Clockwise from top left: The British Museum in London, Louvre Museum in Paris, Hermitage Museum in Saint Petersburg, Capitoline Museums in Rome, Prado Museum in Madrid, Ashmolean Museum in Oxford. AFP, Getty Images
Clockwise from top left: The British Museum in London, Louvre Museum in Paris, Hermitage Museum in Saint Petersburg, Capitoline Museums in Rome, Prado Museum in Madrid, Ashmolean Museum in Oxford. AFP, Getty Images
Clockwise from top left: The British Museum in London, Louvre Museum in Paris, Hermitage Museum in Saint Petersburg, Capitoline Museums in Rome, Prado Museum in Madrid, Ashmolean Museum in Oxford. AFP, Getty Images
Clockwise from top left: The British Museum in London, Louvre Museum in Paris, Hermitage Museum in Saint Petersburg, Capitoline Museums in Rome, Prado Museum in Madrid, Ashmolean Museum in Oxford. AFP

Louvre to Prado: Six of the world’s oldest museums that still exist today


Alexandra Chaves
  • English
  • Arabic

Today marks International Museum Day, which was established by the International Council of Museums in 1977 as a way to engage its members – which now total 37,000 – in events and discussions around museology and the role of museums in the world.

It's hard to put an exact number on how many museums exist globally – organisations and researchers have proposed estimates of at least 55,000 in more than 200 countries.

Even in antiquity there is evidence of people collecting and preserving objects. But our modern definition of a museum has its roots in 17th to 18th-century Europe, where collections were placed on display in public squares and churches. This practice grew alongside expanding empires that extracted objects from their colonies, as well as the arrival of the Enlightenment.

Tracing the histories of six of the world's oldest museums reveals how these institutions and collections were built, and the ever-changing nature of these spaces today.

Ashmolean Museum

The Ashmolean Museum in Oxford, England. AFP
The Ashmolean Museum in Oxford, England. AFP

The foundations of this institution go back to Elias Ashmole, an English politician and lawyer who gave his collection of artefacts and other oddities to the University of Oxford, which constructed a building to house the objects. It opened to the public in 1683.

The museum is still open and running in Oxford, and its collection includes archaeological objects and fine art, such as Greek marbles, majolica pottery, antiquities from ancient Egypt, and artworks by Michelangelo, Raphael and Leonardo da Vinci.

Capitoline Museums

Piazza del Campidoglio and the Capitoline Museum on Capitoline Hill in Rome. AFP
Piazza del Campidoglio and the Capitoline Museum on Capitoline Hill in Rome. AFP

It has been referred to as the oldest museum in the world – the Musei Capitolini in Rome was created in 1471 when Pope Sixtus IV donated a collection of bronzes to the city.

The museum's collection soon grew to include Roman inscriptions, Medieval and Renaissance art, coins and jewels, and it eventually opened to the public in 1734.

Currently run by the municipality of Rome, the museum includes three main palazzos, as well as an open plaza. Among its most famous objects is the Capitoline Wolf, which tells the mythical story about the founding of Rome.

The British Museum

Exterior view of The British Museum in central London. Getty Images
Exterior view of The British Museum in central London. Getty Images

With its permanent collection of at least eight million works, The British Museum in London reflects the reach and power of the British Empire, but its history has also brought in controversy and debate about the restitution and repatriation of artefacts.

Established in 1753 by an Act of Parliament during the reign of King George II, it is considered the world's first public national museum and it began welcoming visitors in 1759.

Among the highlights of its collection are the Elgin or Parthenon Marbles from Greece that date back to about 447 to 4398 BC, as well as Egypt's Rosetta Stone. It possesses more than 100,000 Egyptian antiquities, and objects from the Classical world and the Middle East.

Louvre Museum

An exterior view of the Musee du Louvre and the Pyramide du Louvre, designed by Ieoh Ming Pei. AFP
An exterior view of the Musee du Louvre and the Pyramide du Louvre, designed by Ieoh Ming Pei. AFP

The most-visited museum in the world, the Louvre in Paris opened in 1793. Today, it contains more than 380,000 objects and 35,000 artworks, including Leonardo's Mona Lisa.

