Frankfurt International Book Fair organisers are facing growing criticism after cancelling a Palestinian author's award over the Israel-Gaza war.
In a fiery speech during the opening ceremony on Tuesday, Slovenian philosopher Slavoj Zizek labelled the cancellation of the pre-arranged LiBeraturpreis award for Palestinian author Adania Shibli as “scandalous".
Shibli, who was to be honoured for the novel Minor Detail on Friday, subsequently cancelled all her speaking engagements at the book fair.
“I was shocked when I learnt that the award ceremony for Adania Shibli was postponed, a decision I consider scandalous,” Zizek said.
“Here we are approaching the paradoxes of cancel culture. All that cancel culture does is exclude those who don't fit your notion of inclusion and diversity.”
Zizek’s speech, punctuated by heckles from sections of the audience, urged for more nuanced discussions and reactions when it comes to Israel and Palestine.
"There will be no peace in the Middle East without resolving the Palestinian question," he said. "One should defend Palestinian rights and fight anti-Semitism.”
Book fair director Juergen Boos then took to the stage for an impromptu response.
"It is the freedom of the word. And we have to leave that freedom as it is, this is important to me,” said Boos, who, according to trade publication Publishing Perspectives, is also board president of LiBeraturpreis award organisers Litprom.
“I think I can speak on this community’s behalf. We condemn terror. We are humans and we think in human terms on the Palestinian and Israeli side.”
The opening ceremony is traditionally a light-hearted affair featuring speeches by dignitaries and guest authors. Tuesday's events underscore the fraught atmosphere surrounding this year’s fair.
Celebrating its 75th anniversary and normally attended by more than 150,000, including international publishers and the public, this year’s iteration has been marred by controversy since the outbreak of war on October 7.
Last Wednesday, Boos released a statement on behalf of the book fair condemning Hamas's attack in Israel and said "special events" were planned to "make Jewish and Israeli voices particularly visible" at the event.
In response, a growing number of international bodies withdrew their participation.
On Monday, Malaysia's education ministry announced it will also pull out.
“The ministry will not compromise with Israel’s violence in Palestine, which clearly violates international laws and human rights,” read the statement reported by Reuters.
“The decision [to withdraw] is in line with the government’s stand to be in solidarity and offer full support for Palestine.”
This follows a similar move by the Indonesian Publishers Association, which also declared it would not attend.
"The decision by the organiser of the Frankfurt Book Fair to only take sides and give Israel a platform has undermined the ideals of dialogue and efforts to build mutual understanding," a statement read.
“Siding with Israel while forgetting the suffering of the Palestinian people is like reading only one book to feel like you understand the whole world.
“And, expanding Israeli stages at the book fair while cancelling awards for Palestinian writers seems to reflect the expansion of Israel’s illegal settlements on Palestinian land.”
The UAE's Sharjah Book Authority and the Emirates Publishers Association, in addition to Egypt’s Arab Publishers' Association, announced their withdrawal on Saturday.
The Frankfurt International Book Fair runs until Sunday.
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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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The essentials
What: Emirates Airline Festival of Literature
When: Friday until March 9
Where: All main sessions are held in the InterContinental Dubai Festival City
Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.
Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.
Information: www.emirateslitfest.com
More on Quran memorisation:
Tickets
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
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Rating: 2/5
