SHARJAH // The visitors were the best thing about the Sharjah International Book Fair, said its director: whether it was those in a packed hall listening to Abdul Bari Atwan, the editor of London's Al Quds Al Arabi newspaper, as he spoke about meeting Osama bin Laden, or the constant stream of people leaving the Expo Centre with trolley-loads of books.
Last weekend almost 100,000 people walked through the doors and, although the figures have not been tabulated, Ahmed al Amri expected the turnout would be the largest in the 29 years of the fair's history.
Mr al Amri, who is in his second year of heading the book fair, said his favourite moment of the 12-day event, which finishes today, happened on Tuesday. He was standing at the collective stall and noted that gathered around were a Japanese girl, a Filipina, a Briton, an American, a Saudi and an Emirati.
"It made me very proud," he said. "The point I try to make through the fair is that books gather people together, they unite us in the same way as they define us. That people are coming and that people are buying, means that people are reading - and that makes me happy."
He was also astounded that all 5,000 copies of Hadeeth Al Zakira, by Sheikh Sultan Al Qasimi, Ruler of Sharjah, had sold out by Tuesday. A day later, there were 150 names on the waiting list. "Everyone wants a copy," he said.
The general consensus from publishers was that the book fair is one of the best in the region, in terms of sales. This year, the fair was extended from 10 to 12 days in order to spread over two weekends.
Ban al Ani, an Iraqi-British publisher based in London, said she sold 82 per cent of her stock after the first seven days.
"Usually I bring 30 to 40 boxes with me to a fair, but to Sharjah I brought double that and even then I had to send for more," she said.
Qassim Khalidi, the library director at Sharjah University, sent buyers around the fair to fill up stocks for the two campuses. They spent Dh1.2 million over the last week.
"This is the main source for building our library collection," he said.
Abdulla al Shami, a Yemeni professor of Islamic studies at the Petroleum Institute in Abu Dhabi, said he spent more than Dh50,000 on books. While some of them were for his students, others were destined for his personal collection, which tops 700,000 titles.
"Every year I come here to select the most recent sources of Islamic history and civilisation in English and Arabic," he said.
Mr al Amri spent the whole year travelling to book fairs for inspiration on this year's event. One result was the live cookery show, an idea he picked up in London. Naif al Muttawa, who wrote The 99, a comic series with Islamic superheroes, and Qais Sedqi, who created the Emirati manga comic The Gold Ring, led a discussion about the role of comics and the importance of stimulating a child's imagination.
With 789 publishers bringing 200,000 titles to the fair, Mr al Amri said he was pleased with its expansion and was looking forward to next year - the 30th anniversary of the event. "His Highness will be launching another book, we have A-list authors already confirmed and it will be a truly international event," he said.
aseaman@thenational.ae
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FIGHT%20CARD
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Company%20profile
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French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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.”