Sheikh Dr Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah, has published a new book on the history of the Sultans of Kilwa, an East African dynasty.
Titled The Biography of the Sultans of Kilwa, the 114-page book outlines how the dynasty migrated to Africa and ruled over Kilwa — an island in southern Tanzania.
During their reign, the sultans developed Kilwa into a wealthy merchant power along the Maritime Silk Road. One of the testaments to their might was the Great Mosque, the oldest standing mosque on the East African coast, and once the largest in sub-Saharan Africa.
Until now, the story of the Sultans of Kilwa has remained steeped in myth, with most popular accounts claiming the dynasty emerged from Shiraz, before carving out a realm that stretched across the Swahili Coast.
However, in order to determine truth from fiction, the Sharjah ruler wrote his book following a careful analysis of dozens of historical documents; notably The Book of Salwa in the History of Kilwa.
In the introduction of his book, he writes: “It is a true historical novel that I wrote based on the manuscript of The Book of Salwa in the History of Kilwa.”
He continues: “When I decided to write the history of East Africa, I contacted the British Library in London and obtained a photocopy of the manuscript known as The Book of Salwa in the History of Kilwa.
“I started studying that manuscript as well as studying everything written about that manuscript by Arab and foreign historians, who were unable to explain what was written in that manuscript, as the matter became confusing for them."
Although the manuscript’s author’s name is unknown, his birth is recorded as “the second Monday of Shawwal in the year 904 [Hijri]”. The manuscript’s age is attested by the date it was copied on the orders of the Sultan of Zanzibar in 1877.
There were some issues with using the manuscript as a reference — some parts were illegible, damaged over time or simply missing.
However, aside from his study of authors and historians from modern Kenya and Tanzania, Sheikh Dr Sultan's vast collection of British and Portuguese historical documents allowed him to fill in the missing details — compiling various strands of history, to piece together the whole picture for the very first time.
“What was written in the manuscript about the arrival of the Shiraz sultans to the African coast is a myth and the truth is in the contemporary manuscripts,” says Sheikh Dr Sultan.
Spanning 11 chapters, the book also includes an appendix, a genealogical chain of Sultans of Kilwa and dozens of foreign references — providing a crucial resource for anyone seeking to learn more about the dynasty.
In the process, Sheikh Dr Sultan clears up some misunderstandings surrounding the dynasty, adding to his body of work, which now spans 76 publications, with his titles translated into 20 foreign languages.
The Sharjah ruler is a prolific writer, academic and historian, who has composed memoirs, studies, novels, poetry collections and plays — exploring the heritage and teachings of the UAE, the Middle East and North Africa.
Scroll through images from 50 years of Sheikh Dr Sultan's rule below:
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.”
