A trove of ancient coffins and artefacts on display that Egyptian archaeologist Zahi Hawass and his team unearthed in a vast necropolis, in Saqqara, south of Cairo. AP
A trove of ancient coffins and artefacts on display that Egyptian archaeologist Zahi Hawass and his team unearthed in a vast necropolis, in Saqqara, south of Cairo. AP
A trove of ancient coffins and artefacts on display that Egyptian archaeologist Zahi Hawass and his team unearthed in a vast necropolis, in Saqqara, south of Cairo. AP
A trove of ancient coffins and artefacts on display that Egyptian archaeologist Zahi Hawass and his team unearthed in a vast necropolis, in Saqqara, south of Cairo. AP

Huge archaeological find in Egypt includes 50 mummies and a temple


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Egyptian archaeologists announced a major find on Sunday, including a funerary temple, more than 50 wooden sarcophagi and a five-metre papyrus depicting a chapter of the ancient Egyptian Book of the dead.

Egypt's world-famous archaeologist Zahi Hawass announced the new finds at Saqqara, the vast necropolis of the ancient Egyptian capital of Memphis, a Unesco World Heritage Site.

"Every day, the sands of Saqqara reveal more information that helps us write the history of Egypt," Mr Hawass told The National in Saqqara.

He said the temple belonged to Queen Naert, wife of King Teti, the first pharaoh of the sixth dynasty that ruled during the New Kingdom period (16th century-11th century BC). The Queen was only identified on Saturday, when archaeologists found her name engraved on a temple wall, he said.

  • A coffin, part of a recent discovery from the Saqqara necropolis, is seen south of Cairo, Egypt. Reuters
    A coffin, part of a recent discovery from the Saqqara necropolis, is seen south of Cairo, Egypt. Reuters
  • Ancient skull and bones are on display that Egyptian archaeologist Zahi Hawass and his team unearthed in a vast necropolis filled with burial shafts, coffins and mummies dating back to the New Kingdom 3000 BC in Saqqara, south of Cairo, Egypt. AP
    Ancient skull and bones are on display that Egyptian archaeologist Zahi Hawass and his team unearthed in a vast necropolis filled with burial shafts, coffins and mummies dating back to the New Kingdom 3000 BC in Saqqara, south of Cairo, Egypt. AP
  • A view shows the site of a recent discovery at the Saqqara necropolis south of Cairo, Egypt. Reuters
    A view shows the site of a recent discovery at the Saqqara necropolis south of Cairo, Egypt. Reuters
  • An archaeologist brushes ancient skulls for the media on display that Egyptian archaeologist Zahi Hawass and his team unearthed in a vast necropolis filled with burial shafts, coffins and mummies dating back to the New Kingdom 3000 BC in Saqqara, south of Cairo, Egypt. AP
    An archaeologist brushes ancient skulls for the media on display that Egyptian archaeologist Zahi Hawass and his team unearthed in a vast necropolis filled with burial shafts, coffins and mummies dating back to the New Kingdom 3000 BC in Saqqara, south of Cairo, Egypt. AP
  • Artifacts, part of a recent discovery from the Saqqara necropolis, are seen south of Cairo, Egypt. REUTERS
    Artifacts, part of a recent discovery from the Saqqara necropolis, are seen south of Cairo, Egypt. REUTERS
  • Men work at the site of a recent discovery at the Saqqara necropolis south of Cairo, Egypt. Reuters
    Men work at the site of a recent discovery at the Saqqara necropolis south of Cairo, Egypt. Reuters
  • A woman walks at the site of a recent discovery at the Saqqara necropolis south of Cairo, Egypt. Reuters
    A woman walks at the site of a recent discovery at the Saqqara necropolis south of Cairo, Egypt. Reuters
  • Egyptian archaeologist Zahi Hawass stands at the excavation site of the funerary temple of Queen Nearit, the wife of King Teti, where he and his team unearthed a vast necropolis filled with burial shafts, coffins and mummies dating back to the New Kingdom 3000 BC in Saqqara, south of Cairo, Egypt. AP
    Egyptian archaeologist Zahi Hawass stands at the excavation site of the funerary temple of Queen Nearit, the wife of King Teti, where he and his team unearthed a vast necropolis filled with burial shafts, coffins and mummies dating back to the New Kingdom 3000 BC in Saqqara, south of Cairo, Egypt. AP
  • Pottery on display near the funerary site of the temple of Queen Nearit, the wife of King Teti, where Egyptian archaeologist Zahi Hawass and his team unearthed in a vast necropolis filled with burial shafts, coffins and mummies dating back to the New Kingdom 3000 BC in Saqqara, south of Cairo, Egypt. AP
    Pottery on display near the funerary site of the temple of Queen Nearit, the wife of King Teti, where Egyptian archaeologist Zahi Hawass and his team unearthed in a vast necropolis filled with burial shafts, coffins and mummies dating back to the New Kingdom 3000 BC in Saqqara, south of Cairo, Egypt. AP
  • A trove of ancient artefacts is on display that Egyptian archaeologist Zahi Hawass and his team unearthed in a vast necropolis filled with burial shafts, coffins and mummies dating back to the New Kingdom 3000 BC in Saqqara, south of Cairo, Egypt. AP
    A trove of ancient artefacts is on display that Egyptian archaeologist Zahi Hawass and his team unearthed in a vast necropolis filled with burial shafts, coffins and mummies dating back to the New Kingdom 3000 BC in Saqqara, south of Cairo, Egypt. AP
  • An ancient mummy is on display that Egyptian archaeologist Zahi Hawass and his team unearthed in a vast necropolis filled with burial shafts, coffins and mummies dating back to the New Kingdom 3000 BC in Saqqara, south of Cairo, Egypt. AP
    An ancient mummy is on display that Egyptian archaeologist Zahi Hawass and his team unearthed in a vast necropolis filled with burial shafts, coffins and mummies dating back to the New Kingdom 3000 BC in Saqqara, south of Cairo, Egypt. AP
  • Workers rest near a trove of ancient artifacts on display that Egyptian archaeologist Zahi Hawass and his team unearthed in a vast necropolis filled with burial shafts, coffins and mummies dating back to the New Kingdom 3000 BC in Saqqara, south of Cairo, Egypt. AP
    Workers rest near a trove of ancient artifacts on display that Egyptian archaeologist Zahi Hawass and his team unearthed in a vast necropolis filled with burial shafts, coffins and mummies dating back to the New Kingdom 3000 BC in Saqqara, south of Cairo, Egypt. AP
  • Workers at the newly discovered funerary temple of Queen Nearit, the wife of King Teti in the Saqqara archaeological site next to the Pyramid of King Teti in Giza, Egypt. EPA
    Workers at the newly discovered funerary temple of Queen Nearit, the wife of King Teti in the Saqqara archaeological site next to the Pyramid of King Teti in Giza, Egypt. EPA
  • Archeologists work at the excavation site of the funerary temple of Queen Nearit, the wife of King Tetiwhere, led by Egyptian archaeologist Zahi Hawass, and his team unearthed in a vast necropolis, in Saqqara, south of Cairo, Egypt. AP
    Archeologists work at the excavation site of the funerary temple of Queen Nearit, the wife of King Tetiwhere, led by Egyptian archaeologist Zahi Hawass, and his team unearthed in a vast necropolis, in Saqqara, south of Cairo, Egypt. AP
  • A trove of ancient artifacts on display that Egyptian archaeologist Zahi Hawass and his team unearthed in a vast necropolis, in Saqqara, south of Cairo, Egypt. AP
    A trove of ancient artifacts on display that Egyptian archaeologist Zahi Hawass and his team unearthed in a vast necropolis, in Saqqara, south of Cairo, Egypt. AP
  • A trove of ancient skulls are on display that Egyptian archaeologist Zahi Hawass and his team unearthed in a vast necropolis, in Saqqara, south of Cairo, Egypt. AP
    A trove of ancient skulls are on display that Egyptian archaeologist Zahi Hawass and his team unearthed in a vast necropolis, in Saqqara, south of Cairo, Egypt. AP

