Cultural leaders, authors and educators have hailed the opening of Sharjah's House of Wisdom as the next chapter in the UAE’s rich literary scene.
The glimmering structure, described as a "library of the future", opened to the public on Thursday, December 10, a day after its official inauguration by Sheikh Dr Sultan bin Muhammad Al Qasimi, Ruler of Sharjah.
At 10am, the multiple gates spread across the 12,000-square-metre site opened and one of the first families to venture inside was Ajman resident Sara Sofia and her two young sons.
Having more than 300,000 books available within a 20-minute drive of her home is a game-changer, she says.
"While this place is an amazing achievement for the UAE, I also need to stress how important it is for communities who live in the Northern Emirates," she tells The National.
“While there are libraries here, of course, to have a detailed and dedicated space like this for culture is really important.”
Sofia speaks both as a parent and educator.
A Mexican linguist and teacher who has called the UAE home for a decade, she approached the House of Wisdom with a keen eye.
In addition to the vibrant and multifaceted space, home to multiple pavilions, she immediately spotted the effectiveness of the minimalist design by renowned British architectural firm Foster + Partners.
“It’s a beautifully designed space that is conducive for learning,” she says. “The minimalism is important because it doesn’t bother the eye and instead relaxes the mind. This is especially important when you have young people here; it helps the concentration and imagination.”
More than a library
Such comments are music to the ears of Khawla Al Hashimi, director of projects at the Sharjah Investment and Development Authority (Shurooq), which was behind the project.
The House of Wisdom, which was three years in the making, was never intended to be simply a library; rather, it was envisioned as a central hub for obtaining knowledge in various forms.
“While a major component of the House of Wisdom is celebrating books, when designing the project, we also looked at the concept of learning in all its methods,” Al Hashimi says.
“People not only learn from books but by interacting with people, attending a workshop or witnessing a theatre production. We wanted to tap into all the various forms within the building.”
That eclecticism is prevalent throughout the House of Wisdom, where rich culture and technology meet.
At its heart is The Monumental Library, which will store up to 305,000 books, two thirds of which are in digital form and 11,000 in various languages.
That futuristic touch is also found in Al Jazari Laboratory (known as the Fabrication Lab). Named after 12th-century Mesopotamian inventor Badi Al Zaman Al Jazari, the pavilion features cutting-edge 3D printers, lasers and vinyl-cutting machines.
The nearby Book Espresso Machine section, meanwhile, is a one-stop self-publishing hub, allowing authors and students to print and bind books or research papers on demand.
In addition to art spaces, currently home to two exhibitions by Iraqi-born New York artist Wafaa Bilal, there is a dedicated auditorium to hold cultural events.
Sharjah Book Authority chairman Ahmed Al Ameri, who attended the inauguration, relishes the venue’s prospects.
“We will definitely hold a number of events here throughout the calendar year,” he says.
“There is a lot of scope in what we can do with these amazing spaces. We can launch literary festivals and bring interesting guest speakers. We are already working on this so, really, watch this space.”
Part of a larger design
The arrival of the House of Wisdom has also been felt in neighbouring Dubai.
Emirates Airline Festival of Literature director Ahlam Bolooki predicts the venue will play an influential role in the ecosystem of the UAE cultural scene.
While the venue may be in a different emirate, she already sees how it complements the work of the festival.
“People could attend our festival, be inspired by an author or a subject, and then go to the House of Wisdom to really explore the associated books,” she says.
“Everything feeds into each other. All the joy is shared because what we are doing in this cultural space is important."
This is a message Sharjah author and nasheed singer Ahmed Al Bukhatir will pass on to his children when visiting the site over the weekend.
“I love how it’s not called a library and there is an emphasis on gaining wisdom,” he says.
“The message that I get out of it is that knowledge is not just about reading books alone, but in building your social skills and being challenged by interesting people and subjects.”
The power of imagination
And to do that, sometimes you have to let children roam free.
This was the favourite moment of Sofia’s first visit to the House of Wisdom.
When strolling through The Little Reader section, home to more than 5,000 titles for children and youths, she recalls how her children told her to hang back while they checked out the books alone.
“I just sat in the coffee shop watching them walk through the shelves and looking at all these books,” she says. “As an educator, that was a really powerful moment for me. This the kids saying, 'let me explore, let me just feel it and let me own it'.”
For more information, call the House of Wisdom on +971 6 594 0000
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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