ABU DHABI // A Dh100 million fund has been set up and a national law is being drafted to encourage more people to pick up a book.
The President, Sheikh Khalifa, on Tuesday announced the moves as part of the Ministry of Cabinet Affairs and the Future’s National Strategy for Reading, which has a 10-year goal to create a nation of avid readers.
The Dh100m National Endowment for Reading will support voluntary activities and will be overseen by Shamma Al Mazrui, the Minister of State for Youth Affairs.
“The UAE has moved during the past few decades from a country seeking to reduce illiteracy to a country seeking global competition in technical and scientific fields,” Sheikh Khalifa said.
“Reading and knowledge are our path to excel and compete. Reading policies and strategies are policies for building the nation and establishing educated, conscious, empowered and tolerant people.
“Our goal is to prepare our future generations to achieve developmental leaps, underpin our national leadership goals, strengthen our competitiveness and achieve our future vision.”
The National Reading Law will provide a sound basis for lifelong learning for all members of the community, he said.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said the UAE “will be a pioneer in our region in issuing a law to promote and support reading”.
The process to introduce the law will start in the next few weeks.
Sheikh Mohammed said the plan “will put reading at the heart of government work in ministries and institutions to build an avid reading generation”.
“There is no knowledge-based economy without knowledge-based societies,” he said.
“Our development strategies cannot be built without building the capacity of our young generation. We can’t create a socially aware, tolerant society with strong family values and a sense of national identity without culture, reading and knowledge.
“A reading society embraces civilised values, is flexible and adaptable and has the intellectual capacity to drive development to take a role in our multicultural world.”
The announcement on Tuesday, on the last day of the Abu Dhabi International Book Fair, also included increasing the amount of reading material in Arabic, plans to provide three bags of books for each Emirati child under 4, and support for local publishers.
Mohammed Al Gergawi, Minister for Cabinet Affairs and the Future, said the 10-year plan was based on more than 100 global studies on reading, more than 4,000 ideas and suggestions from the public and a survey of 12,000 people in the region.
“The survey showed that people in the UAE read 1.5 books a year, while 78 per cent of Emirati adults do not actively read,” Mr Al Gergawi said.
“Our homes include only 20 books on average, compared to 200 in the UK. The average rate of reading for UAE pupils is four books a year, compared to 40 in South Korea.”
The strategy aims to make reading a lifelong habit for 50 per cent of Emirati adults and 80 per cent of pupils, who should read on average at least 20 books a year, while half of local parents should read for their children.
It was also announced that March would be the UAE’s Month of Reading each year starting from 2017, along with October this year.
“The reading strategy is a government priority because it’s a building block of all subsequent future plans,” said Mr Al Gergawi. “The UAE’s plans for the future cannot be achieved without creating a generation that’s cultural and conscious”.
The policy would also include changes in the education systems and curriculums to “evaluate schools and systems of higher education to enforce reading in UAE society”, Sheikh Mohammed said.
“The reading strategy is a road map for building a civilised society, capable of change, a leader in development and tolerant of all cultures.
“Enforcing reading in the new generations is long-term work with deep impact and lasting consequences.”
nalremeithi@thenational.ae
MATCH INFO
Euro 2020 qualifier
Norway v Spain, Saturday, 10.45pm, UAE
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
The British in India: Three Centuries of Ambition and Experience
by David Gilmour
Allen Lane
Rooney's club record
At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
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MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
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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.”
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Results
Stage Two:
1. Mark Cavendish (GBR) QuickStep-AlphaVinyl 04:20:45
2. Jasper Philipsen (BEL) Alpecin-Fenix
3. Pascal Ackermann (GER) UAE Team Emirates
4. Olav Kooij (NED) Jumbo-Visma
5. Arnaud Demare (FRA) Groupama-FDJ
General Classification:
1. Jasper Philipsen (BEL) Alpecin-Fenix 09:03:03
2. Dmitry Strakhov (RUS) Gazprom-Rusvelo 00:00:04
3. Mark Cavendish (GBR) QuickStep-AlphaVinyl 00:00:06
4. Sam Bennett (IRL) Bora-Hansgrohe 00:00:10
5. Pascal Ackermann (GER) UAE Team Emirates 00:00:12
Oppenheimer
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Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5