BABYLON, Iraq // At ancient Babylon's Ishtar Gate, workers labour with a heavy saw, hammers, a chisel and crowbar to break up and remove a concrete slab that is hastening the structure's decay.
The concrete lies between the two long, towering walls of tan bricks decorated with processions of bulls and dragons that make up the more than 2,500-year-old gate, in Iraq's Babil province.
The slab was laid during the late dictator Saddam Hussein's rule. Removing the concrete is deemed essential to preserving the Ishtar Gate, which also served as the base for a later gate of the same name, the reassembled remains of which are now located in Germany.
In the 1980s, "there was a large intervention of modern masonry inserted behind the facades" of the Ishtar Gate, in addition to "changes in the terrain behind, and resurfacing of the base of the gate with concrete", said Jeff Allen, field manager for the Future of Babylon project which is carrying out the work.
All of those factors are accelerating the rate of damage at the site, Mr Allen said.
Removing the concrete "will allow the ground to breathe and evaporate water, because at the present time ... the water cannot escape, so it routes through the easiest direction to get to the surface", which is through the gate itself, he said.
The Future of Babylon project is a joint effort between the World Monuments Fund, which works to save key cultural heritage sites, and Iraq's State Board of Antiquities and Heritage.
The project's original aim was to complete a management plan for Babylon, but it has been expanded to include restoration and conservation work as well.
Babylon, one of the most famed cities of antiquity and now an important archaeological site, has a long history of damage and abuse.
In addition to the concrete problem, modern work atop the Ishtar Gate directs rainwater down its front, causing erosion. And parts of the gate are riddled with modern bricks that will have to be removed and replaced with others that are historically accurate.
In the past, people also removed original bricks from Babylon for use in construction elsewhere.
A shoddily-built modern brick wall meant to imitate an ancient structure runs along the remains of the Processional Way, a path walked by giants of history including Alexander the Great.
"It's terrible work, but it lies on top of original brickwork," Mr Allen said.
Other ancient structures at the site have been built upon in similar fashion.
The construction at Babylon was begun in the 1970s but accelerated under Saddam's rule, Mr Allen said.
"Saddam Hussein gave an order to make Babylon 'presentable' to the public for a festival he wanted to hold," he said.
"It's disastrous for the integrity, it's a disaster for conservation work."
Saddam also had multiple man-made hills and lakes built at Babylon.
But the abuse of the site of ancient Babylon is not limited to Saddam's rule.
The British once ran a railway line through the site, Mr Allen said, while various roads were later put in, as were three different oil pipelines.
There are also asphalt car parks within the boundaries of the site, and American and Polish forces used it for a military base after the 2003 US-led invasion that toppled Saddam, causing further damage.
"This site has been abused for decades, decades and decades - it has to stop!" Mr Allen said.
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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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Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
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TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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Japan
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Norway
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Canada
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