Daman Investments announced the establishment of an innovative fund devoted to building a significant collection of Arab and Middle Eastern Art.
Speaking on behalf of Daman, the group CEO Mr. Shehab Gargash said: “We believe that our region is at the right juncture to have a unique fund of this kind which is also managed on professional lines. The increased prominence of Dubai and the UAE as a center for exciting and often new 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. Similar funds in other parts of the world have proven their value far beyond expectations.
In those markets, the long term asset value of fine art has entered all major portfolio planning, much in the same way that the region now recognizes hedge funds as an essential part of a balanced portfolio.”
Commenting further he said: “There is no doubt that Dubai and the UAE are at the very center of a new awareness of the emergence of a new Arab art Renaissance and we are pleased that our fund is in step with the overall vision of the country.”
© 2008 Al Bawaba (www.albawaba.com)
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