An Egyptian archaeological mission working at a site west of the Mediterranean city of Alexandria has unearthed a ceramics workshop dating to the start of Roman rule there.
The team found kilns, two of them carved into the rock, said Dr Mostafa Waziri, secretary-general of Egypt’s Supreme Council of Antiquities.
One of the kilns was remarkably well preserved, said Dr Waziri, with an entrance believed to have been used by workers who would enter and lay out the clay to be baked.
Ceramics workers would have sealed the door with clay and pottery sherds then fire up the kiln by inserting fuel through a slanted chamber just beneath the door.
Though the site dates to the Roman period of Egypt’s history, which began around 30 BCE and lasted for about 600 years, there is evidence that points to its use during the later Byzantine period.
Also uncovered at the site were two burials, believed to date from the later Middle Ages when the site was used as a cemetery. One of those buried was a pregnant woman, the ministry said.
There was evidence of up to 100 graves, some of which were hewn into the rock.
Further excavations by the mission will continue at the site to ensure nothing valuable is left uncovered.
"Alexandria was very significant during the Ptolemaic era because it was founded by Alexander the Great," said Dr Salima Ikram, professor of Egyptology at the American University in Cairo.
"It is wonderful to have a whole industrial section of the ancient city, as it tells us about the daily workings of Alexandria, its people and its economy."
Also discovered was a structure to the south of the two kilns, said Dr Ayman Ashmawy, head of the Egyptian antiquities sector of the Supreme Council of Antiquities. It is believed to have been a storage room for the workshop’s finished ceramics. A large group of pottery items, including ones used to cook and serve food, were found inside.
The mission also discovered a group of 13 rooms built from limestone. The rooms are believed to have been built during the Ptolemaic period (305-30 BCE).
Inside one of them, believed to have been used as a food preparation area, a large number of animal bones were found, including ones belonging to pigs, sheep, goats and fish. This room also houses several stoves.
Another of the rooms reportedly served as a separate workshop for ceramics. Inside, archaeologists found grinders, pestles, amphorae and a variety of other tools used in fashioning ceramics.
Inside another room, clay containers had animal remains inside them which led the mission to believe that this had served as a pantry for the workshop’s residents.
On the floor of the pantry, the mission also found a large number of coins. Most of the coins date to the Ptolemaic era. After minor restorations, the faces of Alexander the Great, the Greek god Zeus and Egypt’s final queen Cleopatra were found inscribed on the coins.
Another of the rooms is believed to have been used for worship, with an altar and a number of poorly-preserved terracotta statues.
Some of the statues were made in the image of the god Harpocrates, the Greek adaptation of the ancient Egyptian child god Horus, a symbol of the daily rebirth of the sun.
Harpocrates emerged as a god during the Ptolemaic period when Greek culture began to take hold in Egypt, especially in Alexandria, whose relics are deeply associated with the Greco-Roman period.
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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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.