Hundreds of artefacts stolen from Iraq and sold on the international market arrived in Baghdad on Monday, a day after they were retrieved from a private museum in Lebanon.
The 337 objects were flown back to Baghdad International Airport in large wooden boxes. There, the Iraqi State Board of Antiquities and Heritage received them from the Foreign Ministry.
“The co-operation between the Culture, Foreign and Justice Ministries as well as the Iraqi Intelligence Service led to the restoration,” Laith Hussein, director of the Iraqi State Board of Antiquities and Heritage, told state television.
Mr Hussein said 331 of the items, most of them clay cuneiform tablets, date back to the Early Dynastic period between 2900BC – 2350BC and the Akkadian period between 2350BC – 2150BC.
Six other objects, he said, can be traced to the Old Babylonian period between 2003BC and 1595BC.
“Soon, we will celebrate the return of more artefacts from a number of European countries and we will continue our work until we retrieve the last artefact outside Iraq,” he said, without giving details.
The pieces were bought by the Nabu Museum in northern Lebanon. It became a subject of controversy after it opened in 2018 over suspicions that some items in its collection may have been taken illegally from Iraq and Syria.
On Sunday, Iraq officially retrieved them in Beirut from the museum.
Decades of war, a lack of security and mismanagement have badly affected Iraq’s archaeological sites.
Illegal digging became widespread in Iraq after the 1991 Gulf War, when the dictator Saddam Hussein began to lose control of the country following the rout of his forces in Kuwait by a US-led coalition.
Looters continued digging in thousands of unprotected archaeological sites nationwide after the 2003 US-led invasion that toppled Saddam Hussein.
The latest consignment to Iraq is the second biggest in less than a year.
Last year, Iraq received more than 17,000 ancient artefacts, most of them from the US.
The relics, dating as far back as 4,000 years, were looted from Iraq and smuggled on to the black market mainly after the Gulf War.
Among them was an antique clay tablet that bears a portion of the Epic of Gilgamish, the oldest known surviving piece of literature.
Last month, US authorities handed several ancient artefacts confiscated from private collectors to the Iraqi embassy in Washington.
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Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
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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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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.