South African novelist Damon Galgut has won the 2021 Booker Prize for Fiction with The Promise.
Galgut, 57, has won the award in his third appearance on the shortlist after making the cut in 2003 and 2010.
He follows in the footsteps of other South African winners Nadine Gordimer and JM Coetzee, and is the first winner from the country since 1999.
“It’s taken a long while to get here and now that I have, I kind of feel that I shouldn’t be here," Galgut said after the announcement.
“This could just as easily have gone to any of the other amazing, talented people on this list and a few others who aren’t.
“This has been a great year for African writing and I’d like to accept this on behalf of all the stories, told and untold, the writers heard and unheard, from the remarkable continent that I’m part of.
“Please keep listening to us, there’s a lot more to come.”
US historian Maya Jasanoff, who led the judging panel, said: “We felt among the judges this was a book that really is a tour de force.
“It combines an extraordinary story, rich themes, [and] the history of the last 40 years in South Africa in an incredibly well-wrought package.”
“The Promise astonished us from the outset as a penetrating and incredibly well-constructed account of a white South African family navigating the end of apartheid and its aftermath. On each reading we felt that the book grew.
“With an almost deceptive narrative economy, it offers moving insights into generational divides, meditates on what makes a fulfilling life and how to process death, and explores the capacious metaphorical implications of ‘promise’ in relation to modern South Africa.”
The Promise is set in Pretoria, where the author grew up, and takes place against the backdrop of South Africa’s transition out of apartheid.
It tells the story of the declining Swart family, who are white farmers, through four funerals.
Galgut previously told BBC Radio 4’s Front Row the idea for the novel’s structure came to him while he was drinking with a friend, who described a series of funerals to him.
“It occurred to me that it would be a novel and interesting way of approaching a family saga," he said.
“If the only thing you had was a small window that opened on to these four funerals and you didn’t get the full trajectory of the family story, as a reader you’d have to fill in those gaps yourself.
“I’m fascinated as a writer by the edge of the map, by things that are not said.”
Former archbishop of Canterbury Rowan Williams, writer Horatia Harrod, actress Natascha McElhone and twice Booker Prize shortlisted novelist Chigozie Obioma were also on the judging panel.
Galgut was announced as the winner of the prize in a ceremony that was broadcast on BBC Radio 4 and the BBC News Channel.
He receives £50,000 after his work won from five other shortlisted books.
They are: No One is Talking about This by Patricia Lockwood; Richard Powers’s Bewilderment; Maggie Shipstead's novel Great Circle; Anuk Arudpragasam’s A Passage North; and Nadifa Mohamed’s The Fortune Men.
Galgut, who now lives in Cape Town, wrote his first novel at the age of 17 and previously won the Barry Ronge Fiction Prize in 2015 for Arctic Summer, while his book The Quarry has been made into two films.
Douglas Stuart, who won the prize last year with Shuggie Bain, was interviewed by the Duchess of Cornwall during the ceremony.
The Booker Prize, first awarded in 1969, is open to writers of any nationality whose work is written in English and published in the UK or Ireland.
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.”
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
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Company%20profile
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The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
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The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Mohammed bin Zayed Majlis
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now