Some of the silos discovered at the Kom Ombo Temple complex in Aswan. Photo: Ministry of Tourism & Antiquities
Some of the silos discovered at the Kom Ombo Temple complex in Aswan. Photo: Ministry of Tourism & Antiquities
Some of the silos discovered at the Kom Ombo Temple complex in Aswan. Photo: Ministry of Tourism & Antiquities
Some of the silos discovered at the Kom Ombo Temple complex in Aswan. Photo: Ministry of Tourism & Antiquities

Archaeologists find 20 ancient grain silos at Aswan temple


Kamal Tabikha
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Archaeologists have found a 4,000 year-old complex of 20 grain silos at the Kom Ombo Temple in the Upper Egyptian province of Aswan.

The silos, believed to have been used between 2180 and 2050BC during the First Intermediate Period of Egyptian history, were uncovered by an Egyptian and Austrian team at a Ptolemaic temple located within the larger Kom Ombo complex, one of Aswan’s most prominent pharaonic relics.

The antiquities ministry said it showcased the prominence of Kom Ombo as an agricultural and commercial hotspot during the First Intermediate Period, a time of political instability that divides the old and middle kingdoms of ancient Egypt.

The excavation of so many grain silos at the site has led the mission to believe that a large community lived around the temple back when it was operational.

The structures of the silos are well preserved considering their age, said Dr Abdel Moneim Saeed, the head of Aswan’s antiquities affairs.

The 4,000 year-old silos are well preserved. Photo: Ministry of Tourism & Antiquities.
The 4,000 year-old silos are well preserved. Photo: Ministry of Tourism & Antiquities.

Many of the excavated containers included almost intact vaults, stairs and storage rooms, he said.

Many of the silos were almost two metres tall and a few were taller.

Inside one of the containers the archaeologists found the skeletons of mice, the ministry said.

The site reveals the importance of the Kom Ombo Temple when it was built. Photo: Ministry of Tourism & Antiquities.
The site reveals the importance of the Kom Ombo Temple when it was built. Photo: Ministry of Tourism & Antiquities.

The head of the Austrian part of the team, Dr Irene Foster, said that during their work in the area they also uncovered the remains of the foundations of a British fort, built during the empire’s occupation of Egypt in the 19th century.

The fort is believed to have been used as a military control point during Sudan’s Mahdist War (1881-1885), during which a Sudanese uprising challenged the authority of Egypt’s khedivate and the British Army.

Traffic through the Nile could be easily monitored from the fort, Dr Foster said.

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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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Updated: March 02, 2022, 3:16 PM