The human-headed sphinxes along the 2700-metre-long "Rams Road" leading from the Temple of Luxor (background) to the Karnak Temple (unseen) further north, in Egypt's southern city of the same name. AFP
The human-headed sphinxes along the 2700-metre-long "Rams Road" leading from the Temple of Luxor (background) to the Karnak Temple (unseen) further north, in Egypt's southern city of the same name. AFP
The human-headed sphinxes along the 2700-metre-long "Rams Road" leading from the Temple of Luxor (background) to the Karnak Temple (unseen) further north, in Egypt's southern city of the same name. AFP
The human-headed sphinxes along the 2700-metre-long "Rams Road" leading from the Temple of Luxor (background) to the Karnak Temple (unseen) further north, in Egypt's southern city of the same name. AF

Egypt is spending billions to preserve and promote its cultural heritage, minister says


Nada El Sawy
  • English
  • Arabic

Egypt has spent billions of pounds opening new museums, restoring archaeological sites and putting on two spectacular parades in a bid to preserve and promote its cultural heritage, its tourism and antiquities minister has said.

“Even during Covid when we didn’t have tourists, I’m getting the full budget I’m asking for…I’m getting billions and billions of Egyptian pounds,” said Khaled El Enany at the American University in Cairo on Tuesday night. “We are paying like we never paid before to preserve our heritage.”

The country has experienced a cultural renaissance in recent years, with government support, he said, speaking at the annual Nadia Younes Memorial Lecture.

  • On the occasion of International Museum Day on May 18, two museums opened at Cairo International Airport, Egypt. Reuters
    On the occasion of International Museum Day on May 18, two museums opened at Cairo International Airport, Egypt. Reuters
  • Located inside Terminals 2 and 3, the exhibitions will give travellers a “glimpse of Egypt’s treasures". Reuters
    Located inside Terminals 2 and 3, the exhibitions will give travellers a “glimpse of Egypt’s treasures". Reuters
  • The artefacts represent Egypt's civilisational eras, including the Pharaonic, Greco-Roman, Coptic and Islamic periods. Reuters
    The artefacts represent Egypt's civilisational eras, including the Pharaonic, Greco-Roman, Coptic and Islamic periods. Reuters
  • The museums are part of Egypt's efforts to boost the country’s tourism sector, which was hit hard by Covid-19. Reuters
    The museums are part of Egypt's efforts to boost the country’s tourism sector, which was hit hard by Covid-19. Reuters
  • A sarcophagus is one of many fascinating artefacts on display. Reuters
    A sarcophagus is one of many fascinating artefacts on display. Reuters
  • The collections were chosen by the Tourism Ministry's Supreme Committee for Museums. Reuters
    The collections were chosen by the Tourism Ministry's Supreme Committee for Museums. Reuters
  • Most of the pieces on display were in storage at the Egyptian Museum, the Suez Museum and Alexandria’s Greco-Roman Museum, said Prof Moamen Othman, head of the ministry’s museums department. Reuters
    Most of the pieces on display were in storage at the Egyptian Museum, the Suez Museum and Alexandria’s Greco-Roman Museum, said Prof Moamen Othman, head of the ministry’s museums department. Reuters
  • Visitors will be able to see this group of ancient canopic jars. Reuters
    Visitors will be able to see this group of ancient canopic jars. Reuters
  • Among the museum’s most prominent exhibits are two well-preserved mummies. Reuters
    Among the museum’s most prominent exhibits are two well-preserved mummies. Reuters
  • There is also a mummy in the Osiris position. Reuters
    There is also a mummy in the Osiris position. Reuters
  • Archaeologists at the museum will provide educational tours to international schools in the area. Reuters
    Archaeologists at the museum will provide educational tours to international schools in the area. Reuters
  • Students will then be given a chance to show what they have learned and become tour guides. Reuters
    Students will then be given a chance to show what they have learned and become tour guides. Reuters
  • The museum was inaugurated on Tuesday, attended by Egypt’s Civil Aviation Minister Mohamed Manar. Reuters
    The museum was inaugurated on Tuesday, attended by Egypt’s Civil Aviation Minister Mohamed Manar. Reuters

Tourism, which accounts for about 12 per cent of Egypt’s gross domestic product, on average, has suffered badly during the pandemic. Travel restrictions and lockdowns wiped out $17.6 billion from the Egyptian economy in 2020, according to the World Travel and Tourism Council.

But the government is counting on its greatest asset to cancel out these losses: a priceless treasure trove of antiquities.

Egypt has more than 2,500 archaeological sites, 60 per cent of which are ancient Egyptian, while the remainder belong to the Abrahamic religions, comprising 40 per cent Islamic, Coptic, Jewish and modern sites.

