Last month, in the week after her death, extracts from the life and works of the writer Joan Didion re-surfaced, and circulated among fans. Passages and quotes from her books, interviews she gave and a Netflix documentary about her life, The Centre Will Not Hold, were revived on social media.
This in itself is not particularly noteworthy; it happens when any literary great dies. The trouble of reading their longer pieces is circumvented and more aphoristic snippets are repackaged and shared. Screenshots are taken and saved to camera rolls.
Of course, these kinds of virtual tributes do help publishers and booksellers in small ways. If the quotes are any good, or if they find resonance, a curious person, buoyed by the online flurry, might pick up a book written by the author or download a title or two. This could nudge sales in the right direction and add marginally to the author's league of fans.
A wider phenomenon, though, of how book sales work, can tell us something about the times we live in. It is not the death of writers, however eminent, that will most likely help sales. It takes an event like the pandemic to reverse what was just a couple of years ago bemoaned as the end of the reading habit. An undeniably good outcome of the past two years – and one of the few positive things that can be said for the pandemic – is that book sales have gone up. The reasons are simple enough. People had more time and fewer places to go, and with fewer distractions in the outside world, reading got a lift. Fiction sales ( both e-books and paperbacks), as well as audiobook sales in the first half of 2021, soared, according to the UK's Publishers Association.
But it wasn't just the paper books and their pixelated counterparts. Audio formats have seen a boom as well. Why this format caught on is open to debate – perhaps it makes chores easier to endure. Having something read out is a relief, and not just for strained eyes. A story told can evoke the early childhood pleasure of being read aloud to. When the narrator is particularly spellbinding, the listener is left richer for hearing the words emoted with just the right restraint and modulation. If it weren't for Hisham Matar narrating his books The Return and A Month in Sienna, a listener might remember it differently,with perhaps a dimmer intensity.
Libyan author Hisham Matar's narration of his books on audio has endeared fans. Getty
Having something read out is a relief, and not just for strained eyes
There is also a debate, if you get into it, about whether an author is best to read his or her work, or whether it should be left to professionals. The actor Colin Firth, for instance, has his share of audiophile groupies. But a lesser actor might overly dramatise a reading, which could put people off audiobooks and make them retreat to the quiet of a paperback – or less consoling, to the noise of a social feed.
Commenting on the reading habits of people altered by the pandemic, Stephen Lotinga, chief executive of the Publishers Association, said: “It’s fantastic to see that books have offered people entertainment and comfort in this difficult period. UK publishers have continued to release books that engage readers across the UK and around the world." He added, “The steep rise of audiobooks is a truly interesting development as it may suggest that new demographics are embracing this format."
If someone in Mr Lotinga's position says that things are changing, then that is a good sign. The Swedish streaming platform Spotify, which used to be primarily a music hub, has branched into podcasts and live audio, and in November it bought a big digital audiobooks publisher, Findaway. There's clearly space for more players, enough for big commercial deals to be struck and the risks taken.
Still, there are plenty of holdouts refusing to "embrace the format", for a number of reasons: wariness of new technology, the refrain "where's the time?", a reluctance to download yet another app, a conviction that they won't be able to focus on the story or will fall asleep mid-way and then have to rewind, not knowing at which point they tuned out, etc. Despite all the data in the direction of audiobooks (the market for them in Europe is expected to grow by $1.23 billion in the next four years), the case for them must still be made. More than convenience, the greatest payoff is the value in being engaged in a vocal narrative.
A little over a year ago, in November 2020, The Economist reported that that year set to be one of the best since 2004 for print books in the US. Sales of e-books and audiobooks had double-digit growth in the preceding 12 months.
We'll have to wait for the 2021 figures, but pandemic-era reading habits are not evaporating anytime soon. Paperbooks, ebooks, audio books – whatever the format – the enjoyment of books is unlikely to be affected by any emerging Covid-19 variant. As for the old debate, from an era before we all wore masks, whether e-books are better than holding a hardcopy or whether podcasts are "better" than audiobooks, there's no need to exclude any one pleasure. For many of us, now working from home or delaying at least some of our travel for the foreseeable future, we will have more time to ourselves and fewer places to go for a while to come. One may as well try it all.
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
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
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
RESULT
Manchester United 2 Tottenham Hotspur 1
Man United: Sanchez (24' ), Herrera (62')
Spurs: Alli (11')
Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas)
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Emirates have direct flights from Dubai to Glasgow from Dh3,115. Alternatively, if you want to see a bit of Edinburgh first, then you can fly there direct with Etihad from Abu Dhabi.
The hotel
Located in the heart of Mackintosh's Glasgow, the Dakota Deluxe is perhaps the most refined hotel anywhere in the city. Doubles from Dh850
Events and tours
There are various Mackintosh specific events throughout 2018 – for more details and to see a map of his surviving designs see glasgowmackintosh.com
For walking tours focussing on the Glasgow Style, see the website of the Glasgow School of Art.
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.”
No Shame
Lily Allen
(Parlophone)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
