A staff member from Sharjah's House of Wisdom with one of the books donated by the emirate's Ruler
A staff member from Sharjah's House of Wisdom with one of the books donated by the emirate's Ruler
A staff member from Sharjah's House of Wisdom with one of the books donated by the emirate's Ruler
A staff member from Sharjah's House of Wisdom with one of the books donated by the emirate's Ruler

Sharjah Ruler donates 12,000 rare books on Islamic art and architecture to House of Wisdom


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  • Arabic

Sheikh Dr Sultan bin Muhammad Al Qasimi, Ruler of Sharjah, has donated 12,000 rare books to the emirate's House of Wisdom.

The donation includes valuable publications on the region’s art and architecture, many of which are more than 100 years old.

The rare titles include the private library of German historians and couple Richard and Elizabeth Ettinghausen, both of whom were specialists in Islamic and Arab art.

Sheikh Dr Sultan recently acquired the Ettinghausens's library and has since donated it to the House of Wisdom. The collection houses titles written in more than 10 languages, including Arabic, English, German, Japanese, Urdu and Russian.

The Ettinghausens were considered two of the world's most renowned academics in Islamic arts and architecture. Their library includes rare research on arts in the Islamic world including in Iran, India, Spain and Turkey.

Sheikh Sultan's donation to House of Wisdom includes the private library of German historians Richard and Elizabeth Ettinghausen. Chris Whiteoak / The National
Sheikh Sultan's donation to House of Wisdom includes the private library of German historians Richard and Elizabeth Ettinghausen. Chris Whiteoak / The National

One prized title in the collection is a rare 1888 edition of Haza kitab-i mustatab-i Vasaya-yi Khvajah Nizam al-Mulk, penned by Persian vizier Abu Ali Hasan ibn Ali Tusi, better known as Nizam al-Mulk. One of only two copies listed globally, this book is a treatise on governance and political science.

An 1898 large-style publication on Oriental glassware and Islamic decoration and ornaments by Gustav Schmoranz is another noteworthy title. An original 1910 edition, the book – titled Die Ausstellung von Meisterwerken muhammedanischer Kunst in Munchen – is edited by Friedrich Sarre, a prominent German Orientalist and art historian, and FR Martin, a Swedish cultural historian and art collector.

A team of specialists at the House of Wisdom is categorising the collection and preparing to present it in a special exhibition. A date for the exhibition has not been revealed yet but it will be open to the general public.

Marwa Al Agroubi, director of the House of Wisdom, thanked Sharjah's Ruler for the donation, saying his “unwavering support of books, authors and libraries” helped the emirate receive Unesco’s coveted World Book Capital title in 2019.

"The House of Wisdom is a true representation of the title and the inspiring vision of Sharjah Ruler," she said.

The library, which was inaugurated in December 2020 by Sheikh Dr Sultan, is home to more than 300,000 books across its 12,000-square-metre site.

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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.”

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Company name: BorrowMe (BorrowMe.com)

Date started: August 2021

Founder: Nour Sabri

Based: Dubai, UAE

Sector: E-commerce / Marketplace

Size: Two employees

Funding stage: Seed investment

Initial investment: $200,000

Investors: Amr Manaa (director, PwC Middle East) 

Updated: August 30, 2021, 12:49 PM