More than 30,000 attendees from around the world are expected to head to the 5th Emirates Airline Festival of Literature in March.
Isobel Abulhoul, the festival’s director, says an impressive list of 100-plus authors and publishers released yesterday who will draw visitors to the event is still growing.
The strong line-up of talent includes the best-selling Little Bee/The Other Hand author Chris Cleave, the Scottish crime writer Ian Rankin and the former US network news anchor Dan Rather.
“Books are not old-fashioned. We are here, right up to the minute,” says Abulhoul. “We have a fabulous line-up so far, so keep checking back with us. With the theme Heroes and Villains, all the authors will share their tales with us.”
The main aim of the festival, she says, is to encourage intelligent and inspirational debate, particularly through a variety of panel discussions.
“Authors worldwide know about the festival and are happy to support it,” she says. “We have a very exciting line-up for the next edition. The festival is also a huge inspiration to the local literature scene, where things are really starting to happen.”
There are a number of new events coming up this year, including an evening in which audiences will be whisked away to the desert for an evening to “return to the language of poetry and music”. During Lighter Side, authors known for their funny tales will share anecdotes, while an assortment of crime writers will each preside over a table of attendees for a murder mystery evening. The festival will also introduce its first prize for adult fiction, inviting entries from unpublished novelists to submit their works before a deadline of January 10. The winner will be invited to the London Book Fair and have their work evaluated by a top literary agent from the UK.
The Emirates Airline Festival of Literature will be held from March 5-9 at the InterContinental Hotel in Dubai Festival City with the support of the Dubai Culture and Arts Authority. Tickets go on sale January 21 – a week after Festival Friends can have exclusive advance access – through www.emirateslitfest.com and at Kinokuniya book store
Five of the best appearing at the festival
Ian Rankin
The Scottish creator of the phenomenally successful Inspector Rebus books will be promoting his first Rebus novel in five years, Standing in Another Man's Grave.
Lynda La Plante
The actress, novelist and TV dramatist is responsible for another enduring figure in the annals of crime – DCI Jane Tennison of Prime Suspect fame.
Simon Armitage
English poetry is well-served at the festival (Roger McGough is also attending), and Armitage is one of the most distinctive voices in English verse.
Antony Beevor
The historian Beevor's Stalingrad and Berlin – The Downfall 1945 have won multiple prizes and millions of readers around the world.
Anthony Horowitz
The genre-hopping Horowitz has written more than 50 books, including the Alex Rider series for older children, as well as screenplays and TV dramas.
melshoush@thenational.ae
RACE CARD
6.30pm: Handicap (TB) $68,000 (Dirt) 1,600m
7.05pm: Meydan Sprint – Group 2 (TB) $163,000 (Turf) 1,000m
7.40pm: Curlin Stakes – Listed Handicap (TB) $88,000 (D) 2,200m
8.15pm: UAE Oaks – Group 3 (TB) $125,000 (D) 1,900m
8.50pm: Zabeel Mile – Group 2 (TB) $163,000 (T) 1,600m
9.25pm: Balanchine – Group 2 (TB) $163,000 (T) 1,800m
10pm: Al Shindagha Sprint – Group 3 (TB) $130,000 (D) 1,200m
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.”
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
MATCH INFO
Uefa Champions League last 16, second leg
Liverpool (0) v Atletico Madrid (1)
Venue: Anfield
Kick-off: Thursday, March 12, midnight
Live: On beIN Sports HD
Episode list:
Ep1: A recovery like no other- the unevenness of the economic recovery
Ep2: PCR and jobs - the future of work - new trends and challenges
Ep3: The recovery and global trade disruptions - globalisation post-pandemic
Ep4: Inflation- services and goods - debt risks
Ep5: Travel and tourism
