It's not every day that the largest settlement of its period ever found on the coast of the UAE is unearthed. This year, however, after three months of digging, archaeologists working in Umm Al Quwain at the site on Al Sinniyah Island hit upon what is believed to be the ancient city of Tu'am. The capital of the Gulf coast in the sixth century, Tu'am is mentioned in ancient Arabic texts and is said to be the predecessor of the pearling towns of the 19th and 20th centuries.
Archaeological revelations are not new to the region. Nevertheless, the discovery of this ancient lost city is both exciting and significant for the UAE. The country has dedicated teams of archaeologists who collaborate with local and international experts, and build on what are already enormous feats: the discovery of the oldest pearling town in the Arabian Gulf last year, and the site of an ancient Christian monastery dug up in 2022 – which was the second such in the UAE after one monastery was discovered in the early 1990s, on Abu Dhabi’s Sir Bani Yas Island.
Over the years, those sites have been frequented by travellers to the region, who have an interest in tracing the possible beginnings of habitation in these parts. There's good reason to assume that this round of excavation, too, will lead to increased visits to the site by those keen on learning about the origins of people on this land, much before the formation of the UAE as we know it today.
A natural outcome to such a discovery, then, is likely to be an increase in tourism. People will want to have a look for themselves at the accommodation of forebears and trace their lifestyles and the ways in which civilisations over the centuries have evolved.
This discovery could shed light on questions pertaining to society and commerce: the sort of houses that were the norm then, tightly packed around narrow alleyways – the alleyways have been dug up by the team this past winter – the language they communicated in; what people might have cooked on the tannour ovens apart from fish, and so on. The vast evidence on Al Sinniyah Island provides several vignettes of the lives of early settlers.
This fascinating world of the past, specifically the sixth to the eighth centuries, runs counter to a tiresome contemporary narrative of the UAE among some who do not know the country– sometimes seen solely as an oasis of upmarket hotels, malls, beaches, modern cultural centres and amusement parks. For the heritage seeker, a discovery such as last week's underlines once again the rich and varied dimensions of the country, many of which can go unmentioned in popular recommendations to tourists.
But even as people in the UAE will be eager to know from the experts what can be extrapolated from the discovery of this ancient site, the wider region, too, will benefit. It may well lead to extensive information gathering, surmising and sharing, as is the goal of archaeology. In that regard, these findings could well have relevance to historians around the world.
Last year, when remains of an ancient Roman city were found on the eastern bank of the Nile, the dig had led to finding kettles, flasks, pottery and Roman coins made of copper and bronze that were a window into early smelting processes. In another discovery last year, in southern Iraq, in the ruins of ancient Lagash, north-east of the city of Nasiriyah, an Italian-American team managed to dig up, among other artefacts, a primitive refrigeration system.
Such consequential findings not only carry historic significance on their own, they are also of interest to ordinary people. The ancient sites in the Middle East, and most recently in Umm Al Quwain, show the many ways in which historic ruins, some of which were once important bustling cities, inform our understanding of a very different time in an earlier age. In giving us a broader perspective, such discoveries serve to link the modern world with an often unimaginably rich past.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
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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.”
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
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Engine: 2.5L, in-line four-cylinder
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UAE currency: the story behind the money in your pockets
UAE v United States, T20 International Series
Both matches at ICC Academy, Dubai. Admission is free.
1st match: Friday, 2pm
2nd match: Saturday, 2pm
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Rameez Shahzad, Amjad Gul, CP Rizwan, Mohammed Boota, Abdul Shakoor, Ahmed Raza, Imran Haider, Sultan Ahmed, Zahoor Khan, Amir Hayat
USA squad: Saurabh Netravalkar (captain), Jaskaran Malhotra, Elmore Hutchinson, Aaron Jones, Nosthush Kenjige, Ali Khan, Jannisar Khan, Xavier Marshall, Monank Patel, Timil Patel, Roy Silva, Jessy Singh, Steven Taylor, Hayden Walsh
Mohammed bin Zayed Majlis
