Egypt’s tourism and antiquities minister inaugurated the newly restored dome of the Imam Al Shafi'i Mosque in Old Cairo on Sunday in celebration of World Heritage Day.
A prominent Ayyubid landmark of Islamic Cairo, the Imam Al Shafi’i mosque reopened in November after a three-year renovation.
The dome, which predates the mosque by a few centuries, required more extensive work.
The contract for the extensive restoration of the mosque and the dome, a joint effort by the ministries of tourism and awqaf, or religious endowments, was awarded to the state-owned Arab Contractors Company.
Tourism Minister Khaled El Anany said his ministry oversaw the decorative and cultural restoration while the Awqaf Ministry provided the funding.
The work on the mosque alone cost 13 million Egyptian pounds ($829,000), the Tourism Ministry said.
The dome suffered a great deal of wear and tear over the years because of its location in a densely populated and badly polluted area of Cairo.
Both the interior and exterior of the dome were restored under the supervision of tourism ministry experts in Islamic culture and architecture.
The work was carried by a large crew of technicians working with materials including wood, stucco, coloured marble and metal.
A new drainage system was installed to prevent water damage to the structure, and a new lighting system was added for decorative purposes.
The structural work included treating many cracks in the walls, floors and ceilings, and the replacement of fixtures on the dome, such as its lead cladding, because they were beyond repair.
The dome is inscribed with Quranic text including excerpts from Ayat Al Kursi (Verse of the Throne), one of the holiest verses in the Islamic faith.
Restoration of the inscriptions had to be handled with care because of the age of the structure.
The mosque is named after one of the most important imams of Sunni Islam, Muhammad ibn Idris Al Shafi'i, whose remains are housed in a mausoleum at the dome.
An Islamic scholar and theologian, Al Shafi’i was the first contributor to the principles of Islamic jurisprudence and the founder of the Shafi’i school, or madhab, one of the four most important schools of thought on Islamic law.
Al Shafi’i lived in the 8th and 9th centuries, and the dome was built in 1212 by the Ayyubid Sultan Al Kamil in his honour.
The mosque’s construction came a few centuries later during the reign of Khedive Tawfiq in 1892.
The mosque’s facelift was a cornerstone of the government's renovation for a large section of Cairo for the opening of the nearby National Museum of Egyptian Civilisation this month.
The opening was marked by the transfer of 22 royal mummies to its halls from the Egyptian Museum in Tahrir Square in a grand parade.
The museum is on the banks of the Ain Al Sira lake, which was an entirely different space a few years ago when it was still inhabited by thousands of Cairo’s poorest.
The lake has received one of the most intensive makeovers the Egyptian capital has seen in years, turning it into a clean space with restaurants, cafes, artisanal stores and a walkway.
Mr El Anany has been one of the most outspoken voices for the renovation of Cairo’s Islamic and Coptic districts, most of which are in Old Cairo, also known as Historic Cairo.
He said one of his ministry’s main goals is to highlight Egypt’s non-pharaonic heritage sites, which are often overlooked by tourists eager to visit the pyramids and other ancient attractions for which the country is better known.
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Medinet Habu and Colossi of Memnon - Egyptian archaeology in pictures
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
How it works
A $10 hand-powered LED light and battery bank
Device is operated by hand cranking it at any time during the day or night
The charge is stored inside a battery
The ratio is that for every minute you crank, it provides 10 minutes light on the brightest mode
A full hand wound charge is of 16.5minutes
This gives 1.1 hours of light on high mode or 2.5 hours of light on low mode
When more light is needed, it can be recharged by winding again
The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge
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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.”