Arab and Middle East art fund launched

DUBAI. The Dubai financial services company Daman Investments has set up a five-to-seven year, Dh50m ($13.6m) fund for contemporary Middle Eastern art. “The increased prominence of Dubai and the UAE as a centre for exciting contemporary Arab and Middle Eastern art indicates that our belief in this kind of initiative is not purely emotional but based in sound business judgment,” said CEO Shehab Gargash. With his wife Dr Lamees Hamdan, Mr Gargash is a keen collector himself, while his brother, federal government minister Dr Anwar Gargash, has one of the most extensive private collections of contemporary Arab art in the UAE. The Daman fund follows the lead of Swiss investment bank Mirabaud, which raised $25m for a Middle Eastern art fund that launched in October 2007. A.C.

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