Muenster, Germany  - Excavations in Egypt could reveal numerous valuable treasures, a German expert said on Wednesday, ahead of an Egyptology conference taking place in the German city of Muenster at the weekend.

"In Egypt there is a lot more in the ground than people think," said Erhart Graefe, the director of the Egyptology Institute at the University of Muenster.

In recent weeks alone, excavations in the Valley of the Kings revealed new graves, Graefe told the German Press Agency dpa.

The Egyptologist ruled out new discoveries on the scale of Tutankhamun, but said the Mediterranean Sea could hold significant finds.

"In recent years there have been big underwater operations," Graefe said. "There's a lot more to be found," the researcher added, referring in part to the sunken royal city near Alexandria.

The hunt for the grave of Alexander the Great was, in itself, a reason to continue investigations, Graefe said, adding, "Every few years there's a false alarm, but nothing has been found to date."

The Muenster-based expert said insufficient funds often hindered excavation work. In addition he expressed worry that there were not enough young people in the field to continue the work.

Germany still leads much of the research on ancient Egypt. However the professor fears that fundamental changes, introducing Anglo-Saxon style bachelor programmes at university, could threaten the country's expertise in this area.

There are currently 80 Egyptologists operating in Germany, "more than ever before," Graefe said. However just 35 of them had a regular income, he added. "The rest stay above water with bursaries," the professor said.

"You can practically only earn money at a university or in a museum," Graefe said.

There were few financial means available, the Egyptologist said, despite the fact that a lot could be learnt from ancient Egypt.

"Many problems have ancient roots and you understand them better if you know the history," Graefe said. (dpa)