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.
The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
57 Seconds
Director: Rusty Cundieff
Stars: Josh Hutcherson, Morgan Freeman, Greg Germann, Lovie Simone
Rating: 2/5
Company Profile
Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed
UAE currency: the story behind the money in your pockets
The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
On sale: now
The specs
Engine: 2.0-litre 4-cyl
Power: 153hp at 6,000rpm
Torque: 200Nm at 4,000rpm
Transmission: 6-speed auto
Price: Dh99,000
On sale: now
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
Easter Sunday
Director: Jay Chandrasekhar
Stars: Jo Koy, Tia Carrere, Brandon Wardell, Lydia Gaston
Rating: 3.5/5
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000
MATCH INFO
Manchester United 2 (Heaton (og) 42', Lindelof 64')
Aston Villa 2 (Grealish 11', Mings 66')
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
PREMIER LEAGUE FIXTURES
Saturday (UAE kick-off times)
Watford v Leicester City (3.30pm)
Brighton v Arsenal (6pm)
West Ham v Wolves (8.30pm)
Bournemouth v Crystal Palace (10.45pm)
Sunday
Newcastle United v Sheffield United (5pm)
Aston Villa v Chelsea (7.15pm)
Everton v Liverpool (10pm)
Monday
Manchester City v Burnley (11pm)
On Instagram: @WithHopeUAE
Although social media can be harmful to our mental health, paradoxically, one of the antidotes comes with the many social-media accounts devoted to normalising mental-health struggles. With Hope UAE is one of them.
The group, which has about 3,600 followers, was started three years ago by five Emirati women to address the stigma surrounding the subject. Via Instagram, the group recently began featuring personal accounts by Emiratis. The posts are written under the hashtag #mymindmatters, along with a black-and-white photo of the subject holding the group’s signature red balloon.
“Depression is ugly,” says one of the users, Amani. “It paints everything around me and everything in me.”
Saaed, meanwhile, faces the daunting task of caring for four family members with psychological disorders. “I’ve had no support and no resources here to help me,” he says. “It has been, and still is, a one-man battle against the demons of fractured minds.”
In addition to With Hope UAE’s frank social-media presence, the group holds talks and workshops in Dubai. “Change takes time,” Reem Al Ali, vice chairman and a founding member of With Hope UAE, told The National earlier this year. “It won’t happen overnight, and it will take persistent and passionate people to bring about this change.”
Nick's journey in numbers
Countries so far: 85
Flights: 149
Steps: 3.78 million
Calories: 220,000
Floors climbed: 2,000
Donations: GPB37,300
Prostate checks: 5
Blisters: 15
Bumps on the head: 2
Dog bites: 1
THE SPECS
Engine: 3.6-litre V6
Transmission: eight-speed automatic
Power: 285bhp
Torque: 353Nm
Price: TBA
On sale: Q2, 2020
GOODBYE JULIA
Director: Mohamed Kordofani
Starring: Siran Riak, Eiman Yousif, Nazar Goma
Rating: 5/5
Usain Bolt's World Championships record
2007 Osaka
200m Silver
4x100m relay Silver
2009 Berlin
100m Gold
200m Gold
4x100m relay Gold
2011 Daegu
100m Disqualified in final for false start
200m Gold
4x100m relay Gold
2013 Moscow
100m Gold
200m Gold
4x100m relay Gold
2015 Beijing
100m Gold
200m Gold
4x100m relay Gold
Details
Through Her Lens: The stories behind the photography of Eva Sereny
Forewords by Jacqueline Bisset and Charlotte Rampling, ACC Art Books
RESULTS
5pm: Maiden (PA) Dh80,000 1,400m, Winner SS Lamea, Saif Al Balushi (jockey), Ibrahim Al Hadhrami (trainer).
5.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,400m, Winner AF Makerah, Sean Kirrane, Ernst Oertel
6pm: Handicap (PA) Dh80,000 1,600m, Winner Maaly Al Reef, Brett Doyle, Abdallah Al Hammadi
6.30pm: Handicap (PA) Dh90,000 1,600m, Winner AF Momtaz, Antonio Fresu, Musabah Al Muhairi
7pm: Handicap (PA) Dh80,000 2,200m, Winner Morjanah Al Reef, Brett Doyle, Abdallah Al Hammadi
7.30pm: Handicap (TB) Dh100,000 2,200m, Winner Mudarrab, Jim Crowley, Erwan Charpy
Reputation
Taylor Swift
(Big Machine Records)
Voy! Voy! Voy!
Director: Omar Hilal
Stars: Muhammad Farrag, Bayoumi Fouad, Nelly Karim
Rating: 4/5
The Year Earth Changed
Directed by:Tom Beard
Narrated by: Sir David Attenborough
Stars: 4
Drishyam 2
Directed by: Jeethu Joseph
Starring: Mohanlal, Meena, Ansiba, Murali Gopy
Rating: 4 stars
RACECARD
6pm+Emaar Dubai Sprint+– Conditions+(TB)+$60,000+(Turf) 1,200m
6.35pm+Graduate Stakes+– Conditions+(TB)+$100,000+(Dirt) 1,600m
7.10pm+Al Khail Trophy+– Listed+(TB)+$100,000+(T) 2,810m
7.45pm+UAE 1000 Guineas+– Listed+(TB)+$150,000+(D) 1,600m
8.20pm+Zabeel Turf+– Listed+(TB)+$100,000+(T) 2,000m
8.55pm+Downtown Dubai Cup+– Rated Conditions+(TB)+$80,000+(D) 1,400m
9.30pm+Zabeel Mile+– Group 2+(TB)+$180,000+(T) 1,600m
10.05pm Dubai Sprint+– Listed+(TB)+$100,000+(T) 1,200m
Results
3pm: Maiden Dh165,000 (Dirt) 1,400m, Winner: Lancienegaboulevard, Adrie de Vries (jockey), Fawzi Nass (trainer).
3.35pm: Maiden Dh165,000 (Turf) 1,600m, Winner: Al Mukhtar Star, Adrie de Vries, Fawzi Nass.
4.10pm: Handicap Dh165,000 (D) 2,000m, Winner: Gundogdu, Xavier Ziani, Salem bin Ghadayer.
4.45pm: Handicap Dh185,000 (T) 1,200m, Winner: Speedy Move, Sean Kirrane, Satish Seemar.
5.20pm: Handicap Dh185,000 (D) 1,600m, Winner: Moqarrar, Dane O’Neill, Erwan Charpy.
5.55pm: Handicap Dh175,000 (T) 1,800m, Winner: Dolman, Richard Mullen, Satish Seemar.
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh289,000
I Care A Lot
Directed by: J Blakeson
Starring: Rosamund Pike, Peter Dinklage
3/5 stars
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.