Terracotta cones with royal inscriptions commemorating the construction of temple buildings by King Gudea of Lagash at the Iraqi embassy in Rome. AP
Terracotta cones with royal inscriptions commemorating the construction of temple buildings by King Gudea of Lagash at the Iraqi embassy in Rome. AP
Terracotta cones with royal inscriptions commemorating the construction of temple buildings by King Gudea of Lagash at the Iraqi embassy in Rome. AP
Terracotta cones with royal inscriptions commemorating the construction of temple buildings by King Gudea of Lagash at the Iraqi embassy in Rome. AP

Stolen ancient artefacts to be returned to Iraq displayed in Rome


Gillian Duncan
  • English
  • Arabic

Stolen ancient artefacts that are due to be returned to Iraq were displayed at a ceremony in Rome on Wednesday.

Saywan Sabir Mustafa Barzani, Iraq’s ambassador to Italy, viewed the objects at the Iraqi embassy event, which was attended by the head of Italian Carabinieri Command for the Protection of Cultural Property, Michele Minetti, and an Italian police representative.

They include vases, fragments of pottery, metal objects and terracotta cones with royal inscriptions commemorating the construction of temple buildings by King Gudea of Lagash (2,200 BC-2,150 BC) and date back to the civilisation of Mesopotamia.

Saywan Sabir Mustafa Barzani, Iraq’s ambassador to Italy, left, checks some artefacts during a ceremony at the Iraqi embassy in Rome. AP
Saywan Sabir Mustafa Barzani, Iraq’s ambassador to Italy, left, checks some artefacts during a ceremony at the Iraqi embassy in Rome. AP

At the ceremony, Mr Barzani expressed his thanks and gratitude to the Italian Antiquities and Heritage Protection Unit for its efforts in returning the artefacts to the embassy.

He also touched on the strong co-operation between Iraq and Italy, especially in the field of heritage and antiquities protection.

The ambassador said Italian authorities were informed that the five pieces had been offered for sale and he praised the embassy's work on following up on the issue.

He said the embassy had received archaeological pieces on five previous occasions, the last of which was in July 2024.

Stolen Mesopotamian relics, including vases and terracotta cones, were displayed in Rome before their return to Iraq. AP
Stolen Mesopotamian relics, including vases and terracotta cones, were displayed in Rome before their return to Iraq. AP

Iraqi authorities have been working to retrieve thousands of archaeological relics looted decades ago from the country that many historians regard as the cradle of civilisation. Recent efforts to track them down have been increasingly successful.

Many artefacts, including ancient stone tablets, were smuggled out of the country in the chaos following the US-led invasion in 2003, when most archaeological sites were left unguarded.

Other smuggling operations date back to the 1990s, when Iraq suffered extreme poverty due to punishing international sanctions, leading to a crime wave that extended to smuggling valuable items of heritage.

Mr Barzani, the Iraqi ambassador, has acknowledged Italy’s role in safeguarding and returning items of cultural heritage to Iraq. AP
Mr Barzani, the Iraqi ambassador, has acknowledged Italy’s role in safeguarding and returning items of cultural heritage to Iraq. AP

In 2018, US arts and crafts chain store Hobby Lobby was fined $3 million after US investigators found some of more than 3,000 clay tablets and seals that had been smuggled out of Iraq had been bought by the shop's managers.

Since then, thousands more items from around the world have been recovered. In 2021, Iraqi and US authorities secured the return of 17,000 ancient objects, including the so-called Gilgamesh Dream Tablet, to Iraq. The 3,600-year-old object contains a section of the ancient Akkadian poem, the Epic of Gilgamesh.

In 2015 the US returned more than 60 Iraqi objects after they were illegally smuggled into the country. They were returned following five separate investigations led by authorities.

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: January 29, 2025, 8:19 PM