The engraving, the largest of its kind produced at the time, depicts pilgrims arriving for Hajj. It carries an estimate of £12,000-£18,000. Courtesy Sotheby's
The engraving, the largest of its kind produced at the time, depicts pilgrims arriving for Hajj. It carries an estimate of £12,000-£18,000. Courtesy Sotheby's
The engraving, the largest of its kind produced at the time, depicts pilgrims arriving for Hajj. It carries an estimate of £12,000-£18,000. Courtesy Sotheby's
The engraving, the largest of its kind produced at the time, depicts pilgrims arriving for Hajj. It carries an estimate of £12,000-£18,000. Courtesy Sotheby's

Rare Kaaba engraving and early photographs of Egypt head to auction in Sotheby’s sale


Alexandra Chaves
  • English
  • Arabic

One of the world’s earliest photobooks, which features 125 images of Egypt, Jerusalem and Baalbek from the 1850s, is on the auction block with a starting bid of £100,000 ($139,177).

The volume Egypte, Nubie, Palestine et Syrie by Maxime Du Camp is part of the Sotheby's Travel, Atlases, Maps and Natural History sale, which focuses on illustrated works of natural history, geography and world maps.

Du Camp’s book is the outcome of a trip to the Middle East in 1849. The French writer ventured to Egypt with novelist Gustave Flaubert, commissioned by the French government to photograph archaeological sites and document the state of commerce and agriculture in various areas.

Maxime Du Camp's 'Egypte, Nubie, Palestine et Syrie'. Courtesy Sotheby's
Maxime Du Camp's 'Egypte, Nubie, Palestine et Syrie'. Courtesy Sotheby's

During his trip, Du Camp took more than 200 photographs of various monuments and sites. A selection of 125 were then included in his book, which garnered huge success during its time. Sotheby’s estimates that no more than 200 copies of the volume were printed, and only a few remain today.

Another rare lot is a large Kaaba engraving from 1791 that shows a sweeping view of Makkah, the centre of the holiest site in Islam, with pilgrims arriving from Mount Arafat for Hajj.

The work was commissioned by a diplomat named Ignatius Mouradgea d'Ohsson and engraved by Berthault after L N de Lespinasse. D'Ohsson later selected engravers and printmakers Charles-Nicolas and Joseph Varin in Paris to create a larger version of the work. The engraving is estimated to sell for £12,000 ($16,718) to £18,000 ($25,000).

The top lot for the sale is a town atlas Civitates orbis terrarum by Georg Braun und Franz Hogenberg. The multi-volume work is sometimes referred to as the "Braun & Hogenberg" and is one of the most celebrated collections of urban cartography, with its plans, maps and aerial drawings of cities across Europe, as well as parts of Asia, Africa and Latin America.

Sotheby’s is including five volumes, along with four engaged title-pages and 294 engraved plates, for the sale, which is estimated to go for £140,000 ($195,000) to £200,000 ($278,660).

Georg Braun und Franz Hogenberg's 'Civitates orbis terrarum' from 1597-c.1606. Courtesy Sotheby's
Georg Braun und Franz Hogenberg's 'Civitates orbis terrarum' from 1597-c.1606. Courtesy Sotheby's

Other prized works include Willem Blaeu’s set of four wall maps that reflect decorative cartography during the Dutch Golden Age, plus two photography albums of Tibet captured by two servicemen during the British Raj.

Ken Shepheard and Archie Jack, part of the Royal Engineers, were officers who served in India and travelled to Tibet to survey possible routes of transport in 1938. The sale includes the photo albums, along with a transcript of Shepheard's diary and notes, plus maps of India, Bhutan, Sikkim and Tibet. It is expected to sell for £40,000 ($55,726) to £60,000 ($83,590).

The auction Travel, Atlases, Maps and Natural History will end on Thursday, May 13.

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Tank warfare

Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

MATCH INFO

Liverpool 2 (Van Dijk 18', 24')

Brighton 1 (Dunk 79')

Red card: Alisson (Liverpool)

Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag

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.”

Results
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INDIA'S%20TOP%20INFLUENCERS
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The specs

Engine: 4.0-litre V8

Power: 503hp at 6,000rpm

Torque: 685Nm at 2,000rpm

Transmission: 8-speed auto

Price: from Dh850,000

On sale: now

UAE currency: the story behind the money in your pockets
The specs: 2018 Nissan Altima


Price, base / as tested: Dh78,000 / Dh97,650

Engine: 2.5-litre in-line four-cylinder

Power: 182hp @ 6,000rpm

Torque: 244Nm @ 4,000rpm

Transmission: Continuously variable tranmission

Fuel consumption, combined: 7.6L / 100km

Fresh faces in UAE side

Khalifa Mubarak (24) An accomplished centre-back, the Al Nasr defender’s progress has been hampered in the past by injury. With not many options in central defence, he would bolster what can be a problem area.

Ali Salmeen (22) Has been superb at the heart of Al Wasl’s midfield these past two seasons, with the Dubai club flourishing under manager Rodolfo Arrubarrena. Would add workrate and composure to the centre of the park.

Mohammed Jamal (23) Enjoyed a stellar 2016/17 Arabian Gulf League campaign, proving integral to Al Jazira as the capital club sealed the championship for only a second time. A tenacious and disciplined central midfielder.

Khalfan Mubarak (22) One of the most exciting players in the UAE, the Al Jazira playmaker has been likened in style to Omar Abdulrahman. Has minimal international experience already, but there should be much more to come.

Jassim Yaqoub (20) Another incredibly exciting prospect, the Al Nasr winger is becoming a regular contributor at club level. Pacey, direct and with an eye for goal, he would provide the team’s attack an extra dimension.

Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital