Egyptian authorities announced on Saturday that Egyptian and British archeologists unearthed an ancient tomb in the city of Luxor which is believed to contain the remains of an 18th dynasty royal. 

According to Mostafa Waziri, the head of Egypt's Supreme Council of Antiquities, the tomb was found on the western bank of the River Nile, where several Queens and Kings were laid to rest. 

"The first elements discovered so far inside the tomb seem to indicate that it dates back to the 18th dynasty" of pharaohs Akhenaton and Tutankhamun, Waziri said in a statement, indicating that the tomb dates back to 3,500 years old as it refers to the historical period of the New Kingdom. 

The period of the New Kingdom is considered to be the most progressive phase of Ancient Egypt's history and ended in 1292 BC. 

While the head of the British research mission, Piers Litherland, speculates that the tomb could belong to that of a royal wife or princess of Thutmosid lineage, Egyptian archeologist Kamel Mohsen said the tomb was found "in poor condition".

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Several inscriptions were "destroyed in ancient floods which filled the burial chambers with sand and limestone sediment", Kamel said.

Multiple archeological finds were unveiled in recent years, notably in the Saqqara necropolis south of the capital Cairo.

Just ten days ago, it was reported that Spanish researchers found two tombs housing around sixty mummies at vizier Amenhotep Huy's tomb in the Theban necropolis. 

These finds are vital to revive Egypt's tourism industry which accounts for 10% of the country's GDP.

Egypt has recently been swept by a financial crisis as its national currency lost half its value by March last year despite it obtaining a $3 billion loan from the IMF in October. 

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