“Among the 2,500 sites in Egypt, only dozens are visited by tourists,” Mr El Enany said.

Egypt’s Minister of Tourism and Antiquities Khaled El Anany spoke at the American University in Cairo about the country’s efforts to preserve and promote its cultural heritage. Nada El Sawy / The National
Egypt’s Minister of Tourism and Antiquities Khaled El Anany spoke at the American University in Cairo about the country’s efforts to preserve and promote its cultural heritage. Nada El Sawy / The National

He became antiquities minister in 2016 and was appointed the first tourism and antiquities minister in 2019 when the ministries merged.

In 2017 he requested 1.3 billion pounds ($80 million) to revitalise the museum sector, re-opening shuttered sites and building new museums at a cost of 40m to 70m pounds ($2.5m to $5m) each.

Among them are the National Museum of Egyptian Civilisation, which opened in 2017, and the Naguib Mahfouz Museum in Old Cairo, that opened in 2019. Hurghada Museum, Sharm El Sheikh Museum, Kafr El Sheikh Museum and the Royal Carriages Museum in Downtown Cairo all opened in 2020.

Museums inaugurated in smaller cities included Sharqia, Marsa Matrouh and Sohag in 2018, and Tanta in 2019.

“When I open museums in Sharqia, Tanta, Sohag, El Minya, it doesn’t bring me tourists, but it’s very important for awareness and to preserve the Egyptian identity,” Mr El Enany said.

Opening “very soon” and “ready 100 per cent” is the Capitals of Egypt Museum in the New Administrative Capital east of Cairo, he said. The museum will highlight the stories of the different cities that have served as Egypt’s capital.

Other planned openings this year include the Mohamed Ali Palace in Cairo, the Greco-Roman Museum in Alexandria and the highly anticipated Grand Egyptian Museum (GEM).

GEM is a separate budget in itself, costing about $1bn for the 490,000-square-metre building, a sum that covers the 55,000-plus artefacts, as well as security.

Mr El Enany said the museum will open in the second half of the year if coronavirus-related conditions are stable, hinting that it could coincide with the 100-year anniversary of Tutankhamun tomb's discovery in November.

“I’m receiving requests every day from all over the world to give them the exception to visit the gallery. I promise you nobody will visit the galleries before the official opening,” he said. “It’s a surprise.”

Mummies' parade

Last year, the Pharaohs’ Golden Parade in April that transported 22 royal mummies from the Egyptian Museum in Tahrir Square to the National Museum of Egyptian Civilisation and the Avenue of Sphinxes parade in Luxor in November made international headlines.

“It was a wonderful opportunity to show the world that we respect our heritage and our ancestors,” Mr El Enany said.

He had submitted the idea of the mummies’ parade to President Abdel Fattah El Sisi in 2019, with planning taking more than 19 months.

Both events were seen as a success on the global stage and a source of pride for Egyptians.

“I’ve been a minister for six years, and when I meet someone, they say, thank you and congratulations for the two parades,” Mr El Enany said.

Mr El Enany has championed several restoration projects, such as the Al Azhar mosque in March 2018, the Eliyahu Hanavi synagogue in Alexandria in January 2020 and the Baron Empain Palace in Heliopolis in June the same year.

Major archaeological discoveries have also taken place during his time in office, such as an Egyptian mission discovery of more than 150 coffins in Saqqara in October and November 2020.

There are around 250 archaeological missions from more than 25 countries working in Egypt, as well as about 80 Egyptian archaeological missions.

“I’m very proud that the majority of archaeological discoveries in the last few years were done by Egyptian missions,” Mr El Enany said. “This is a renaissance for Egyptian archaeology as well.”

He said another discovery will be announced by the Supreme Council of Antiquities as soon as March “that will attract a lot of attention from the world”. He did not share further details.

The Nadia Younes Memorial Lecture has hosted a range of speakers from the world of global affairs since 2005, such as former United Nations Secretary-General Kofi Annan and the first female president of Ireland Mary Robinson. It commemorates Ms Younes, who had a 30-year career at the UN and was tragically killed in the bombing of the UN headquarters in Baghdad in 2003.

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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Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

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Profile box

Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)

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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

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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

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Juliot Vinolia’s checklist for adopting alternate-day fasting

-      Don’t do it more than once in three days

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-      Do not binge on processed or fatty foods on non-fasting days

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-      Manage your sleep

-      People with existing gastric or mental health issues should avoid fasting

-      Do not fast for prolonged periods without supervision by a qualified expert

Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

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Updated: January 20, 2022, 1:52 PM