Tapping into Arab Art Renaissance: Focus on emerging Emirati and Middle Eastern art
Dubai: Daman Investments announced the establishment of an innovative fund devoted to building a significant collection of Arab and Middle Eastern Art.
Speaking on behalf of Daman, the group CEO Mr. Shehab Gargash said:
“We believe that our region is at the right juncture to have a unique fund of this kind which is also managed on professional lines. The increased prominence of Dubai and the UAE as a center for exciting and often new contemporary Arab and Middle Eastern art indicates that our belief in this kind of initiative is not purely emotional but based in sound business judgment. Similar funds in other parts of the world have proven their value far beyond expectations.
In those markets, the long term asset value of fine art has entered all major portfolio planning, much in the same way that the region now recognizes hedge funds as an essential part of a balanced portfolio.”
Commenting further he said: “There is no doubt that Dubai and the UAE are at the very center of a new awareness of the emergence of a new Arab art Renaissance and we are pleased that our fund is in step with the overall vision of the country.”
About Daman Investments PSC
Daman Investments PSC is a private joint stock company based in Dubai and capitalized at AED 200 million. From its early beginnings in 1998, the group has grown rapidly into a non-bank financial services company now widely recognized as an authority in its core markets, the Gulf Cooperation Council and Iraq.
Known for offering innovative investment products and services to both regional and international clients, Daman provides investment management and development capital investment opportunities as well as domestic and regional brokerage operations through its subsidiaries. Daman is committed to the principles of ethical business practice and operational transparency. All Daman’s various operations are regulated by the United Arab Emirates Central Bank, the Emirates Securities and Commodities Authority (ESCA) and the Dubai Financial Services Authority (DFSA). Daman is well positioned for its clients as their gateway to the new Arab World economy.
About The Daman Middle East Art Fund
Daman Investments PSC has developed the Daman Middle East Art Fund, with a capital of AED 50 Million. Funds were raised from qualified, interested investors and art connoisseurs who are known to the Manager on an invitation only basis. All funds raised will be invested into contemporary art with a specific focus on Middle Eastern art.
Over the last few years there has been tremendous growth in the global art market and an emerging art market is burgeoning in the Middle East. This Fund looks to capitalize on that interest while contributing to the expansion of art within our culture and across borders.
The term of the Fund will be five years from the Initial Closing Date, but may be extended up to a maximum of seven years at the discretion of the Investment Manager in order to effect an orderly disposition of the assets.
The Fund will pay specific attention to the evaluation of each art piece and its provenance as well as the artist, thereby optimizing value, prior to making the investment.
For further information please contact:
Daman Corporate Communications
Tel: 971 4 332 41 43
Fax: 971 4 332 42 40
Or, Yasser Fathy/ Walid El-Tigi
Arabia PR FZ LLC
Tel: + 971 4 391 12 00 Fax: + 9714 390 45 11
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