Culture authority invites nominations for translation



ABU DHABI // Americans have been invited to nominate novels and poetry that reflect the spirit, dreams and challenges of their country to be translated into Arabic as part of a scheme aimed at building understanding between the US and the Arab world. Votes can be submitted online at www.uae-us.org/kalima, and the nominees will be considered for translation in 2009 and beyond, the Abu Dhabi Authority for Culture and Heritage said yesterday.

The project is being undertaken by Kalima, an initiative sponsored by the authority, which funds the translation of more than 100 classic and contemporary titles from around the world into Arabic each year. Kalima recently announced that John Milton's Paradise Lost, an epic poem about the fall of man written in the 17th century, and his later work Paradise Regained would be among eight texts that will soon be available in Arabic.

"The UAE has become an innovative social investor and an important gateway for the United States and the West," said the UAE ambassador to the US, Yousef al Otaiba. "Kalima's invitation for US readers to nominate books for translation is one of many ways that the UAE is building bridges between the United States and the Arab world." Kalima was set up last November to deal with the dearth of foreign texts available in Arabic. In many Arab countries important literary and academic works are only available in their original language, making them inaccessible to many readers.

According to the UN Arab Human Development Report, each year only one book is translated into Arabic for every million Arabs. Each year Spain manages to translate into Spanish the same number of books translated into Arabic over the past 1,000 years. "It is part of Abu Dhabi's vision to become a centre of learning, cross-cultural understanding and the diffusion of knowledge throughout the region," said Dr Ali bin Tamim, Kalima's chief executive officer. He drew comparisons between Kalima and Bait al Hikma, or House of Wisdom, the ninth-century library and centre for translation in Baghdad which was considered to have played a major role in the spread of intellectual ideas.

"The complete works of great American writers such as Nathaniel Hawthorne, F Scott Fitzgerald, Ernest Hemingway and William Faulkner are all inaccessible to Arab readers," he said. "These writers paint a vivid picture of the trials and triumphs of life in America, and by putting works like this into the hands of Arab readers we are restoring ancient bridges between our two cultures." Kalima aims to ensure that it include a mix of literature, natural and social sciences as well as other genres such as history, arts, and business books.

The New Life, or La Vita Nuova in its original Italian, a medieval text containing Dante Alighieri's first two collections of verse, is among the latest batch of texts to be translated. Other titles are: The Large, the Small and the Human Mind, a collection of lectures by the renowned physicist and mathematician Roger Penrose; Simon Kuper's Football Against the Enemy; Rasmus and the Vagabond by Astrid Lindgren; and two philosophy books, AH Armstrong's An Introduction to Ancient Philosophy and Eric Hoffer's The True Believer, as well as Milton's tomes.

It was recently announced that three novels by Doris Lessing, the acclaimed British novelist and winner of the 2007 Nobel Prize for Literature, will also be translated into Arabic. lmorris@thenational.ae

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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Cryptojacking: Compromises a device or network to mine cryptocurrencies without an organisation's knowledge.

Distributed denial-of-service: Floods systems, servers or networks with information, effectively blocking them.

Man-in-the-middle attack: Intercepts two-way communication to obtain information, spy on participants or alter the outcome.

Malware: Installs itself in a network when a user clicks on a compromised link or email attachment.

Phishing: Aims to secure personal information, such as passwords and credit card numbers.

Ransomware: Encrypts user data, denying access and demands a payment to decrypt it.

Spyware: Collects information without the user's knowledge, which is then passed on to bad actors.

Trojans: Create a backdoor into systems, which becomes a point of entry for an attack.

Viruses: Infect applications in a system and replicate themselves as they go, just like their biological counterparts.

Worms: Send copies of themselves to other users or contacts. They don't attack the system, but they overload it.

Zero-day exploit: Exploits a vulnerability in software before a fix is found.

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