Egypt's Avenue of Sphinxes spectacle in Luxor - everything to know


Kamal Tabikha
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Anticipation is building in Egypt ahead of Thursday's opening of Luxor's newly restored Avenue of Sphinxes in a grand spectacle of dance, light and sound.

Sections of the historical Egyptian city, formerly known as Thebes, have been closed for a procession along the 2.7-kilometre route from Luxor Temple to Karnak Temple, the country’s second most-visited site after the Pyramids of Giza.

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What is the Avenue of Sphinxes event?

The grand sunset celebration will feature a parade, chariots, boats and hot-air balloons.

President Abdel Fattah El Sisi is scheduled to arrive at Luxor Temple at sunset to start the parade, which will pay homage to the city and its history as a former capital of the pharaohs.

Simultaneously, three pharaonic-style boats will set sail from the eastern bank of the Nile, while the temple of Hatshepsut and the Colossi of Memnon will be lit up on the west bank.

Each boat, built for the event, pays tribute to one of Luxor's three most revered pharaonic deities – the sun god Amun Ra, the moon god Khonsu and the mother goddess Mut.

A number of hot-air balloons will float over the parade to highlight one of the most popular tourist activities in the city.

Hundreds of Luxor residents have been practising the parade for months. The rehearsals lasted well past midnight on Wednesday, with blaring orchestral music ringing out throughout the city as sound engineers made their final checks.

The start of the procession will be marked by a performance from the Egyptian Philharmonic Orchestra, which will play the anthem of Amun Ra.

Egyptian pop star Mohamed Hamaky is also expected to debut a song dedicated to Luxor, accompanied by dancing.

How to watch the Luxor Avenue of Sphinxes event?

The National will stream the event live on the website and social media channels. The entire celebration will be broadcast live by local television channels and streamed online via the tourism ministry’s various platforms.

The parade was the country’s top trending topic on Twitter on Thursday, with tens of thousands of social media users expected to follow events.

Avenue of Sphinxes procession
Avenue of Sphinxes procession

Why is Egypt hosting the Luxor Avenue of Sphinxes event?

The procession marks the reopening of the renovated Avenue of Sphinxes and temples at the site in Luxor and officials hope the grand spectacle to showcase Egypt's historic monuments will reinvigorate tourism after the coronavirus pandemic shut down international travel last year.

Ahead of the event, hotels in the city reported being fully booked for the first time in months.

The celebration is modelled on Cairo's Royal Mummies Parade that took place in April. The procession through the capital transported 22 ancient mummies from the Egyptian Museum in Tahrir Square to the new National Museum of Egyptian Civilisation.

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6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Yas Xmnsor, Saif Al Balushi, Khalifa Al Neyadi

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The Baghdad Clock

Shahad Al Rawi, Oneworld

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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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  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

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Updated: November 25, 2021, 10:17 PM