The ancient Greek silver coins were unearthed near the Gaza Strip town of Rafah.
The ancient Greek silver coins were unearthed near the Gaza Strip town of Rafah.
The ancient Greek silver coins were unearthed near the Gaza Strip town of Rafah.
The ancient Greek silver coins were unearthed near the Gaza Strip town of Rafah.

Silver clue to Gaza's rich history


  • English
  • Arabic

GAZA CITY // It was perhaps fitting that when workmen came across a haul of 1,400 ancient Greek silver coins, some 2,500 years old, they should do so in Rafah, Gaza's southern border town. Rafah, after all, is the only place in the territory where international trade still takes place, albeit illicitly through hundreds of smuggling tunnels, the result of Israel's crippling siege on Gaza's 1.5 million people to which the international community has acquiesced.

And the poverty and isolation of present-day Gaza makes it easy to forget that this was once one of the most important places in the ancient world, a trade hub connecting the West and the East. Located on routes between Asia and Europe, Gaza was a strategic port of enough importance to be registered on a 6th-century mosaic floor depicting a map of the world found in Madaba, Jordan. The armies of the Egyptians, Greeks, Assyrians, Byzantines, Muslims, Crusaders and Ottomans all fought here. Gaza even had its own god, Marnas, possibly inspired by the Greek God Zeus. It is a rich history that ensures that plenty of treasures remain to be discovered.

The 1,400 coins discovered here last month were sealed in a pottery container that was shattered upon discovery by the workmen. The site at Tel al Zuroub where they were discovered has been closed to construction and taken over by Gaza's ministry of antiquities for further excavation. "The site was discovered by workers by coincidence, so we came and put our grip on it because it's considered an ancient ruins site," said Assad Ashour, a ministry official, at the time, adding that, "it still requires a lot of hard work and exploration".

Mr Ashour said the site contained a "narrow passage located underground, which is built in a sort of descending stairs" and included discoveries of black basalt rock, pottery shards, as well as rock inscriptions. The site is closed to the public for the time being. The coins are in almost mint condition and provide a reminder of Gaza's storied past. Their number, weight and condition indicate that they may have been stored in an emergency possibly shortly after being minted, said Father Jean-Baptiste Humbert, an archaeologist with the Ecole Biblique in Jerusalem.

"To find a few coins is always interesting," said Mr Humbert. "But a haul of this size has great historical value because it provides a landscape of the economy of the time." The coins might even have been minted locally, another testament to Gaza's significance in the ancient world where the existence of a local mint was a rare privilege bestowed only on the more important cities. It is not the first time large hauls of coins have been discovered in Rafah. In 2001, 18,000 bronze coins from the late Roman/Byzantine era were found nearby while in 1990, 7,000 gold coins from the same period were also dug out of the ground.

Of those finds, however, all 7,000 gold coins have disappeared out of Gaza and only 4,000 of the bronze coins remain, in the hands of a private local collector. With little oversight and no Palestinian authority until 1994, many archaeological treasures have simply been sold for private gain, most ending up on black markets in Israel and further afield. Such plunder has raised fears that the largely unexplored history of Gaza may disappear forever if serious attention is not paid to preserving the impoverished strip's heritage. Experts estimate that while 30 years ago it may have been possible to preserve 95 per cent of Gaza's archaeological potential intact, that number is now down to as little as 50 per cent, as population growth has necessitated rapid urban development, and the lack of expertise and interest in addition to today's isolation and poverty pushes the past even further down the list of priorities.

Jawdat Khodary, a collector and proprietor of Gaza's Mathaf museum, until recently the only local exhibition space for Gazan archaeological finds, said that while Gaza's present-day problems could not be underestimated, the past should not be forgotten. "We have to understand our roots and know that we had a long history of civilisation in Gaza," said Mr Khodari. "We have to educate our people about their deep connection to this land."

Gaza's ministry of antiquity recently opened its own antiquities museum not far from the Omari mosque in what remains of Gaza City's old city. The Omari mosque, second in importance in Palestine only to the Aqsa mosque in Jerusalem, is itself a testament to Gaza's colourful history. Built on the site of a Crusader church that was itself built over an earlier mosque, the location was once home to a temple to Marnas, Gaza's own god.

@Email:okarmi@thenational.ae

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A $10 hand-powered LED light and battery bank

Device is operated by hand cranking it at any time during the day or night 

The charge is stored inside a battery

The ratio is that for every minute you crank, it provides 10 minutes light on the brightest mode

A full hand wound charge is of 16.5minutes 

This gives 1.1 hours of light on high mode or 2.5 hours of light on low mode

When more light is needed, it can be recharged by winding again

The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge

No limit on how many times you can charge

 

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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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