The National in Abu Dhabi has a vague report about the UAE’s leading bank making an investment in art. The story neither establishes the size of a the investment, the size of the fund or whether this a co-venture with the Fine Art Fund. Other than that, it’s very clear:
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.
Emirates NBD’s new fund pursues the art of making money (The National)
