Emirati writer Nadia Najar’s The Touch of Light has made the shortlist for this year's International Prize for Arabic Fiction.
The novel delves into various aspects of the region’s past, including the history of Dubai before the discovery of oil. It features a blind narrator who uses special technology to examine the content of photographs.
Najar is an acclaimed writer, having won several local prizes, including the Sharjah Book Fair Award for Best Emirati Book, the Emirates Novel Award and Al Owais Award. Her previous works include The Exile of Memory (2014), Cities of Passion (2015) and The D Trilogy (2017). She also published a short story collection in 2022 titled Puzzle Game.
Najar is in the running for the Ipaf award alongside authors from Egypt, Iraq, Lebanon, Syria and, for the first time, Mauritania. The shortlisted works were revealed on Wednesday during a press conference at the Bibliotheca Alexandrina, Egypt. The winner of the $50,000 prize will be announced on April 24 in Abu Dhabi.
“This year’s six shortlisted novels are notable for their focus on the humanity of their protagonists,” Mona Baker, chair of the 2025 judges, says.
In Danshmand, Mauritanian novelist Ahmed Fal Al Din reimagines the life of Abu Hamid Al-Ghazali. The novel portrays the famous 12th-century imam and scholar in an unprecedented relatable light, showing him tackling anxieties and conspiracies in the face of the looming threat of Frankish Crusaders.
With The Valley of the Butterflies, Iraqi writer Azher Jirjees examines developments in Baghdad over the past two decades with a novel that straddles the divide between fantasy and reality, tragedy and comedy.
The Andalusian Messiah by Syrian-Palestinian author Taissier Khalaf highlights one of the most brutal moments in Andalusian history, when Muslims were forcibly converted and interrogated by the Inquisition.
The Prayer of Anxiety by Egyptian writer Mohamed Samir Nada, meanwhile, is set in 1977 in an isolated Egyptian village where residents believe they are surrounded by a minefield. The residents don’t know much about the wider world except that a war with Israel has been raging for a decade and that their village may be the first line of defence keeping the enemy from entering Egypt.
Finally, The Women’s Charter by Lebanese writer Haneen Al-Sayegh explores the rural life in her Druze village in Mount Lebanon. It tells the story of a woman who, while trying to overcome the religious beliefs of her family, agrees to marry a wealthy Druze man so that she will be able to study at the American University in Beirut.
While the subject matter played a part in the judges’ selections, it was not the only concern, Baker says. “The novel is first and foremost an artistic construction, and narrative representation and its forms are the novelist’s means of creating worlds that can only be achieved through imagination.”
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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.”
