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.
Fanney Khan
Producer: T-Series, Anil Kapoor Productions, ROMP, Prerna Arora
Director: Atul Manjrekar
Cast: Anil Kapoor, Aishwarya Rai, Rajkummar Rao, Pihu Sand
Rating: 2/5
Saturday's results
West Ham 2-3 Tottenham
Arsenal 2-2 Southampton
Bournemouth 1-2 Wolves
Brighton 0-2 Leicester City
Crystal Palace 1-2 Liverpool
Everton 0-2 Norwich City
Watford 0-3 Burnley
Manchester City v Chelsea, 9.30pm
The biog
Most memorable achievement: Leading my first city-wide charity campaign in Toronto holds a special place in my heart. It was for Amnesty International’s Stop Violence Against Women program and showed me the power of how communities can come together in the smallest ways to have such wide impact.
Favourite film: Childhood favourite would be Disney’s Jungle Book and classic favourite Gone With The Wind.
Favourite book: To Kill A Mockingbird for a timeless story on justice and courage and Harry Potters for my love of all things magical.
Favourite quote: “We make a living by what we get, but we make a life by what we give.” — Winston Churchill
Favourite food: Dim sum
Favourite place to travel to: Anywhere with natural beauty, wildlife and awe-inspiring sunsets.
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Bullet%20Train
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Brief scores:
Toss: Nepal, chose to field
UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23
Nepal 132-7: Jora 53 not out; Zahoor 2-17
Result: UAE won by 21 runs
Series: UAE lead 1-0
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5