RIYADH: Saudi Arabia’s 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’s Vision 2030 diversification agenda.
The fund is targeted exclusively at institutional and qualified clients and will focus on building value in the Kingdom’s art ecosystem through acquisitions, education, and events.
Speaking to Arab News, Daniel Asmar, CEO of Audi Capital and former MENA head of Sotheby’s, said: “It will be a fund that will invest in modern and contemporary artists from Saudi Arabia and the MENA region mainly, however, it will have an allocation to global artists as well.
He added: “This will be the first regulated fund in the region, and we’re very proud to say that it will be regulated in Saudi Arabia and established in Saudi Arabia.”
Asmar explained that its mission is to bridge “the gap between the finance world and the art world and the cultural world,” bringing capital into artworks in Saudi Arabia, and the Middle East.
He added that it will drive cultural and economic growth.
The governance structure, Asmar noted, is a key differentiator. “We’re going to have a board of directors, and we are going to have an advisory and acquisition committee, who are all expert leaders,” he said, adding: “We’re very proud of the service providers that we have selected.”
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.
“We’re building an art ecosystem around that,” he said.
The launch was closely aligned with the conference’s message that culture is a strategic economic lever.
