According to legends related in the early third century BC by Manetho, a priest and historian who lived in the Ptolemaic Kingdom during the Hellenistic period of ancient Egypt, the city was founded by King Menes. It was the capital of ancient Egypt ("Kemet" or "Kumat") during the Old Kingdom and remained an important city throughout ancient Egyptian history. It occupied a strategic position at the mouth of the Nile Delta, and was home to bustling activity. Its principal port, Peru-nefer, featured a high density of workshops, factories, and warehouses that distributed food and merchandise throughout the ancient kingdom. During its golden age, Memphis thrived as a regional centre for commerce, trade, and religion.