A 4,000-year-old limestone painting housed in a tomb at Egypt's Saqqara necropolis has gone missing – making it the second ancient Egyptian artefact to be reported stolen in less than a month.
The painting, which dates back to the Sixth Dynasty of the Old Kingdom, between 2700 BC and 2200 BC, was housed in the tomb of Khentika, an official from the era whose burial site was discovered in the 1950s.
It is the second theft in recent weeks of an ancient artefact after a 3,000-year-old gold bracelet from the Egyptian Museum in Cairo was stolen last month, melted down and sold. The thefts have raised concerns over the security of Egypt’s archaeological treasures, which comprise thousands of items spanning millennia.
The painting missing from the Saqqara necropolis, a Unesco World Heritage site south of Cairo, reportedly depicted the ancient Egyptian calendar. It divided the year into three agricultural seasons – flooding (Akhet), planting (Proyat) and harvest (Shomu) – that mirrored the cycles of the Nile, symbolising the importance of the waterway to ancient Egyptian society.
Mohamed Ismail, secretary general of Egypt's Supreme Council of Antiquities, part of the Ministry of Tourism and Antiquities, confirmed the painting’s disappearance and said prosecutors had opened an investigation.
Mr Ismail said the tomb had been closed since 2019, when it was last used to store artefacts. A committee led by Saqqara site director Amr Al Tibi was formed to audit the tomb's contents and determine the circumstances of the theft, Mr Ismail said.
“Upon receiving the committee’s report, the matter was immediately referred to the public prosecutor for further investigation,” he added in a statement.
The painting's disappearance was first reported by Egyptian media, with several saying a British archaeological mission working at the site discovered the artefact was gone in May. Officials have not provided details on when the theft may have occurred or how it was carried out.
The tomb of Khentika is a prominent site within Saqqara and is known for its inscriptions, including a rare curse on its facade warning any intruders of divine punishment. Saqqara, part of the ancient capital of Memphis, contains some of Egypt’s most significant archaeological treasures, including the Step Pyramid of Djoser and several smaller pyramids.
The necropolis has been a focal point for tourists and researchers, but the Ministry of Tourism and Antiquities is now facing heightened scrutiny over the security of treasures at the site. Measures have recently been taken by Egyptian authorities to prevent smuggling. Images of the missing painting are being circulated to all the country's airports, seaports and land border crossings, the ministry said.
Investigators are working to determine if the theft is linked to trafficking networks that have plagued the region.
Egypt is preparing to open its new Grand Egyptian Museum in Giza, where many of the country’s most prized artefacts will be displayed, but the recent thefts highlight the challenges of safeguarding the country's ancient heritage.
The theft of the bracelet last month led to the arrest of four suspects, including a museum employee, but the bracelet, which was adorned with the gemstone lapis lazuli and linked to the ancient Egyptian pharaoh Amenemope, was melted down after being sold in Cairo’s jewellery market.
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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The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.