Language is organic, soaking up a range of influences and adapting to the people who use it. Often, words and phrases we think of as authentic actually have complicated origins.
Arabic has a plethora of examples when it comes to this linguistic phenomena. Given Arabic's dexterity and the multi-cultural history of the region, many Arabic words have unexpected roots.
Take our Arabic word of the week, istikan, which is the name of a type of cup distinguished from other drinking vessels by a number of characteristics. There are several words that refer to cups that work across modern Arabic and across dialects.
To start off with, glass, colloquially, or a qadah in classic Arabic, is an umbrella term for any type of drinking vessel. A finjan is either a small cylinder-shaped or tea cup-shaped vessel, available with or without a handle, that is used for drinking coffee. A koub is more of a typical tea cup or mug with a saucer.
Istikan is the most distinctive of the cup family. Solely used for drinking tea, an istikan is traditionally made from glass and designed to be thin-rimmed and wider at the top, before curving inwards and opening up at the base.
This curved design makes the istikan particularly pleasing to the eye and sets are often stored so that they double as decorative objects.
An istikan can have a decorative pattern on its surface, either through glass-blowing techniques or from ornate painted designs, often in golden hues.
While an istikan stands out for its shape and decorative elements, there’s another reason why it is so fascinating. The word istikan is used mostly in Iraq, where, compared with the wider Arab region, the population has more tea drinkers than coffee drinkers.
Often mistaken as being Turkish or Farsi in origin, there is one theory that the word istikan stems from when the British colonised Iraq for 18 years, although this has been discounted by many. As big tea drinkers themselves, the British were fascinated by the little tea cups used for drinking the hot beverage and are rumoured to have referred to them as an "east tea can”. Some speculate that these three words were combined and became istikan.
Another theory is that the word's origins are Russian. Stakan in Russian refers to a cylindrical drinking vessel without a handle, made of glass and usually used for drinking water. The word istikan could have also come from the name of the city of Astrakhan in southern Russia, where small glass cups are manufactured.
The city, which has through history been influenced by the Ottoman empire as well as the Safavid Persian and Mughal Indian cultures, derives its name from the title Haji Tarkhan, which translates as "the king who has visited Mecca".
Scroll through the gallery below to see The National's pick of Arabic words of the week
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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.”
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