Ajman man’s thirst for knowledge and passion for books leads him to open a library

AJMAN // Salim bin Abdulla Al Humaid is such a bookworm that when his book collection started getting out of hand, there was only one thing for it – to open a library.
His love for reading and education led him to the creation of a library for teachers in Ajman in 1988, which was a thank you to those who helped him learn when he was young.
"In the beginning, I had a library in my house and it was for me and my family," said the 70-year-old. "With the increasing number of books I started putting them in the garage.
"Then I decided to build a small library in 1988, beside my house in Al Nuaimiyah, near Ajman University.
"It was there for students and researchers because education is most essential and the one that lights people's lives."
After two years, the library – named Salim bin Abdulla Al Humaid General Islamic Library – was officially opened under the patronage and presence of Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman.
In 2003 it was moved to its current location, in Al Jurf, after the Ruler gave him a large plot of land.
Mr Al Humaid went to Dubai after finishing his primary education. He then worked for 19 years in the Islamic Call and Guidance Centre before working for the Federal Electricity and Water Authority for 10 years until his retirement.
His work never stopped him from continuing his education. He would work in the morning and study at night until he finished his schooling.
All the while, his love for books grew and he still enjoyed bringing new books to his library, sourced from book fairs and shops in the UAE and abroad.
"I buy them from my personal pocket from stores in the GCC and Arab countries. Some are gifts from different libraries and organisations from different Islamic and Arab countries," he said.
"All kinds of books and encyclopedias are available here. If a student asks for a specific one that we don't have, we look for it in the UAE and other countries until we find it."
The library contains more than 250,000 titles covering the fields of history, religion, geography, engineering, arts and literature and more.
The library is divided into four halls, some of which are named after UAE leaders.
"Sheikh Humaid bin Rashid Al Nuaimi hall is the main one and contains the main books, resources and encyclopaedia in all fields. Sheikh Hamdan bin Rashid Al Maktoum hall is for men. Abdulla bin Humaid hall, named after my father, is for women.
"There is also a Sheikh Hamdan bin Mohammed Al Maktoum Hall, and a Sheikh Mohammed bin Ali Al Nuaimi Hall that contain magazines and newspapers and stories for children," he said.
Mr Al Humaid said that he hoped his library could serve educators and students, many of whom come to get resources for writing their masters and PhD thesis.
His efforts have earned him more than 110 certificates from organisations and departments in the UAE and abroad.
For more information on the library, call 06 7431644.
roueiti@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.”

On Women's Day

Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action

Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?

Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'

The National Editorial: Is there much to celebrate on International Women's Day 2021?

What went into the film

25 visual effects (VFX) studios

2,150 VFX shots in a film with 2,500 shots

1,000 VFX artists

3,000 technicians

10 Concept artists, 25 3D designers

New sound technology, named 4D SRL