Khaled Sifri says he is not an expert on art but he does realise the importance of investing in good pieces.
As chief executive of Emirates Investment Bank, a Dubai-based boutique bank that mainly serves the high net worth sector, the 52-year-old stresses the need for diversification of one's portfolio.
And, in his opinion, art should play a part.
"Art is a unique physical asset," he says. "It has an aesthetic value, but also a marketable value."
Not only does the bank encourage its clients to invest in art, however, it has spent money itself on the asset class to diversify its own portfolio. Its recently acquired investment pieces are to be were unveiled for the first time today at a private function in its head office at Festival City, Dubai.
The exhibition includes work by established artists from across the region, such as Emirati artists Mohammed Kazem, Hassan Sharif and the Kurdish artist Walid Siti. "We consider art an asset class which any person with an investment portfolio should consider. Why? Because the nature of investment is to get the best possible return at the lowest possible risk," says Mr Sifri.
"To reduce risk you need to expand the scope of your investments. Art as an asset class is not linked to other assets, which makes it low risk and therefore a good choice for diversification."
It's certainly true that art, and Middle Eastern art at that, has become an increasingly popular form of investment during these turbulent economic times.
In 2011, 8 per cent of Christie's global turnover - US$456 million - came from Middle Eastern buyers and at last year's sale of Modern and Contemporary Arab, Iranian and Turkish art in Dubai, the 1941 piece Pêcheurs à Rashid (Rosette) by the modern Egyptian artist Mahmoud Said sold for $818,500 over an estimate of $400,000-$600,000.
"Arab art in general is just beginning to prove itself as an asset class that's recognised globally. It's a safe investment if you choose the right pieces from the right artists," says Mr Sifri,
The notion of bank's tying up with art is not new either. Corporate art collections have a long history and according to Forbes, banks such as UBS, with more than 35,000 pieces, and JP Morgan, with 300,000 pieces plus, have made their collections central to their corporate identity.
While Emirates Investment Bank won't disclose how much it has invested in its artwork, Mr Sifri says part of the reason for hosting the exhibition is to raise the profile of regional art. "Of course, we also want to support the growing art community here," explains the Palestinian banker, who was born in Beirut and grew up in Kuwait.
After studying law in Washington, he returned to live and work in Kuwait, only leaving when the Iraqi invasion took place in 1990. Moving back to the United States with his wife, whom he met at university, he hankered after his Arab roots, eventually returning to the Arabian Gulf in 1996 to settle and raise a family in Dubai.
"I began my career as a lawyer in Kuwait, but I had to make an abrupt business decision once I moved to America. I had an opportunity to join the family business - a manufacturing company that supplied small automotive parts to the big chains," he says.
He took up law again on his return to the Gulf, working mainly for banks. Then came an opportunity to work as head of investment banking at Shuaa, the regional investment bank, before joining Emirates Investment Bank as chief executive five years ago.
"I enjoy being in a position to lead a bank of this nature and help it to grow." says Mr Sifri who stresses the importance of staying focused on business.
"A lot of people get side tracked and caught up in dealing with personalities," he explains, adding that he also maintains a healthy work-life balance.
A father of four, with three girls and one boy between the ages of 17 and 24, he enjoys spending time with his family, reading about the history of religion or politics and playing golf
But like many successful businessmen, he says discipline is key. "I have to be disciplined to run a bank successfully because we are responsible for other people's money," he says. "Part of that responsibility is investing in quality assets like art."
business@thenational.ae
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Five hymns the crowds can join in
Papal Mass will begin at 10.30am at the Zayed Sports City Stadium on Tuesday
Some 17 hymns will be sung by a 120-strong UAE choir
Five hymns will be rehearsed with crowds on Tuesday morning before the Pope arrives at stadium
‘Christ be our Light’ as the entrance song
‘All that I am’ for the offertory or during the symbolic offering of gifts at the altar
‘Make me a Channel of your Peace’ and ‘Soul of my Saviour’ for the communion
‘Tell out my Soul’ as the final hymn after the blessings from the Pope
The choir will also sing the hymn ‘Legions of Heaven’ in Arabic as ‘Assakiroo Sama’
There are 15 Arabic speakers from Syria, Lebanon and Jordan in the choir that comprises residents from the Philippines, India, France, Italy, America, Netherlands, Armenia and Indonesia
The choir will be accompanied by a brass ensemble and an organ
They will practice for the first time at the stadium on the eve of the public mass on Monday evening
