Daman's Dh50m art fund
Daman Chief Executive Shehab Gargash said: "We believe that our region is at the right juncture to have a fund of this kind, which is managed professionally. The increased prominence of Dubai and the UAE as a centre 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 on 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 art has entered all major portfolio planning, much in the same way that the region now recognises hedge funds as an essential part of a balanced portfolio." Daman Investments is a private joint stock firm based in Dubai and capitalised at Dh200 million.
Money was raised from investors and art connoisseurs on an invitation-only basis.