The discovery of new literary stars, poetry in the desert and a literary cruise with a philosopher were all part of this year’s Emirates Airline Festival of Literature.
The annual book gathering, with most events held at the InterContinental Dubai Festival City, concludes Saturday with a flurry panel discussions, In Conversation sessions and book signings by a cavalcade of big literary names.
While most of the spotlight focused on the best-selling writers at the festival, such as the James Bond author Anthony Horowitz and House of Cards novelist Michael Dobbs, aspiring UAE-based writers also had a chance to shine with Friday's awarding of the Montegrappa Writing Prize Winners.
Run for the fourth consecutive year, writers were invited to provide submissions that include a chapter and synopsis of a potential novel to be judged by UK literary critic Luigi Bonomi.
This edition’s first prize winner was the UK’s Karen Osman for her thriller “Dear Michael” and fellow compatriot Charlotte Butterfield, with her comedic entry “Very Nearly Perfect”.
Acclaimed Emirati singer Ahmed Bukhatir announced himself as a potential literary force by coming third place with his fantasy novel “Dragon Boy”.
As part of her prize, Osman will now travel to the London Book Fair in April where she will meet Bonomi to flesh out her work into a fully fledged novel and shop for a book deal.
Her chances of success is high. Previous winners Rachel Hamilton, Annabel Kantaria and Lucy Strange all received book deals soon after winning the competition. Both Hamilton and Kantaria have gone on to become successful authors and returned to the literature festival this year as guests.
“This is really a fantastic result, and I don’t know of any other book festival who does it,” Bonomi said at the awards presentation.
“We urge the writers who didn’t win to finish that manuscript – revise it and keep working at it.”
While Horowitz took the stage later that day to discuss his experience penning the latest James Bond novel, Trigger Mortis, he also used the opportunity to talk about his latest project – writing the crime series New Blood, to air on the BBC this year.
After writing nearly 30 episodes for the Second World War detective drama Foyle's War, the British author said the modern setting for New Blood was a refreshing experience.
"I wanted to write a show focusing on the Y generation," he explained. "With Foyle's War I think I ran out of steam, and I wanted to do something fresh with crime drama."
Thursday night found the festival action moving away from the InterContinental to the vast openness of the Dubai Desert Conservation Reserve for the Desert Stanzas poetry session.
This year’s eclectic line-up included the UK’s Simon Armitage, the Afro-Guyanese poet and playwright John Agard and Emirati Nabati poet Nujoom Al Ghanem.
True to form, Armitage’s dry sense of humour delighted the audience.
“You know, I never performed in front of a horse before,” he began, before launching into a piece called “Puddle”, which he described as an ode “to the runt of the water family”.
The festival also hosted a new concept last Wednesday night with a literary cruise.
Sailing the creek aboard the Bateaux Dubai, guests enjoyed fine food, live piano jazz and the lights of the emirate's skyline.
But the real pleasures were more cerebral than sensory – a talk from British philosopher AC Grayling. As after-dinner speakers go, it’s hard to imagine a more fitting balance of profundity, eloquence and accessibility. Oh, and he was funny, too.
“Somebody pointed out we’re going around in circles,” said Grayling of the cruise trajectory. “Rather apt for a professor of philosophy.”
The evening’s theme was What is Literature? It was a question Grayling skirted around with flair and grace.
As a former chairman of the Man Booker prize judges – a role that required him to critically consume 154 books in nine months – Grayling knows well the value of prose both profound and pitiful. But reading anything is better than nothing, he says, because it will almost always lead to more worthy fare. The evening ended with an impassioned plea to lapsed readers.
“Literature is central to the very best of us in human life, because it is in itself a great conversation. To be a reader is first to be an auditor and then eventually a participant in that great conversation,” he said.
“Imagine a society that never reads, that never tells itself another story, never reflects on what happens to who or why, what choices might be made in this very complex human universe of ours.
“So I end by saying, I do recommend literature to you – and more to the point, literature festivals.”
sasaeed@thenational.ae
* Additional reporting by Rob Garratt
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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.”
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil