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
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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.”
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
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Company profile
Company name: Dharma
Date started: 2018
Founders: Charaf El Mansouri, Nisma Benani, Leah Howe
Based: Abu Dhabi
Sector: TravelTech
Funding stage: Pre-series A
Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs
Bio:
Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
Favourite Hobby: Serving poor people
Favourite Book: The Alchemist by Paulo Coelho
Favourite food: Fish and vegetables
Favourite place to visit: London
The biog
Name: Timothy Husband
Nationality: New Zealand
Education: Degree in zoology at The University of Sydney
Favourite book: Lemurs of Madagascar by Russell A Mittermeier
Favourite music: Billy Joel
Weekends and holidays: Talking about animals or visiting his farm in Australia
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The cost of Covid testing around the world
Egypt
Dh514 for citizens; Dh865 for tourists
Information can be found through VFS Global.
Jordan
Dh212
Centres include the Speciality Hospital, which now offers drive-through testing.
Cambodia
Dh478
Travel tests are managed by the Ministry of Health and National Institute of Public Health.
Zanzibar
AED 295
Zanzibar Public Health Emergency Operations Centre, located within the Lumumba Secondary School compound.
Abu Dhabi
Dh85
Abu Dhabi’s Seha has test centres throughout the UAE.
UK
From Dh400
Heathrow Airport now offers drive through and clinic-based testing, starting from Dh400 and up to Dh500 for the PCR test.
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Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
Islamophobia definition
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates