Jamal Sanad Al Suwaidi. Christopher Pike / The National
Jamal Sanad Al Suwaidi. Christopher Pike / The National

Reading is key to the future of the Arab world



Among the most important history-making initiatives in any community are those related to knowledge. Nations and civilisations that embraced education have strongly advanced towards progress, prosperity and cultural excellence.

The Year of Reading Initiative, launched by President Sheikh Khalifa in December 2015, fell within this framework. The initiative aimed at encouraging reading and instilling it as a general public behaviour to create a new generation of intellectuals able to lead the way to the comprehensive development and advancement of the UAE. As Sheikh Khalifa said: “Knowledge will remain key for prosperity and reading is key for education and knowledge. The first verse in the Quran is ‘Read’.”

This noble initiative comes from discussions on the importance of reading itself for both the individual and society. It is through reading that individuals avail modern knowledge, and learn of the latest ideas, experiences and innovations. It also allows communities to acquire basic skills that enable them to cope with the cultural renaissance experienced by the world.

Arab and Islamic civilisation grew and prospered thanks to the translation and publishing movement that enabled early Muslims to see the ideas of other cultures, benefit from their intellectual productions and build on them. The same goes for modern western European civilisation which, in turn, learnt from the intellectual achievements of the Islamic and other civilisations. It then built on them to emerge from the Dark Ages of ignorance to the Renaissance and modernity at a time when the Arab and Islamic civilisation entered a phase of intellectual stagnation and decline, and fell into ignorance and superstition.

Reading plays an important role in the individual’s awareness of others and understanding of their cultures and values as a foundation for building bridges of communication.

By developing critical thinking, reading protects individuals from being dragged behind extremist illusions and ideas that some political and religious groups are trying to promote to spread hatred and violence. An educated and well-read individual can easily refute the ideas of such distorted and deviant groups.

The Year of Reading initiative set a long-term strategic goal to consolidate the position of the UAE as a capital of content, culture and knowledge. Several other initiatives have been linked to these strategic goals, especially the National Strategy for Reading in the UAE (2016-2026), which set up a Dh100 million fund to support reading and dedicates a month for reading every year. The initiatives also include a national law for reading, and changes in the educational systems and curriculums to build a well-informed generation of Emiratis who read. The initiative cannot be separated from the broader strategic goal of the UAE leadership: building capable individuals with the talents to achieve the country’s ambitions while advancing and prospering in all fields.

The initiative is also closely related to efforts to establish a knowledge-based economy to maintain the progress of the country and the welfare of its citizens. Without reading, there cannot be an educated, innovative citizen who is able to lay the foundations for knowledge-based economy and lead sustainable development.

The more important aspect of this initiative may be that, with its goals and effects, it goes beyond the framework of the UAE. Through this initiative, the UAE represents, as always, a shining model for other Arab and Muslim nations that have suffered, and continue to suffer, not only a lack of interest in reading and acquiring modern knowledge, but even illiteracy.

As Sheikh Mohammed bin Zayed, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, notes: “The reality of culture in the Arab world is lamentable. We are around 300 million people, however, there are no more than 5,000 best-selling books from the east to the west.”

The 5th Arab Report for Cultural Development, issued by the Arab Thought Institute in 2012, showed that Arabs spend a very small amount of time reading, while Europeans, on average, read 200 hours a year.

Consequently, it is natural that Arab universities are absent from the list of the 100 top universities in the world. The Arab world has become a consumer of what science produces in other countries.

In light of this painful reality, the Year of Reading Initiative 2016 was launched, along with other initiatives and procedures. In June 2016, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, launched the Reading Nation campaign that distributed 8.2 million books to students, refugees and people in need in the Islamic world.

Another initiative, the Arab Reading Challenge, encourages students in the Arab world to read, with more than a million pupils committing to read several extracurricular books every year. This is a serious Emirati attempt to close a huge gap in the wall of knowledge and culture, and to motivate Arab countries to step out of cultural decline.

Dr Jamal Sanad Al Suwaidi is the director general of the Emirates Centre for Strategic Studies and Research

COMPANY PROFILE

Name: Cofe

Year started: 2018

Based: UAE

Employees: 80-100

Amount raised: $13m

Investors: KISP ventures, Cedar Mundi, Towell Holding International, Takamul Capital, Dividend Gate Capital, Nizar AlNusif Sons Holding, Arab Investment Company and Al Imtiaz Investment Group 

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

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.”

Seven tips from Emirates NBD

1. Never respond to e-mails, calls or messages asking for account, card or internet banking details

2. Never store a card PIN (personal identification number) in your mobile or in your wallet

3. Ensure online shopping websites are secure and verified before providing card details

4. Change passwords periodically as a precautionary measure

5. Never share authentication data such as passwords, card PINs and OTPs  (one-time passwords) with third parties

6. Track bank notifications regarding transaction discrepancies

7. Report lost or stolen debit and credit cards immediately

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PRISCILLA

Director: Sofia Coppola

Starring: Cailee Spaeny, Jacob Elordi

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UAE SQUAD

Muhammad Waseem (captain), Aayan Khan, Aryan Lakra, Ashwanth Valthapa, Asif Khan, Aryansh Sharma, CP Rizwaan, Hazrat Billal, Junaid Siddique, Karthik Meiyappan, Rohan Mustafa, Vriitya Aravind, Zahoor Khan and Zawar Farid.

Mountain Boy

Director: Zainab Shaheen

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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)

Profile of Tamatem

Date started: March 2013

Founder: Hussam Hammo

Based: Amman, Jordan

Employees: 55

Funding: $6m

Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media