Egypt's looted ancient 'Green Sarcophagus' lid returned by US


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Egypt has recovered an ancient sarcophagus lid that was smuggled out of the country and ended up on display at a museum in the US.

The 2,700-year-old artefact — known as the “Green Sarcophagus” — has been returned to Egypt by the US, Egyptian Foreign Minister Sameh Shoukry said.

The lid, which is about three metres long, was among 17 artefacts recently recovered from the US, Tourism and Antiquities Minister Ahmed Issa said. The complete sarcophagus weighs about 500kg.

It was looted from the Abusir necropolis, south of Cairo, then transported to the US in 2008.

It was acquired by the Houston Museum of Natural Science, in Texas, in 2013, according to state media.

Its recovery is part of efforts to protect Egypt's heritage, Mr Shoukry said.

Over the past decade, Egypt has recovered about 29,000 antiquities taken abroad illegally.

Mostafa Waziri, secretary general of Egypt's Supreme Council of Antiquities, said only the lid of the half-tonne sarcophagus had been stolen.

It is one of the largest wooden sarcophagi from Ancient Egypt, he said, dating back to the Late Period, spanning the last of the Pharaonic rulers from 664BC to Alexander the Great’s campaign in 332BC.

The coffin may have belonged to a priest named Ankhenmaat, though some of the inscription has been erased, Mr Waziri said.

It was named the Green Sarcophagus because of the colour of the face on its brightly painted lid.

The handover came more than three months after the Manhattan District Attorney’s Office determined the sarcophagus was looted.

It was smuggled through Germany into the US in 2008, according to Manhattan District Attorney Alvin Bragg.

“This stunning coffin was trafficked by a well-organised network that has looted countless antiquities from the region,” Mr Bragg said.

“We are pleased that this object will be returned to Egypt, where it rightfully belongs.”

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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.”

Updated: January 03, 2023, 8:01 AM