In the United States, being awarded a Pulitzer Prize is a significant achievement but it wasn't always regarded that way. When Edith Wharton, the American novelist, was awarded the prize in 1921 for The Age of Innocence, the first woman ever to receive it, she was vexed to discover the prize was awarded for work that "presented the wholesome atmosphere of American life and the highest standard of American manners and manhood".
Wharton wrote to a friend that when she discovered she was being rewarded “for uplifting American morals”, she was full of despair; her work did not aim to uplift but to dissect social hypocrisies, delivered with clear-eyed deftness and a razor-sharp wit.
Wharton had mixed feelings about the Pulitzer, as did many of her contemporaries, although she was delighted with the prize money (which, as an inveterate gardener, she immediately spent on flowers and shrubs).
She became further disenchanted when she discovered that the committee had originally wanted to award the prize to Sinclair Lewis's Main Street but succumbed to pressure from the Pulitzer board of trustees, who decided that Lewis's book wasn't sufficiently wholesome.
We like to believe that when prizes are awarded, the committees making the decision are above board and not prone to politicking or intrigue but of course, human nature being what it is, that is probably hopelessly naive. As we have seen in the news recently, even the august Nobel Prize committees are not immune: the Nobel for Literature will not be awarded this year, as the Swedish academy tries to re-organise in the aftermath of a wide-ranging scandal involving allegations of sexual harassment and abuse (and, reportedly, subsequent attempts to cover up the accusations).
But really, I can hear some of you say, who cares about the Nobel Prize? The prize is only interesting when someone like Bob Dylan is selected as a laureate, so that we can all chime in with strong opinions about the decision. I challenge any of you to come up with a full list of the literary laureates from the past 10 years without cribbing from Google. And yet on the other hand, when the prize gets announced, I leaf through the writer’s books at the bookstore or the library and sometimes I fall in love with a writer whose work I might never otherwise have known – often someone whose work hadn’t previously been translated into a language I know, or whose work prior to winning “the big one” hasn’t been well distributed outside his or her home country.
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Read more from Deborah Lindsay Williams:
[ The female adventurer who disproved Virginia Woolf's theory ]
[ We don’t need more women on pedestals; we need more men who know how to behave ]
[ The unsettling beauty of the Markazi exhibition and the questions it prompts ]
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For a younger writer, a literary prize can help launch or solidify a career; it can also help spark interest in an entire area of literature, perhaps through providing funds for translation. Just last month, for example, the International Prize for Arabic Fiction (IPAF) crowned Ibrahim Nasrallah for his novel The Second War of the Dog. As a result of winning the award, the novel will be translated into English, which will, on the one hand, bring the book into wider readership. On the other, what do we do about the fact that English has become the de facto language of the so-called "wider audience"? What about the millions of people who read only in Chinese, Arabic or Hindi?
Perhaps the dilemma confronting Wharton about her Pulitzer is a version of the dilemmas created by any literary prize: we recognize their utility, even as we might bemoan the possibility that prizes might sometimes foster standardisation rather than innovation.
A few years ago, one of my former students translated a large section of an important Ethiopian novel into English, a project that was in part impelled by sense of protest: “No one is going to read this book,” she said, “because it’s not in English and it’s great.”
My Amharic being non-existent, I was delighted to have even her partial translation and I second her opinion: it’s a wonderful novel but you’re probably never going to read it. If only there were a prize for Amharic literature, or Sebhat Gebre-Egzihaber had been awarded the Nobel Prize instead of Dylan.
Deborah Lindsay Williams is a professor of literature at NYU Abu Dhabi
Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari
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.”
Who is Ramon Tribulietx?
Born in Spain, Tribulietx took sole charge of Auckland in 2010 and has gone on to lead the club to 14 trophies, including seven successive Oceania Champions League crowns. Has been tipped for the vacant New Zealand national team job following Anthony Hudson's resignation last month. Had previously been considered for the role.
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COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
SHALASH THE IRAQI
Author: Shalash
Translator: Luke Leafgren
Pages: 352
Publisher: And Other Stories
The five pillars of Islam
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
Company profile
Name: Tabby
Founded: August 2019; platform went live in February 2020
Founder/CEO: Hosam Arab, co-founder: Daniil Barkalov
Based: Dubai, UAE
Sector: Payments
Size: 40-50 employees
Stage: Series A
Investors: Arbor Ventures, Mubadala Capital, Wamda Capital, STV, Raed Ventures, Global Founders Capital, JIMCO, Global Ventures, Venture Souq, Outliers VC, MSA Capital, HOF and AB Accelerator.
Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.