A new study has suggested that the world-famous site of Machu Picchu could be at least 20 years older than previously thought. Reuters
A new study has suggested that the world-famous site of Machu Picchu could be at least 20 years older than previously thought. Reuters
A new study has suggested that the world-famous site of Machu Picchu could be at least 20 years older than previously thought. Reuters
A new study has suggested that the world-famous site of Machu Picchu could be at least 20 years older than previously thought. Reuters

Peru's Machu Picchu is actually 20 years older, new study finds


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A new study of the world-famous Inca citadel of Machu Picchu has led scientists to believe the Unesco World Heritage Site is at least 20 years older than previously thought.

For many years, historians have assumed the site in south Peru was built some time after 1438 AD. This was based primarily on 16th-century Spanish accounts from their conquest of the region.

But now, new radiocarbon dating techniques carried out at the site suggest the citadel was occupied from around 1420 AD, almost two decades earlier.

"This is the first study based on scientific evidence to provide an estimate for the founding of Machu Picchu and the length of its occupation," said Richard Burger, a professor of anthropology at Yale University who led the research.

Machu Picchu was believed to have been built as a palace for Inca emperor Pachacuti. Getty Images
Machu Picchu was believed to have been built as a palace for Inca emperor Pachacuti. Getty Images

“The results suggest that the discussion of the development of the Inca empire based primarily on colonial records requires revision.”

Burger and his team used accelerator mass spectrometry (AMS) dating of human remains to come to the conclusion. The team looked at 26 individuals from cemeteries at Machu Picchu that were recovered from the site during excavations in 1912.

The findings were published in the peer-reviewed journal Antiquity.

Voted one of the New Seven Wonders of the World in 2007, Machu Picchu was declared a World Heritage Site by Unesco in 1983. A hugely popular tourist destination, it received more than half a million visitors a year before the coronavirus pandemic.

In 2017, Peruvian authorities sought to protect the site by introducing ticketed time slots to control the flow of visitors at the settlement.

Perched between two mountains, the site is made up of roughly 200 stone structures, which include remains of a ceremonial bathhouse, temples, granaries and aqueducts.

Believed to have been built as a palace for Inca emperor Pachacuti, it was abandoned around 1572 AD as a consequence of the Spanish invasion of Inca lands. The site was not found by the colonisers, although it was always known to the locals, until American explorer Hiram Bingham brought it to international attention in 1911.

In October 2020, the site opened to the public for the first time after months of closure owing to the pandemic. Its first visitor was a Japanese tourist who was stranded in Peru.

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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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DUBAI SEVENS 2018 DRAW

Gulf Men’s League
Pool A – Dubai Exiles, Dubai Hurricanes, Bahrain, Dubai Sports City Eagles
Pool B – Jebel Ali Dragons, Abu Dhabi Saracens, Abu Dhabi Harlequins, Al Ain Amblers

Gulf Men’s Open
Pool A – Bahrain Firbolgs, Arabian Knights, Yalla Rugby, Muscat
Pool B – Amman Citadel, APB Dubai Sharks, Jebel Ali Dragons 2, Saudi Rugby
Pool C – Abu Dhabi Harlequins 2, Roberts Construction, Dubai Exiles 2
Pool D – Dubai Tigers, UAE Shaheen, Sharjah Wanderers, Amman Citadel 2

Gulf U19 Boys
Pool A – Deira International School, Dubai Hurricanes, British School Al Khubairat, Jumeirah English Speaking School B
Pool B – Dubai English Speaking College 2, Jumeirah College, Dubai College A, Abu Dhabi Harlequins 2
Pool C – Bahrain Colts, Al Yasmina School, DESC, DC B
Pool D – Al Ain Amblers, Repton Royals, Dubai Exiles, Gems World Academy Dubai
Pool E – JESS A, Abu Dhabi Sharks, Abu Dhabi Harlequins 1, EC

Gulf Women
Pool A – Kuwait Scorpions, Black Ruggers, Dubai Sports City Eagles, Dubai Hurricanes 2
Pool B – Emirates Firebirds, Sharjah Wanderers, RAK Rides, Beirut Aconites
Pool C – Dubai Hurricanes, Emirates Firebirds 2, Abu Dhabi Saracens, Transforma Panthers
Pool D – AUC Wolves, Dubai Hawks, Abu Dhabi Harlequins, Al Ain Amblers

Gulf U19 Girls
Pool A – Dubai Exiles, BSAK, DESC, Al Maha
Pool B – Arabian Knights, Dubai Hurricanes, Al Ain Amblers, Abu Dhabi Harlequins

Updated: August 04, 2021, 8:19 AM