From about the 16th century, the building was used as a palace for the French monarchy before Louis XIV left it for the Palace of Versailles in 1682 with the royal collection kept inside.

Over the next century, art academies thrived in the Louvre until the National Assembly, born out of the French Revolution, ordered the building to be turned into a museum, housing objects from Napoleon’s reign and the royal collections.

Prado Museum

The Prado Museum in Madrid, Spain. AFP
The Prado Museum in Madrid, Spain. AFP

The Museo Nacional del Prado in Madrid contains objects from the Spanish Royal Collection and houses an impressive range of the country's art.

The building was designed in 1785 and was eventually assigned by a member of the Spanish monarchy as a venue to keep its collection of paintings and sculptures, but also to bolster the image of the Spanish Crown.

In 1819, the museum opened to the public for the first time and it currently has more than 7,000 paintings in its collection. Among its most notable works is Diego Velazquez's Las Meninas, which depicts Margaret Theresa of Spain as a child surrounded by her ladies-in-waiting. The painting is prized for its unique composition, with Velazquez playing with perspective and focal points, showing subjects who seemingly look out to the viewer.

The museum’s collection also includes masterpieces by Francisco Goya, Hieronymus Bosch and Titian.

Hermitage Museum

People walk outside the Hermitage Museum in Saint Petersburg, Russia. AFP
People walk outside the Hermitage Museum in Saint Petersburg, Russia. AFP

The State Hermitage Museum in Saint Petersburg, Russia, came to be through the efforts of Empress Catherine the Great. A strong supporter of the arts and education, she prompted the construction of the museum with the intent of housing and showcasing her collection of various items, which included paintings, books and sculpture.

The museum was founded in 1764 and it opened to the public in 1852, housing a large number of items – close to three million – from prehistoric art and antiquities to jewellery and European art, as well as a collection of Central Asian art.

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Read more:

How Louvre Abu Dhabi is looking at the future

Bonhams sale of Madhloom and Makiya collections reunites two bastions of Iraqi art

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COMPANY%20PROFILE
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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.”

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

 

 

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Buy farm-fresh food

The UAE is stepping up its game when it comes to platforms for local farms to show off and sell their produce.

In Dubai, visit Emirati Farmers Souq at The Pointe every Saturday from 8am to 2pm, which has produce from Al Ammar Farm, Omar Al Katri Farm, Hikarivege Vegetables, Rashed Farms and Al Khaleej Honey Trading, among others. 

In Sharjah, the Aljada residential community will launch a new outdoor farmers’ market every Friday starting this weekend. Manbat will be held from 3pm to 8pm, and will host 30 farmers, local home-grown entrepreneurs and food stalls from the teams behind Badia Farms; Emirates Hydroponics Farms; Modern Organic Farm; Revolution Real; Astraea Farms; and Al Khaleej Food. 

In Abu Dhabi, order farm produce from Food Crowd, an online grocery platform that supplies fresh and organic ingredients directly from farms such as Emirates Bio Farm, TFC, Armela Farms and mother company Al Dahra. 

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%3Cp%3ESixteen%20boys%20and%2015%20girls%20have%20gone%20on%20from%20Go-Pro%20Academy%20in%20Dubai%20to%20either%20professional%20contracts%20abroad%20or%20scholarships%20in%20the%20United%20States.%20Here%20are%20two%20of%20the%20most%20prominent.%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EGeorgia%20Gibson%20(Newcastle%20United)%3C%2Fstrong%3E%0D%3Cbr%3EThe%20reason%20the%20academy%20in%20Dubai%20first%20set%20up%20a%20girls%E2%80%99%20programme%20was%20to%20help%20Gibson%20reach%20her%20potential.%20Now%20she%20plays%20professionally%20for%20Newcastle%20United%20in%20the%20UK.%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMackenzie%20Hunt%20(Everton)%3C%2Fstrong%3E%0D%3Cbr%3EAttended%20DESS%20in%20Dubai%2C%20before%20heading%20to%20the%20UK%20to%20join%20Everton%20full%20time%20as%20a%20teenager.%20He%20was%20on%20the%20bench%20for%20the%20first%20team%20as%20recently%20as%20their%20fixture%20against%20Brighton%20on%20February%2024.%0D%3C%2Fp%3E%0A
COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed