• A Gorgosaurus skeleton is the first to be offered at auction at Sotheby's in New York. AP
    A Gorgosaurus skeleton is the first to be offered at auction at Sotheby's in New York. AP
  • The Gorgosaurus skeleton may end up in someone's living room. AP
    The Gorgosaurus skeleton may end up in someone's living room. AP
  • The Gorgosaurus skeleton is expected to fetch millions at auction. AP
    The Gorgosaurus skeleton is expected to fetch millions at auction. AP
  • The Gorgosaurus is a relative of Tyrannosaurus rex. AP
    The Gorgosaurus is a relative of Tyrannosaurus rex. AP
  • A photographer takes a picture of the Gorgosaurus skeleton, which measures about three metres. AFP
    A photographer takes a picture of the Gorgosaurus skeleton, which measures about three metres. AFP
  • The specimen will be the highlight of the Sotheby’s auction. AFP
    The specimen will be the highlight of the Sotheby’s auction. AFP
  • Cassandra Hatton, Sotheby’s global head of science and popular culture, called the skeleton 'unbelievable'. AFP
    Cassandra Hatton, Sotheby’s global head of science and popular culture, called the skeleton 'unbelievable'. AFP
  • Ms Hatton stands near the Gorgosaurus on display at Sotheby's auction house. EPA
    Ms Hatton stands near the Gorgosaurus on display at Sotheby's auction house. EPA
  • A Gorgosaurus Skeleton measuring 10 feet tall (3. 04 meters) is unveiled at Sotheby’s in New York, on July 05, 2022. - The Specimen is the highlight of Sotheby’s geek week sale series and is estimated at $5 to 8 million. (Photo by ANGELA WEISS / AFP)
    A Gorgosaurus Skeleton measuring 10 feet tall (3. 04 meters) is unveiled at Sotheby’s in New York, on July 05, 2022. - The Specimen is the highlight of Sotheby’s geek week sale series and is estimated at $5 to 8 million. (Photo by ANGELA WEISS / AFP)
  • An art handler looks at the Gorgosaurus skeleton. AFP
    An art handler looks at the Gorgosaurus skeleton. AFP
  • A potential bidder looks at the Gorgosaurus on display at Sotheby's auction house. EPA
    A potential bidder looks at the Gorgosaurus on display at Sotheby's auction house. EPA
  • A full view of the Gorgosaurus on display at Sotheby's auction house. EPA
    A full view of the Gorgosaurus on display at Sotheby's auction house. EPA
  • Ms Hatton did not say if they had named the specimen. EPA
    Ms Hatton did not say if they had named the specimen. EPA

World

US

76 million-year-old dinosaur skeleton to be auctioned in New York

Gorgosaurus is the only specimen available for private ownership

Associated Press

July 05, 2022

  • English
  • Arabic

The fossilised skeleton of a relative of Tyrannosaurus rex that roamed the earth about 76 million years ago will be auctioned in New York this month, Sotheby’s announced on Tuesday.

The Gorgosaurus skeleton will be the highlight of Sotheby’s natural history auction on July 28, the auction house said.

The dinosaur was an apex carnivore that lived in what is now the western US and Canada during the late Cretaceous Period. It predated its relative the Tyrannosaurus rex by 10 million years.

The specimen being sold was discovered in 2018 in the Judith River Formation near Havre, Montana, Sotheby’s said. It measures about three metres tall and 6.7 metres long.

All of the other known Gorgosaurus skeletons are in museum collections, making this the only specimen available for private ownership, the auction house said.

“In my career, I have had the privilege of handling and selling many exceptional and unique objects, but few have the capacity to inspire wonder and capture imaginations quite like this unbelievable Gorgosaurus skeleton,” said Cassandra Hatton, Sotheby’s global head of science and popular culture.

Sotheby’s presale estimate for the fossil is between $5 million to $8m.

  • A reconstruction of the newly discovered yet unnamed abelisaurid. Photo: Andrew McAfee, Carnegie Museum of Natural History
    A reconstruction of the newly discovered yet unnamed abelisaurid. Photo: Andrew McAfee, Carnegie Museum of Natural History
  • A team from the Egyptian Mansoura University Vertebrate Paleontology Centre discovered the vertebrae of a new species of dinosaur in Egypt’s Western Desert. Photo: The American University in Cairo
    A team from the Egyptian Mansoura University Vertebrate Paleontology Centre discovered the vertebrae of a new species of dinosaur in Egypt’s Western Desert. Photo: The American University in Cairo
  • The vertebrae were discovered in the Bahariya Oasis. Photo: The American University in Cairo
    The vertebrae were discovered in the Bahariya Oasis. Photo: The American University in Cairo
  • A reconstruction of the ecosystem of the Bahariya Oasis about 98 million years ago, showing the diversity of large predatory dinosaurs. The newly discovered abelisaurid is depicted on the right. Photo: Andrew McAfee, Carnegie Museum of Natural History
    A reconstruction of the ecosystem of the Bahariya Oasis about 98 million years ago, showing the diversity of large predatory dinosaurs. The newly discovered abelisaurid is depicted on the right. Photo: Andrew McAfee, Carnegie Museum of Natural History
  • Hesham Sallam, professor of vertebrate paleontology at The American University in Cairo (AUC) and founder of the Mansoura University Vertebrate Paleontology Centre. Photo: AUC
    Hesham Sallam, professor of vertebrate paleontology at The American University in Cairo (AUC) and founder of the Mansoura University Vertebrate Paleontology Centre. Photo: AUC
  • A picture of the recently discovered vertebra. Photo: The American University in Cairo
    A picture of the recently discovered vertebra. Photo: The American University in Cairo
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Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

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Farage on Muslim Brotherhood

Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
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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.”

Updated: July 05, 2022, 10:22 PM
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