Habib Al Sayegh was the 2012 Cultural Personality of the Year. Courtesy Sharjah International Book Fair
Habib Al Sayegh was the 2012 Cultural Personality of the Year. Courtesy Sharjah International Book Fair
Habib Al Sayegh was the 2012 Cultural Personality of the Year. Courtesy Sharjah International Book Fair
Habib Al Sayegh was the 2012 Cultural Personality of the Year. Courtesy Sharjah International Book Fair

Emirati author Habib Al Sayegh: ‘Book fairs such as Sharjah are an opportunity to showcase our talents’


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Veteran Emirati author Habib Al Sayegh returns with his latest work Woman – a title he says defies any one genre.

“The book is not a novel or poem, it talks about women and love, the relationship between a man and a woman,” he says. “The book includes fantasy and art. I didn’t set a category for the book; rather this time, I prefer the reader to label it.”

Al Sayegh is a fixture of the local literary scene. As well as being the chairman of the Emirates Writers Union, he has been writing since the late 1960s, with key publications being his collections Poems to Beirut (1980), Tomorrow (1995) and 2012's simply titled Collection of Poems.

He was crowned that same year in the Sharjah International Book Fair as the Cultural Personality of the Year. In this year’s edition he returns to discuss the role of the writer and the value of positive ideas. The best way to tackle this issue, as he puts it, is for writers to create better content no matter the genre.

“I doubt if there are many people unaware of what is going on in the world, considering we’re living in a highly technological age,” he says. “Children should be exposed to the right channel from a young age to save them from the destructive ideas in the long run.”

He credits the Sharjah book fair and launch of new children's channel, Majid TV – owned by Abu Dhabi Media, which also publishes The National – as an example of avenues for children to be exposed to positive messages about their values and culture. However, he cautions that local writers need to better promote their work beyond the country's borders.

“Book fairs such as Sharjah are an opportunity to showcase our talents.” he says. “While some people are busy preparing to display their latest book in different exhibitions, people should also be concerned about sharing their talents and skills internationally. This way people get to read about us, too.”

Habib Al Sayegh appears Wednesday November 4 at the panel Writing and Facing The Current Situation at The Literature Forum at 7.15pm

aalhameli@thenational.ae

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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ESSENTIALS

The flights

Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.

The hotels

Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.

The tours

A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages. 

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