The discoveries were made during a joint excavation by Bibliotheque Alexandria's Zahi Hawas Institute and the Ministry of Antiquities. A wealthy French family financed the dig, according to Essam Sheehab, a senior archaeologist who worked on it since excavations began in September.

"The most important discovery, in my opinion, is the temple," said Mr Hawass, who has for decades been the global face of Egyptology with his hallmark Indiana Jones hat and passionate stories of discoveries in the country.

“Beside this temple we found the storage area, where tools that they used for the rituals inside the temple were kept,” he told reporters.

He said 22 burial shafts were discovered during excavations.

Fifty-two wooden coffins dating back to the New Kingdom were found in the shafts. "They are decorated with many scenes depicting gods worshipped during that time," he said.

The team discovered statues, toys, wooden boats and funerary masks. A papyrus depicted a chapter of the Book of the Dead, a collection of mortuary texts of spells that ancient Egyptians believed would guide the soul of the deceased in the afterlife. It was first used in the New Kingdom.

The latest trove to be found in Saqqara, home to the famed Stepped Pyramid and other notable finds, came two months after Egyptian archaeologists announced the discovery of more than 100 sealed wooden sarcophagi dating back around 2,500 years in the same area. It was the largest find of 2020.

A statement by the Ministry of Antiquities released on Saturday said the latest discovery could shed new light on the history of Saqqara during the New Kingdom.

Egypt hopes archaeological discoveries and the media attention that surround them will spur tourism, a sector devastated by years of turmoil that followed a 2011 uprising and more recently by the coronavirus pandemic.

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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Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

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Company profile

Name: Tratok Portal

Founded: 2017

Based: UAE

Sector: Travel & tourism

Size: 36 employees

Funding: Privately funded

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Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district

Was a middle distance state athletics champion in school

Enjoys driving to Fujairah and Ras Al Khaimah with family

His dream is to continue working as a social worker and help people

Has seven diaries in which he has jotted down notes about his work and money he earned

Keeps the diaries in his car to remember his journey in the Emirates

The years Ramadan fell in May

1987

1954

1921

1888

The biog

Favourite food: Tabbouleh, greek salad and sushi

Favourite TV show: That 70s Show

Favourite animal: Ferrets, they are smart, sensitive, playful and loving

Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can

Name of first pet: Eddy, a Persian cat that showed up at our home

Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big

The specs

Engine: 3.8-litre, twin-turbo V8

Transmission: eight-speed automatic

Power: 582bhp

Torque: 730Nm

Price: Dh649,000

On sale: now  

Juventus v Napoli, Sunday, 10.45pm (UAE)

Match on Bein Sports

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COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

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UAE squad to face Ireland

Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind

UAE Falcons

Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.

 
The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

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The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km