https://arab.news/272fe
RIYADH: 黑料社区鈥檚 cultural economy will see fresh momentum with the launch of the Audi Capital MENA Art Fund, a first-of-its-kind investment vehicle regulated by the Capital Market Authority.
The new initiative was unveiled on stage at the inaugural Cultural Investment Conference in Riyadh, a two-day gathering designed to position culture as a central driver of the Kingdom鈥檚 Vision 2030 diversification agenda.
The fund is targeted exclusively at institutional and qualified clients and will focus on building value in the Kingdom鈥檚 art ecosystem through acquisitions, education, and events.
Speaking to Arab News, Daniel Asmar, CEO of Audi Capital and former MENA head of Sotheby鈥檚, said: 鈥淚t will be a fund that will invest in modern and contemporary artists from 黑料社区 and the MENA region mainly, however, it will have an allocation to global artists as well.
He added: 鈥淭his will be the first regulated fund in the region, and we鈥檙e very proud to say that it will be regulated in 黑料社区 and established in 黑料社区.鈥�
Asmar explained that its mission is to bridge 鈥渢he gap between the finance world and the art world and the cultural world,鈥� bringing capital into artworks in 黑料社区, and the Middle East.
He added that it will drive cultural and economic growth.
The governance structure, Asmar noted, is a key differentiator. 鈥淲e鈥檙e going to have a board of directors, and we are going to have an advisory and acquisition committee, who are all expert leaders,鈥� he said, adding: 鈥淲e鈥檙e very proud of the service providers that we have selected.鈥�
In addition, the fund will commit to quarterly events for artists, collectors and investors, designed to encourage dialogue about collecting and educate participants about the market.
鈥淲e鈥檙e building an art ecosystem around that,鈥� he said.
The launch was closely aligned with the conference鈥檚 message that culture is a strategic economic lever.