The ancient inscriptions of the Rosetta Stone. AFP
The ancient inscriptions of the Rosetta Stone. AFP
The ancient inscriptions of the Rosetta Stone. AFP
The ancient inscriptions of the Rosetta Stone. AFP


The Rosetta Stone should return to Egypt


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August 22, 2022

A good museum helps bring the past to life. That mission is what makes the Parthenon Gallery in Greece's Acropolis Museum so famous. The almost 2,500-year-old sculptures it displays on the top floor are among the greatest achievements of world art. They wrap around the gallery in the same sequence that used to adorn the Parthenon, an ancient Greek temple that stands 900 feet away from the museum. They depict a festival in honour of the goddess Athena.

But they are incomplete. Half the sculptures are in Britain, something the room poignantly reminds visitors by filling vacant slots with bright white plaster replicas. They are absent because about 200 years ago British nobleman Lord Elgin hewed them from their original structure. The story that the Parthenon Gallery tells, therefore, is not just about the brilliance of the Ancient Greeks, but also the far newer controversy over the stealing of cultural heritage.

Just a few years before the marbles were taken, Egypt lost the Rosetta Stone, a crucial part of its heritage, in similar circumstances. It dates from 200 BC and contains a message written in hieroglyphic, with translations in Ancient Greek and demotic. This allowed scholars to finally read hieroglyphics.

Experts inspecting the Rosetta Stone during the Second International Congress of Orientalists, 1874. Wikimedia Commons
Experts inspecting the Rosetta Stone during the Second International Congress of Orientalists, 1874. Wikimedia Commons

It was found in the the northern city of Rashid, or Rosetta, by French soldiers during the Napoleonic Wars. In 1801, it eventually ended up in British hands following France's defeat. It now sits in the British Museum.

Campaigns to get both back to their countries of origin seem to be gaining momentum in 2022. In Egypt's case, archaeologist Zahi Hawass, sometimes referred to as the "Egyptian Indiana Jones", is launching a new push.

Dr Hawass and his colleagues cite what appears to be changing public opinion in western countries that hold these pieces. In July, Germany handed over two Benin bronzes to Nigeria, as well as more than 1,000 items from its museums. The bronzes are some of the most famous examples of African art. At the signing of a restitution agreement, Nigeria's culture minister, Lai Mohammed, said the moment was "one of the most important days in the history of celebrating African heritage". In the UK, the Horniman Museum in London said it would return 72 objects to Nigeria that were looted in 1897.

It is indeed a great win for Nigeria. Hopefully Egypt gets a similar one.

For its part, the British Museum says it is approaching the situation by investing in making the Rosetta Stone as accessible as possible by publishing a 3D scan online, continuing to work with Egyptian experts and organising a new exhibition on the country's heritage.

Dr Hawass is not convinced. He says that even if he fails in his lifetime, his colleagues will carry on: “This is a case that you cannot stop.”

His determination reflects the drive of many campaigners across the globe. They do not operate in ancient tombs, but offices. Nonetheless, from Nigeria to Egypt, they are the modern-day Indiana Jones, and they are winning the argument.

 

 

TCL INFO

Teams:
Punjabi Legends 
Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan

Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
When December 14-17

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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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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Updated: August 22, 2022, 3:00 AM