A picture taken on May 3, 2018 shows the old Stock Exchange Building, home of the Swedish Academy in Stockholm.




The Swedish Academy is to announce whether or not it may postpone the 2018 Nobel Literature Prize, its administrative director has said, after it plunged into a crisis over links to a man accused of sexual assault. / AFP PHOTO / TT NEWS AGENCY / Fredrik SANDBERG / Sweden OUT
The old Stock Exchange Building, home of the Swedish Academy in Stockholm. Fredrik Sandberg / AFP

Literary prizes have their value but do they foster standardisation rather than inspiration?



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.

_______________

Read more from Deborah Lindsay Williams:

_______________

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. 

SPEC SHEET: SAMSUNG GALAXY S24 ULTRA

Display: 6.8" quad-HD+ dynamic Amoled 2X, 3120 x 1440, 505ppi, HDR10+, 120Hz

Processor: 4nm Qualcomm Snapdragon 8 Gen 3, 64-bit octa-core

Memory: 12GB RAM

Storage: 256/512GB / 1TB

Platform: Android 14, One UI 6.1

Main camera: quad 200MP wide f/1.7 + 50MP periscope telephoto f/3.4 with 5x optical/10x optical quality zoom + 10MP telephoto 2.4 with 3x optical zoom + 12MP ultra-wide f/2.2; 100x Space Zoom; auto HDR, expert RAW

Video: 8K@24/30fps, 4K@30/60/120fps, full-HD@30/60/240fps, full-HD super slo-mo@960fps

Front camera: 12MP f/2.2

Battery: 5000mAh, fast wireless charging 2.0, Wireless PowerShare

Connectivity: 5G, Wi-Fi, Bluetooth 5.3, NFC

I/O: USB-C; built-in Galaxy S Pen

Durability: IP68, up to 1.5m of freshwater up to 30 minutes; dust-resistant

SIM: Nano + nano / nano + eSIM / dual eSIM (varies in different markets)

Colours: Titanium black, titanium grey, titanium violet, titanium yellow

In the box: Galaxy S24 Ultra, USB-C-to-C cable

Price: Dh5,099 for 256GB, Dh5,599 for 512GB, Dh6,599 for 1TB

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

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat

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.