On first appearances, few structures could seem more a permanent part of the landscape than the Bent Pyramid, which rises 100 metres into the sky from the desert 40 kilometres south of Cairo.
The monument was built in 2,600BC during the reign of the Fourth Dynasty pharaoh, Sneferu.
Older than the Great Pyramid at Giza, the Bent Pyramid, because of its shape, is also better preserved than the last surviving wonder of the ancient world.
But a closer inspection would reveal that the uniquely wonky pyramid is crumbling into the sands that surround the royal necropolis at Dahshur.
Again, if appearances were to be judged, Peter James, a stocky engineer from south Wales, might not be the most likely saviour of the magnificent edifice.
But the managing director of the structural engineering company Cintech, who rattles off details of elaborate restoration solutions in quickfire bursts, is a man on a mission.
"The situation does need something put in and fairly rapidly," Mr James, 76, told The National.
“Not only is it broken up at all the points that you can see, which is all the way around the outside, but it's also broken in some of the sections in the middle.”
In the 10 years that the Newport engineer has been monitoring the Bent Pyramid, which is the only remaining pyramid to retain most of its outer limestone casing, it has deteriorated significantly.
In 50 years, something altogether more drastic could happen, he said. Thermal expansion is slowly turning the Bent Pyramid to dust.
Debunking received archaeological wisdom
In 2014, Structure magazine published Mr James's findings on the damage to Egypt's pyramids through thermal expansion.
But archaeologists had previously blamed the damage on compromised foundations or thieves stealing pieces of the pyramids' outer casings.
The Welsh engineer’s contribution to the thinking on how the pyramids have worn down over time is now widely accepted in Egypt and around the world.
“It was then I realised that I've done something that was really notable,” he said. “I really think that it was something that was ground-breaking.”
Mr James says that he feels those early engineers who first planned and built the pyramids reaching out to him across the vast expanse of history through the legacy they left in stone.
He hopes that the work he has done on their pyramids might be his own shot at immortality.
The Welsh expert began the process of restoration on the Bent Pyramid about two years ago.
Cintech has carried out preliminary surveys, infrared scans of the edifice and, finally, inserted test anchors to track the movement of the building.
Restoration techniques honed over 35 years
Mr James wants to install dozens of anchors on the inside and outside of the pyramid, but serious delays to the project, not least of which was the onset of the coronavirus pandemic, have stopped work from continuing for the moment.
“The elasticity of the steel will be enough to let the outer wall move but then bring it back at night, so it's almost like a very slow moving spring,” he said.
The restoration techniques Mr James plans to use on the Bent Pyramid have been perfected at Cintech for the past 35 years.
While some of the work that Mr James has presided over is perhaps more prosaic – he has inserted a million wall ties and reinforced about 400 bridges – other aspects of his portfolio grab more attention.
He has worked on palaces and national landmarks around the world, including Buckingham Palace, Windsor Castle and the White House, is now in talks about restoration work on Big Ben in London, and wants to take a look at the warping of stones in the Church of the Holy Sepulchre in Jerusalem.
These are just the jobs for which he has not had to sign a non-disclosure agreement.
Cintech has been engaged on top-secret government and military installations, including the Pentagon and Britain’s secretive medical testing facility at Porton Down.
Recently, Mr James and his team have been using huge water cushions to protect the German bomb squad as they defuse unexploded weapons and IEDs.
Above all things, the engineer considers himself a man with solutions.
“We have a reputation for solving problems,” Mr James said. “It's like a car. If you went to a garage and the mechanic said there’s something wrong with your wheel.
"Well, is it your tyres, your brakes, what is it? You’ve got to ask what it is before you can repair it. And that's what we do."
Egyptian restorations the pinnacle
Of the many problems that Mr James has tackled, he says the restoration of buildings in Egypt are the most challenging, with the pinnacle of that work being the pyramids.
He began restoring the 500-year-old Al Ghuri Mosque in Cairo’s old city following the earthquake in Egypt in 1992.
Since then, he has been involved in projects working on 22 mosques and the Temple of Hibis in the Kharga Oasis.
But in spite of the many historical structures he has worked on, the structural engineer said he felt he had "arrived" when he embarked on his first pyramid, Egypt's oldest, the Step Pyramid at Saqqara.
As with his work on the Bent Pyramid, the restoration was plagued by impediments and setbacks.
Over three years, the stabilisation of the 62-metre pyramid had to be put on hold after the 2011 uprisings in Egypt.
The project, which involved using self-filling bags of water – the same kind as those used as protection for bomb disposal teams – to prop up the structure, was also treacherous.
Tonnes of stones, the Cintec team found, were being held up only with the trunks of palm trees that were thousands of years old.
As the engineers drilled their first hole in the pyramid, an ambulance crew was placed on standby outside.
“It was extremely dangerous. It really was,” Mr James said. “Extremely bloody dangerous.”
The Welsh engineer does not claim to be an archaeologist.
“Don't, don't ask me what pot goes where and when and all the rest,” he said. “I don't know.”
He does, though, feel a kinship with the original builders and masons who worked on the ancient pyramids.
His knowledge of construction has given him special insight into how these intriguing monuments were created
In Percy Bysshe Shelley's 1818 poem Ozymandias, the Pharaoh Ramses II calls out from beyond the grave for great men to: "Look upon my works, ye mighty and despair!"
The enduring sonnet by the Romantic poet, who would himself die four years later, was inspired by the discovery among the ruins of Luxor of a broken statue depicting the ancient pharaoh.
Ramses II might have wished that Peter James had come on the scene a little earlier than the 20th century.
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.”
Shipping%20and%20banking%20
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Results
5.30pm: Maiden (TB) Dh82,500 (Turf) 1,400m; Winner: Mcmanaman, Sam Hitchcock (jockey), Doug Watson (trainer)
6.05pm: Handicap (TB) Dh87,500 (T) 1,400m; Winner: Bawaasil, Sam Hitchcott, Doug Watson
6.40pm: Handicap (TB) Dh105,000 (Dirt) 1,400m; Winner: Bochart, Fabrice Veron, Satish Seemar
7.15pm: Handicap (TB) Dh105,000 (T) 1,200m; Winner: Mutaraffa, Antonio Fresu, Musabah Al Muhairi
7.50pm: Longines Stakes – Conditions (TB) Dh120,00 (D) 1,900m; Winner: Rare Ninja, Royston Ffrench, Salem bin Ghadayer
8.25pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m; Winner: Alfareeq, Antonio Fresu, Musabah Al Muhairi
9pm: Handicap (TB) Dh105,000 (T) 2,410m; Winner: Good Tidings, Antonio Fresu, Musabah Al Muhairi
9.35pm: Handicap (TB) Dh92,500 (T) 2,000m; Winner: Zorion, Abdul Aziz Al Balushi, Helal Al Alawi
WHAT%20MACRO%20FACTORS%20ARE%20IMPACTING%20META%20TECH%20MARKETS%3F
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INVESTMENT PLEDGES
Cartlow: $13.4m
Rabbitmart: $14m
Smileneo: $5.8m
Soum: $4m
imVentures: $100m
Plug and Play: $25m
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
COMPANY%20PROFILE
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
FA CUP FINAL
Manchester City 6
(D Silva 26', Sterling 38', 81', 87', De Bruyne 61', Jesus 68')
Watford 0
Man of the match: Bernardo Silva (Manchester City)
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
The specs
Engine: 2.5-litre, turbocharged 5-cylinder
Transmission: seven-speed auto
Power: 400hp
Torque: 500Nm
Price: Dh300,000 (estimate)
On sale: 2022