The Girls of Riyadh, the 2008 "chick lit" novel by Rajaa Alsanea, was discussed by the New York panel.
The Girls of Riyadh, the 2008 "chick lit" novel by Rajaa Alsanea, was discussed by the New York panel.

Talking books



In a recent panel discussion at the New York Public Library, prominent writers from America and the Middle East made the case for the "soft power" of literature. The discussion, titled New Eyes on the Arab World: Breaking Down Barriers of Fear and Prejudice, was held last week in the auditorium of New York City's Public Library in conjunction with BookExpo America. BookExpo America is the largest annual publishing convention in the US, bringing together authors, publishers and booksellers from around the country. This year's conference included a Global Market Forum focusing on the books and publishing industries in Arab countries.

New Eyes on the Arab World is just one of the events marking the growing interest in the artistic developments of the contemporary Islamic and Arab worlds. This trend, currently working its way through American culture capitals such as New York City and Washington, DC, reflects the change of guard in the White House and a more open diplomatic environment. The panel consisted of four writers including the Saudi Arabian author Raja Alem and her collaborator Tom McDonough, the graphic novelist Joe Sacco and the author-translator Peter Theroux. They were moderated by Dr Sulaiman al Hattlan, the CEO of the Arab Strategy Forum, which is part of the Mohammed bin Rashid Al Maktoum Foundation (MBRF), also the evening's sponsor. Al Hattlan asked the speakers to elaborate on the role of literature in bridging cultural chasms between East and West.

"I think literature or translation is an answer to this mistrust in the world," said Alem, who is best known to English-speaking audiences for her books Fatima and My 1001 Nights: a Novel of Mecca. "I believe in art and literature as a way to open up to the world." Alem and others then bantered back and forth about the merits of translation and the problems they encountered trying to get Arab authors recognised in the US.

Too often, the panel agreed, the books from and about the Arab world that make it on to American bookshelves are focused on war or politics, since their topical nature cashes in on the Middle East's image in the news. Yet 2005's publishing sensation The Girls of Riyadh, by Rajaa Alsanea, covered neither of these issues. Fun, frothy and almost cartoonishly feminine, Alsanea's book centred on a clique of wealthy young Saudi women looking for love and was quickly labelled as the Middle Eastern answer to western chick-lit such as Bridget Jones's Diary and Confessions of a Shopaholic.

It would be easy to jump to the conclusion that Arab authors of more profound works feel that enlightening the English-speaking public about Middle Eastern culture through "lite" lit such as The Girls of Riyadh is a dubious achievement. However, the real situation is more nuanced, and there is a great deal of generosity of spirit in Middle Eastern literary circles. "The new generation of writers [including Alsanea] is expressing their individuality and I see this as a positive sign," said Alem, whose books have dealt with deeper themes yet sold less well than Alsanea's. Though Alem admitted that it was disappointing, she doesn't hold any grudges. "The new generation is light but maybe will become more serious later. Maybe we need to be somewhere in the middle - but whatever speaks to us, we should take it."

Theroux, who is known for translating the work of the Egyptian Nobel Prize-winning novelist Naguib Mahfouz, said he was familiar with The Girls of Riyadh and didn't understand the outpouring of negativity for it. "So [does that mean] young Arab women can't write for other young women in the rest of the world?" Theroux asked. "I think it's another voice and that's positive - it didn't reflect the Saudi Arabia that people expected to see."

Meanwhile, projects such as the Abu Dhabi Authority for Culture and Heritage's Kalima and the MBRF's Tarjim initiatives are striving to translate hundreds of English-language books into Arabic. Likewise, contemporary Arabic-language novels like 2002's The Yacoubian Building garnered buzz in English-language markets, and Beirut was chosen as the World Book Capital City for 2009 by the United Nations Educational, Scientific and Cultural Organization.

"There is a great humanity that is common in the work of great writers," said Theroux. "It's important to keep finding authors around the globe and publish, translate and promote them." Even the discussion itself was a step in the right direction, according to al Hattlan, who hosts a current events television programme broadcast on Saudi Arabia's Al Hurra TV as well as helming the Arab Strategy Forum.

"This is part of the work the Mohammed bin Rashid Al Maktoum Foundation is doing now to create more communication to better understand the world," said al Hattlan. "There's a long way to go, of course, but we need to talk as much as possible."

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Roll of honour

Who has won what so far in the West Asia Premiership season?

Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain

Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons

West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins

UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles

West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles

West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles

Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens

Fixture (UAE Premiership final) - Friday, April 13, Al Ain – Dubai Exiles v Abu Dhabi Harlequins

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

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NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

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.”

The Gentlemen

Director: Guy Ritchie

Stars: Colin Farrell, Hugh Grant 

Three out of five stars