Egypt has unveiled a major new archaeological find of 250 sarcophagi, 150 small bronze statues of gods and goddesses and other antiquities at the Saqqara necropolis.
Mostafa Waziri, secretary general of Egypt's Supreme Council of Antiquities, displayed part of the cache, including 35 of the painted wooden coffins, in a televised event on Monday at the Unesco Heritage site south of Cairo.
Dating back more than 2,500 years to the Late Period, the sarcophagi are in good condition and all included mummies inside.
This is the largest number of coffins and bronze statues to be unearthed by the Egyptian archaeological mission at the site near the famous Step Pyramid of Djoser.
“I'm very proud that the discovery was made by Egyptians, and this will not be the last discovery here,” Mr Waziri said.
The find is one of several made at Saqqara, the necropolis of the ancient capital of Memphis, in recent years.
The Egyptian mission has completed its fourth excavation of the site since April 2018 and will conduct a fifth in September after the hot summer months.
A “rare” papyrus scroll, expected to measure about nine metres, was also found and could be a depiction of a chapter of the Book of the Dead, a tradition of funerary manuscripts dating back to the Old Kingdom, Mr Waziri said.
The statuettes, displayed in a large glass case, include deities such as Anubis, Amun, Hathor, Isis, Min, Nefertum, Osiris and Bastet — the “protector” of the area in the form of a cat. Mr Waziri highlighted the headless statue of Imhotep, the chief architect of Pharaoh Djoser who ruled ancient Egypt between 2630BC and 2611BC.
Also on display were two larger statues of the goddesses Isis and Nephthys with gilded faces, wailing in mourning.
Among the other antiquities discovered, dating back more than 3,200 years to the New Kingdom, were cosmetic items such as combs, bracelets, necklaces, small pots and a mirror.
All of the items will be transported to the Grand Egyptian Museum, which is scheduled to be completed by September, or the Egyptian Museum in Tahrir, to be studied before deciding on where they will be displayed permanently.
Saqqara has proved a treasure trove for human and animal mummies, sarcophagi, statues and other items from ancient Egypt.
When Egyptian archaeologists began excavation at the site in 2018, they discovered the tomb of a priest that had been untouched for 4,400 years, which then became the subject of the 2020 Netflix documentary Secrets of the Saqqara Tomb.
In the autumn of 2020, the team unveiled 59 sealed sarcophagi of priests and clerks from Egypt's 26th Dynasty, followed by more than 100 ancient coffins in what was the biggest find of the year.
In January last year, the tourism and antiquities ministry announced the discovery of more than 50 wooden sarcophagi and a five-metre papyrus depicting a chapter of the Book of the Dead.
More recently, in March, five well-preserved tombs dating back to the Old Kingdom were unearthed.
Mr Waziri said there were “many surprises to come” and that he hoped the mission would find the grave of Imhotep “who changed architecture” by building what is believed to be the oldest still-standing large-scale stone monument.
Egypt hopes the archaeological discoveries and media attention will help spur tourism, which struggled to rebound in the aftermath of the 2011 uprising and has since been hit by the coronavirus pandemic, as well as the Russia-Ukraine war this year. Russia and Ukraine normally account for a big chunk of the country's tourists.
As part of its PR blitz, last year Egypt hosted a globally watched pharaonic parade of mummies and sarcophagi through central Cairo to transfer 22 mummies – 18 kings and four queens – to the National Museum of Egyptian Civilisation. The mummies included the famous King Ramses II, as well as Queen Hatshepsut.
The Grand Egyptian Museum, whose opening has been delayed several times, is a central element to the new tourism promotion strategy as the country hopes to lure back visitors.
Egypt welcomed just 3.6 million tourists in 2020, less than a quarter of the number who visited in 2019, as the pandemic wiped out $17.6 billion from Egypt’s economy and caused the loss of 844,000 travel and tourism jobs that year. However, numbers have picked up as travel resumed around the world with health protocols.
Five ancient tombs discovered at Egypt's Saqqara necropolis — in pictures
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Company%20Profile
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Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
THE SPECS
Engine: 4.4-litre V8
Transmission: eight-speed automatic
Power: 523hp
Torque: 750Nm
Price: Dh469,000
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
MATCH INFO
Manchester United v Everton
Where: Old Trafford, Manchester
When: Sunday, kick-off 7pm (UAE)
How to watch: Live on BeIN Sports 11HD
Austrian Grand Prix race timings
Weekend schedule for Austrian Grand Prix - all timings UAE
Friday
Noon-1.30pm First practice
4-5.30pm Second practice
Saturday
1-2pm Final practice
4pm Qualifying
Sunday
4pm Austrian Grand Prix (71 laps)
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
ENGLAND SQUAD
Goalkeepers Henderson, Johnstone, Pickford, Ramsdale
Defenders Alexander-Arnold, Chilwell, Coady, Godfrey, James, Maguire, Mings, Shaw, Stones, Trippier, Walker, White
Midfielders Bellingham, Henderson, Lingard, Mount, Phillips, Rice, Ward-Prowse
Forwards Calvert-Lewin, Foden, Grealish, Greenwood, Kane, Rashford, Saka, Sancho, Sterling, Watkins
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 specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
Power: 110hp @ 9,000rpm
Torque: 93Nm @ 6,500rpm
Fuel economy, combined: 5.9L / 100km
25-MAN SQUAD
Goalkeepers: Francis Uzoho, Ikechukwu Ezenwa, Daniel Akpeyi
Defenders: Olaoluwa Aina, Abdullahi Shehu, Chidozie Awaziem, William Ekong, Leon Balogun, Kenneth Omeruo, Jamilu Collins, Semi Ajayi
Midfielders: John Obi Mikel, Wilfred Ndidi, Oghenekaro Etebo, John Ogu
Forwards: Ahmed Musa, Victor Osimhen, Moses Simon, Henry Onyekuru, Odion Ighalo, Alexander Iwobi, Samuel Kalu, Paul Onuachu, Kelechi Iheanacho, Samuel Chukwueze
On Standby: Theophilus Afelokhai, Bryan Idowu, Ikouwem Utin, Mikel Agu, Junior Ajayi, Valentine Ozornwafor
Elvis
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Baz%20Luhrmann%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Austin%20Butler%2C%20Tom%20Hanks%2C%20Olivia%20DeJonge%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Monster
Directed by: Anthony Mandler
Starring: Kelvin Harrison Jr., John David Washington
3/5
THE%20SWIMMERS
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RACE CARD
6.30pm: Baniyas Group 2 (PA) Dh 97,500 (Dirt) 1,400m.
7.05pm Maiden (TB) Dh 82,500 (D) 1,200m
7.40pm Maiden (TB) Dh 82,500 (D) 1,400m
8.15pm Handicap (TB) Dh 82,500 (D) 1,400m
8.50pm Rated Conditions (TB) Dh 120,000 (D) 1,600m
9.25pm Handicap (TB) Dh 95,000 (D) 1,200m
10pm Handicap (TB) Dh 85,000 (D) 2,000m