The 3,000-year-old stone sculpture of Tutankhamun sold at Christie's in London last week for £4.7m. AP 
The 3,000-year-old stone sculpture of Tutankhamun sold at Christie's in London last week for £4.7m. AP 

Tutankhamun row reveals the vestiges of colonialism



The subject of cultural heritage is an emotive one, particularly for Egyptians, whose land was the site of one of the oldest civilisations in history. The legacy of the boy prince Tutankhamun continues to fascinate people around the world, more than 3,500 years after he lived and ruled. It is against this backdrop that a row between Egypt and London-based auction house Christie's flared up this week. Last Thursday a 3,000-year-old brown quartzite sculpture of King Tut was sold to a private bidder for £4.7 million ($6m). Incarnations of the pharaoh are extremely rare, with most prized by museums worldwide as being among their top exhibits. Cairo had called for the sale to be postponed, pending an investigation into whether it was stolen. Christie's denies any wrongdoing but for Egyptians, the mask belongs in Egypt as part of its "human heritage that should be on public display in its country of origin".

Museums across Europe house millions of ancient artefacts, denying the majority of people in the country they originated from the chance to see them. Most were seized during an era of colonisation, when European conquerors helped themselves to the treasures of foreign lands. A 2018 report claimed as much as 90 per cent of African art is housed outside the continent. There has been a recent drive to return stolen artefacts; France, for instance, gave back a number of artworks to Benin last year. But many treasures still lie in western institutions, with the argument that they will be better conserved there or that too much time has passed. However, the Christie's dispute brings to the forefront the argument that such antiquities belong at home; a row that is even more pointed as the Tutankhamun head is likely to have been sold into private hands, raising the prospect that it might never be displayed in public again.

Egypt, Greece and Turkey, among others, are increasingly demanding the return of their stolen antiquities. In the past five years, Egypt has recovered more than 1,500 illegally trafficked objects – mostly from Europe – as well as 22,000 coins. The detailed Tutankhamun sculpture is immensely valuable, because of what it tells us about an entrancing and captivating era in civilisation. For that reason alone, it could enrich many people’s lives – if they only had a chance to see it.

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Sector: Sustainability
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%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENamara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202022%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EMohammed%20Alnamara%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EMicrofinance%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E16%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFamily%20offices%0D%3Cbr%3E%3C%2Fp%3E%0A
The years Ramadan fell in May

1987

1954

1921

1888

Brief scores:

Toss: Rajputs, elected to field first

Sindhis 94-6 (10 ov)

Watson 42; Munaf 3-20

Rajputs 96-0 (4 ov)

Shahzad 74 not out

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
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%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A

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.”

The%20Genius%20of%20Their%20Age
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Brighton 1
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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5