A section of an ancient Egyptian stone tablet has been recovered after being smuggled from Luxor to London.
The cartouche of King Amenhotep I was discovered at London auction house by the Egyptian antiquities ministry after scouring auction websites across the world. Once found, the sale was halted and the artefact returned to the Egyptian embassy in London in September.
The tablet was originally on display at the open museum of the Temple of Karnak in Luxor, and it is not yet clear how the item was taken and smuggled from the country, said Shaaban Abdel-Gawad, general supervisor of the Antiquities Repatriation Department at the ministry,
King Amenhotep I, born in 1550 BC, ruled Egypt from 1526 to 1506 BC. His tomb can be found at the Temple of Karnak, which he expanded during his reign.
The Arab Spring and the political unrest it sparked opened a gap for smugglers to operate mostly unnoticed in the country. Since 2011, the US-based Antiquities Coalition estimates $3 billion worth of Egyptian antiquities have been smuggled out of the country.
However, those caught breaking the 1983 Protection of Antiquities Law face severe consequences including mandatory prison time and huge fines.
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- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
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Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
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- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
