For thousands of years, the Mediterranean’s perilous maritime route along the Skerki Bank has been of major strategic importance for conquerors - and a treasure trove for looters.
It is a watery graveyard for hundreds of vessels sunk during battles from antiquity to modern times or come to grief in the relentless opposing currents and menacing series of rocky elevations hidden just below the surface.
Now, the area bordered by Sicily in the north and the Tunisian coast to the south-west, has yielded some of the secrets in its depths to an international team of underwater archaeologists.
In the largest and most ambitious international mission ever conducted under the auspices of Unesco, experts from Algeria, Croatia, Egypt, France, Italy, Morocco, Spain and Tunisia mapped an area of seabed 10km square in an effort to study and protect their shared underwater cultural heritage.
Two robots and multibeam sonar were used to document the remains of six shipwrecks dating from ancient times to the 20th century, three of which were previously unknown.
The multilateral team for the mission, which has been four years in the planning, finally came together for two weeks last year and on Thursday they unveiled their findings.
“Underwater heritage is very important," Unesco archaeologist Alison Faynot told The National. "You think it is extremely protected and unreachable and yet it is quite fragile, and just a change in the environment or seabed can have a very dangerous impact on it.”
“People see underwater cultural heritage as a treasure and something to collect, but it is really significant. All its little details give us so many clues about where we come from.
“In the Mediterranean, it shows why it means so much since eight countries are involved and have come together because they want to share the heritage.
“Underwater cultural heritage is not a treasure, it is vulnerable and because of it we really need to protect it and educate people in protecting it.”
The group's mission consisted of two standalone projects that were focused on conducting a thorough study of the Skerki Bank on the Tunisian continental shelf as well as following in the footsteps of the American archaeologists Robert Ballard and Anna Marguerite McCann in the Sicilian Channel.
It was while undertaking a full-scale survey of the ocean floor around the Keith Reef, a particularly hazardous zone of the Skerki Bank, that they discovered three previously unknown wrecks: one, believed to be a merchant vessel dating as far back as the 1st century BC; and two, a metal vessel and a wooden vessel, from the late 19th or early 20th centuries.
The archaeologists used a robot called Hilarion, which spent 18 hours under water, to verify and document the targets of the newly mapped area, and multibeam sonar garnered more information about the area.
Three Roman wrecks discovered on the Italian continental shelf during the Ballard-McCann expeditions from the 1980s to 2000 were also documented in high-resolution images by a robot called Arthur, weighing less than 80kg, with powerful lights and capable of going 2,500 meters deep.
Such underwater heritage is vulnerable to exploitation, trawling and fishing, trafficking and the impacts of climate change, which is why the mission's aim was to demarcate the precise zone in which many shipwrecks lie, and to document as many artefacts as possible.
Following on from the framework of the 2001 Unesco Convention on the Protection of the Underwater Cultural Heritage for areas outside territorial waters, the project was originally launched in 2018.
"We have had eight countries working together to protect shared heritage," Ms Faynot said.
"We chose these areas as the first because Italy came to us in 2018 and notified us about some of the wrecks. It is a very dangerous area and we wanted to protect the wrecks there. It was dangerous for the robot ... we had to hope it did not get stuck.
"The robot can grasp items and blow air on to it and push the sediment away so we could see what is there.
"The mission was possible due to France giving us access to its ship and robots which can go really deep. The technology available made it possible for us to do this work."
Together, the two robots filmed 400 hours of video footage and took more than 20,000 images.
Archaeologists found that the state of preservation of the shipwrecks and artefacts discovered by Ballard and McCann to be almost the same as nearly 30 years ago, and the new higher resolution photos and videos are helping to characterise and date the ships’ cargo.
But the three discoveries on the Tunisian shelf were cause for particular elation not only because of their very existence but also the potential they might represent for other as-yet secret archaeological remains lying on the seabed.
"When we found the new ships it was a [feeling] of relief because of all the effort we have all put in and that there are still things to learn from such a heavily looted area and that there is still something to protect," Ms Faynot said. "We just felt happiness and excitement that there is still more to learn."
"We would like to come back to these sites with another mission because there could still be more to find.
“Every step of the way has been a learning curve for us. We now need to work together to protect them. Surveys and missions are an answer, as is education in the first steps to protecting them."
The team did not retrieve objects from the ships but hope to return with more advanced technology in the future.
"The technology is slowly developing, that’s why it is so important not to retrieve and collect artefacts, we decided collectively not to do it, we have documented it so we can come back maybe with better tools," Ms Faynot said.
"We would love to go back to Tunisia and dive there and do a human survey and not a robotic one. There are many areas of the world we would like to go to next."
A documentary of their work is due to be shown in Paris later this year.
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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.”
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
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Director: Jordan Peele
Starring: Lupita Nyong'o, Winston Duke, Shahadi Wright Joseqph, Evan Alex and Elisabeth Moss
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Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
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Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
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Starring: Alec Baldwin, Diane Lane, Arnaud Viard
Two stars