World’s largest floating book fair attracts 65,000 visitors in Egypt


Nada El Sawy
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The world’s largest floating book fair has received more than 65,000 visitors in its first 10 days after docking at Egypt's Port Said.

Logos Hope, which travels the world with more than 5,000 titles on board, opened to the public in the Mediterranean port city on January 4 and will conclude on Saturday.

“Ever since we reopened after Covid, this has been the busiest port so far,” Port Said project coordinator, Sebastian Moncayo, who is from Ecuador, told The National.

The Logos and Doulos ships, operated by German non-profit group GBA — meaning Good Books for All — have visited more than 150 countries and welcomed 49 million people on board since 1970.

In March 2020, during the Covid pandemic, the ships were closed for more than a year.

Since restarting in July 2021, Logos Hope has travelled to several Caribbean islands, Sierra Leone, Ghana, Liberia, Spain, Malta, Albania, Montenegro and Cyprus before making its way to the Middle East.

The ship was in Beirut in the last two weeks of December, attracting 56,000 visitors, and will arrive in Aqaba, Jordan, on January 25.

It will be in the UAE for several weeks, arriving in Ras Al Khaimah on March 27, docking in Dubai from April 11 to 23 and finishing in Abu Dhabi from May 10 to June 12. Trips to Bahrain, Qatar and Oman will follow.

Mr Moncayo, who has been onboard Logos Hope since September 2019, arrived in Port Said seven weeks before the ship as part of its advanced preparation team.

He said the response in Egypt has been “overwhelming”, with an average of 7,000 visitors per day.

The last time Logos Hope docked at Port Said was in November and December 2010.

“A lot of people remember the visit, which is amazing because now they’re coming and they’re showing us pictures they took the last time,” Mr Moncayo said.

“Many of them were single. Now they’re married and they’re bringing their kids. There are people who say, ‘Oh, I was six years old and now I’m 18 and I remember the vessel’.”

Mr Moncayo said the ship attracts families and large groups of schoolchildren as well as lots of people aged 18 to 35.

Logos Hope has a unit equivalency system, so books do not need to be repriced when moving to a different country and currency. In Europe, 100 units was equal to two euros ($2.16), while in Egypt, 100 units is equal to 60 Egyptian pounds ($2.03).

There is a “huge collection” of books available for 100 units, while the average price is between 100 and 400 units, or 60 to 240 pounds. The entrance fee is five pounds ($0.17).

“It has to do, as well, with the economy of the country. The prices that we had in Malta, they were not the same prices that we have here, or the same prices that we had in Sierra Leone,” Mr Moncayo said.

“For us, we are non-profit, so we are truly not after money, and I think people can testify to that.”

The crew of Logos Hope consists of 330 volunteers from 60 countries. It also hosts cultural performances, offers language lessons and organises service projects.

In Egypt, the team has visited orphanages in Port Said and Cairo, donated books and led events, such as a beach clean-up and a bicycle race.

“We’re using every opportunity we have to connect with locals,” Mr Moncayo said.

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Etihad Airways flies from Abu Dhabi to Kuala Lumpur, from about Dh3,600. Air Asia currently flies from Kuala Lumpur to Terengganu, with Berjaya Hotels & Resorts planning to launch direct chartered flights to Redang Island in the near future. Rooms at The Taaras Beach and Spa Resort start from 680RM (Dh597).

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Investments: Grants/private funding
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The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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Started: November 2017

Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga

Based: Cairo, Egypt

Sector: transport and logistics

Size: 150 employees

Investment: approximately $8 million

Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar

Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

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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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Uefa Nations League Group B:

England v Spain, Saturday, 11.45pm (UAE)

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Updated: January 17, 2023, 2:14 PM