A bracelet inlay in the form of a sphinx made of lapis lazuli, one of the 19 pieces belonging to the treasure of Tutankhamun that the Metropolitan Museum of Art will return to Egypt. AFP PHOTO/HO/SUPREME COUNCIL OF ANTIQUITIES
A bracelet inlay in the form of a sphinx made of lapis lazuli, one of the 19 pieces belonging to the treasure of Tutankhamun that the Metropolitan Museum of Art will return to Egypt. AFP PHOTO/HO/SUPRShow more

US museum to return 19 treasures from King Tutankhamun's tomb to Egypt



CAIRO // Nineteen artifacts taken from the tomb of Tutankhamun will be returned to Egypt tomorrow after more than half a century at The Metropolitan Museum of Art in New York.

The trove includes a miniature bronze dog and a sphinx-shaped bracelet ornament, the Supreme Council of Antiquities said in a statement on Saturday.

The move is the result of an agreement between the two institutions last year to return the objects to Egypt. At the time, then-antiquities chief Zahi Hawass said the objects would become part of the permanent King Tutnkhamun collection at the new Grand Egyptian Museum, which is under construction near the Giza pyramids and is scheduled to open next year.

Mr Hawass, once the most public face of Egyptian archaeology, was fired last month after criticism of his close ties to the former president, Hosni Mubarak, who was removed from office in February.

The antiquities authority said the pieces were sent to New York in 1948 when the Metropolitan Museum closed its expedition house in Egypt.

The decision to repatriate the objects came after an extensive examination of the validity of their origin.

Director Thomas Campbell said on the museum website: ""Because of precise legislation relating to that excavation, these objects were never meant to have left Egypt, and therefore should rightfully belong to the government of Egypt."

The British archaeologist Howard Carter discovered the tomb of Tutankhamun in 1922, when it was common practice for archaeologists to keep some or all of their own findings.

Some of the pieces in this collection were handed down through a niece of Carter and his estate in Luxor, which he left entirely to the Metropolitan Museum.

King Tutankhamun is one of history's most famous pharaohs because archaeologists found his tomb full of glittering wealth of the rich 18th Dynasty (1569-1315 BC).

This year, DNA tests and CT scans on Tutankhamun's 3,300-year-old mummy confirmed that the pharaoh died of a broken leg complicated by malaria at the age of 19.

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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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2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

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