• Sheikh Dr Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, was briefed on the latest archaeological discoveries found by historians working in the central region of the emirate. All photos: Wam
    Sheikh Dr Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, was briefed on the latest archaeological discoveries found by historians working in the central region of the emirate. All photos: Wam
  • Dr Sabah Aboud Jasim, director general of the Sharjah Archaeology Authority (SAA) showed Sheikh Dr Sultan the many recent discoveries.
    Dr Sabah Aboud Jasim, director general of the Sharjah Archaeology Authority (SAA) showed Sheikh Dr Sultan the many recent discoveries.
  • Sheikh Dr Sultan is shown a priceless Roman key found by archaeologists.
    Sheikh Dr Sultan is shown a priceless Roman key found by archaeologists.
  • Thirty two swords dating back to the third or second century BC were found in Mleiha.
    Thirty two swords dating back to the third or second century BC were found in Mleiha.
  • A treasure trove of 409 coins was unearthed in February in Mleiha, a hugely significant find.
    A treasure trove of 409 coins was unearthed in February in Mleiha, a hugely significant find.
  • The SSA director general said the discoveries showed evidence of the early Abbasid presence in the region.
    The SSA director general said the discoveries showed evidence of the early Abbasid presence in the region.
  • Sheikh Dr Sultan was shown priceless artefacts found at Mleiha in Sharjah.
    Sheikh Dr Sultan was shown priceless artefacts found at Mleiha in Sharjah.

UAE

Heritage

Sharjah Ruler briefed on treasure trove found by archaeologists

Second century swords are also among the discoveries excavated in Mleiha

Georgia Tolley
Georgia Tolley

September 21, 2021

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  • Arabic

Sharjah’s Ruler has been briefed on the latest archaeological discoveries found by historians working in the central region of the emirate.

Sheikh Dr Sultan bin Muhammad Al Qasimi was shown a Roman key and 32 swords dating to the third or second century BC, which were found in Mleiha.

Archaeologists at Sharjah Archaeology Authority also showed Sheikh Dr Sultan a white glazed-pottery jar with some green spots. It contained Abbasid dirhams dating back to the 10th century AD.

The treasure trove of 409 coins was unearthed in February, and was described as hugely significant.

  • Sharjah Archaeology Authority has unearthed an ancient jar filled with hundreds of priceless coins.
    Sharjah Archaeology Authority has unearthed an ancient jar filled with hundreds of priceless coins.
  • The trove dates to the third century BC.
    The trove dates to the third century BC.
  • The designs are a mix of those common to the area and unfamiliar.
    The designs are a mix of those common to the area and unfamiliar.
  • The coins were minted and circulated in Mleiha.
    The coins were minted and circulated in Mleiha.

The coins came from a large geographical area, encompassing Africa in the west, and the Transoxiana region in the east, and from several eras, including the Caliph Abu Ja’far Al Mansur, Muhammad Al Mahdi, Harun Al Rashid, Muhammad Al Amin and Abdullah Al Ma’mun.

There was also a penny from the era of Caliph Al Mahdi.

Dr Sabah Aboud Jasim, SAA’s director-general, said the discovery showed evidence of the early Abbasid presence in the region.

Excavations in Mleiha have also uncovered 32 iron swords of various shapes dating back to the third and second century BC, and an iron key dating back to the Roman period. This is considered one of the most important artefacts discovered by the Authority.

Mleiha Archaeological Centre opened for visitors in 2016 and charts the region’s history back to the Stone Age. The Mleiha area is of huge archaeological importance and was a centre of trade and commerce on the Arabian Peninsula.

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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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Updated: September 21, 2021, 6:01 PM
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