An Egyptian archaeological mission working in the Tell El Kedwa region of North Sinai has discovered five water wells believed to be from the 13th century BC.
The Egyptian Antiquities Ministry said that wells were built before the reign of Seti I (1292-1190BC), but it did not give an exact date.
They are believed to have been a part of the expansive Horus Military Road, an ancient route that was used by pharaohs, the ministry said.
The wells were found outside the walls of the Tell El Kedwa fortress, one of several massive strongholds found in the area, which were used as military control points to protect Egypt’s eastern frontier and guard access to its northern regions.
The mission’s leader, Ramadan Helmy, said that four of the discovered wells were reportedly filled with sand to prevent the Persian army, which invaded Egypt in 525BC, from obtaining water.
The fifth well, which was unfilled, was a little more than three metres deep, the ministry’s said.
Inside it, the mission found 13 pottery rings and several clay pots dating back to the 26th dynasty of ancient Egypt (664–525BC), also known as the Saite period.
The fifth well was built in a haphazard manner, which was incongruent with the style of that period, Mr Helmy said.
The ministry said the mission’s excavations were part of a larger national project to develop the province of North Sinai, which contains prominent pharaonic sites that will soon be open to tourists.
Another archaeological team operating at the nearby Tell El Kedwa fortress discovered a large storage centre dating to the Saite period.
Inside the large chamber, the mission found a pile of clay pots. And within the walls of the fortress, the mission found the remains of kilns, also from the Saite period.
The kilns are were part of a large copper-smelting workshop, the ministry’s said. Copper shards were also found near the kilns.
The Horus Military Route was used during the old, middle and new kingdoms of ancient Egypt and was depicted in inscriptions at some of Egypt's other prominent archaeological sites, including Luxor's Karnak Temple.
At its peak, the route measured 220 kilometres and connected Egypt to Palestine.
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
Profile of Whizkey
Date founded: 04 November 2017
Founders: Abdulaziz AlBlooshi and Harsh Hirani
Based: Dubai, UAE
Number of employees: 10
Sector: AI, software
Cashflow: Dh2.5 Million
Funding stage: Series A
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