing editor and author, describes the journal as a "literary and cultural phenomenon [that] renews itself with every issue … Each issue is a reminder that in the history of literature nothing is impossible."

Having silenced the doubters by making it into the middle teenage years, Obank and Shimon deserve all the praise that is sure to come their way. Banipal is a unique voice in the literary world, an exercise in the art of the possible. Long may it remain so.

Thankfully, Shimon is unlikely to stop doing what he's doing anytime soon. "I don't have anything else," he told me last year. "Only making magazines, reading in Arabic. When I am doing these things, I am very happy."

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Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
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- Start with a simple recipe such as yogurt or sauerkraut

- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.

- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.

- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.

 

Maestro
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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.”

THREE
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