Emirates NBD's private banking division has launched an investment fund to tap into a $10 billion (Dh 36.7bn) Middle East art market.
The bank, which is the biggest by assets in the UAE, has partnered with the Fine Art Fund Group, an art investment company, to draw ultra-rich clients with at least $3 million in wealth who wish to invest in art as an alternative asset class.
"We're not doing interior decoration. It's not an aesthetic investment but a financial investment," said Gary Dugan, the chief investment officer of Emirates NBD, private bank in the Middle East, stressing the importance of clients making a profit over buying for enjoyment.
Mr Dugan said the fund is expected to break even this year without disclosing a target for 2011 or the private bank's targeted assets under management, the market value of assets that the company manages on behalf of investors.
But he said the private bank's assets under management will grow by "double digits" every year for the next 10 years.
"I believe we'll comfortably take market share in the region," though he said it was "difficult" to assess the private bank's existing market share in the region.
International banks in Europe and the US have traditionally catered to art lovers in the Middle East.
The UAE's art market remains limited in comparison to the international market, which is worth more than $3 trillion and is dominated by the US.
A raft of museums are planned to open in Abu Dhabi in the next few years, with the Louvre and Guggenheim among those expected to launch.
The Fine Art Fund Group counts 16 of Forbes rich list as its clients and deals in the world's top masterpieces such as Picasso and Raphael.
In its fastest deal, the group bought an Old Master from the 17th Century for $4.75m in 2008 and sold it for $6m the next day, at the time Lehman Brother's collapsed.
Philip Hoffman, the chief executive of the Fine Art Fund Group said "rare art is being bought by museums and never being sold again. Now wealthy individuals are looking to buy a different kind of asset class like art."
"At a time when people are unsure about investing in certain equities and the integrity of certain companies, art investment is about safety that you can physically hold onto and move with you," he said, adding that he expects the Middle East art market will triple in worth in the next five years.
ENGLAND SQUAD
Goalkeepers Henderson, Johnstone, Pickford, Ramsdale
Defenders Alexander-Arnold, Chilwell, Coady, Godfrey, James, Maguire, Mings, Shaw, Stones, Trippier, Walker, White
Midfielders Bellingham, Henderson, Lingard, Mount, Phillips, Rice, Ward-Prowse
Forwards Calvert-Lewin, Foden, Grealish, Greenwood, Kane, Rashford, Saka, Sancho, Sterling, Watkins
The biog
Nickname: Mama Nadia to children, staff and parents
Education: Bachelors degree in English Literature with Social work from UAE University
As a child: Kept sweets on the window sill for workers, set aside money to pay for education of needy families
Holidays: Spends most of her days off at Senses often with her family who describe the centre as part of their life too
PSL FINAL
Multan Sultans v Peshawar Zalmi
8pm, Thursday
Zayed Cricket Stadium, Abu Dhabi
KEY DATES IN AMAZON'S HISTORY
July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to Amazon.com, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington
July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon
1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024
1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs
2000: Amazon Marketplace opens, allowing people to sell items on the website
2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006
2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black
2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year
2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video
2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started
2009: Amazon introduces Amazon Basics, its in-house label for a variety of products
2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013
2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS
2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa
2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition
2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone
Dengue fever symptoms
- High fever
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If symptoms occur, they usually last for two-seven days
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
Women’s Asia Cup
UAE fixtures
Sun Oct 2, v Sri Lanka
Tue Oct 4, v India
Wed Oct 5, v Malaysia
Fri Oct 7, v Thailand
Sun Oct 9, v Pakistan
Tue Oct 11, v Bangladesh
UAE squad
Chaya Mughal (captain), Esha Oza, Kavisha Kumari, Khushi Sharma, Theertha Satish, Lavanya Keny, Priyanjali Jain, Suraksha Kotte, Natasha Cherriath, Indhuja Nandakumar, Rishitha Rajith, Vaishnave Mahesh, Siya Gokhale, Samaira Dharnidharka, Mahika Gaur
The specs
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Power: 190hp at 5,200rpm
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SPECS
Engine: 1.5-litre turbo
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Starting price: Dh79,000
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COMPANY PROFILE
Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
THURSDAY'S FIXTURES
4pm Maratha Arabians v Northern Warriors
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8.30pm Delhi Bulls v Bangla Tigers
RESULTS
5pm: Maiden (PA) Dh 80,000 (Turf) 1,200m
Winner: AF Majalis, Tadhg O’Shea (jockey), Ernst Oertel (trainer).
5.30pm: Maiden (PA) Dh 80,000 (T) 1,400m
Winner: Sawt Assalam, Szczepan Mazur, Ibrahim Al Hadhrami.
6pm: Maiden (PA) Dh 80,000 (T) 1,400m
Winner: Foah, Fabrice Veron, Eric Lemartinel.
6.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 (T) 1,400m
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7pm: Handicap (PA) Dh 80,000 (T) 1,600m
Winner: RB Dixie Honor, Antonio Fresu, Helal Al Alawi.
7.30pm: Rated Conditions (TB) Dh 100,000 (T) 1,600m
Winner: Boerhan, Ryan Curatolo, Nicholas Bachalard.
The biog
From: Ras Al Khaimah
Age: 50
Profession: Electronic engineer, worked with Etisalat for the past 20 years
Hobbies: 'Anything that involves exploration, hunting, fishing, mountaineering, the sea, hiking, scuba diving, and adventure sports'
Favourite quote: 'Life is so simple, enjoy it'
THE SPECS
Engine: 3-litre V6
Transmission: eight-speed automatic
Power: 424hp
Torque: 580 Nm
Price: From Dh399,000
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