DUBAI COLLECTOR FUNDS $13.6
Mar. 21, 2012
MIL ARTS DISTRICT
Emirati collector and businessman Abdelmonem Alserkal announced yesterday, on the eve of Art Dubai, Mar. 21-24, 2012, that his family plans to fund a $13.6 million expansion to the arts district along the city’s industrial Alserkal Avenue. He intends to tear down a marble factory currently standing in the area and replace it with 62 new gallery and studio units, plus a 1,000-person-capacity events center, parking for 500 cars and a private museum to house his personal Islamic art collection, according to The National.
The area was once considered rough, but has been revitalized by the influx of galleries that began moving into the neighborhood, particularly since Alserkal began lending financial support in 2007. Last year, collector Ramin Salsali opened a museum for his own collection on the avenue and today about half of the 39 warehouses are occupied by artists.
“I think the risk was taken by the art galleries who came and invested here,” Alserkal told the paper. “OK, we had the vision, but they are the ones that put in their money and believed in this area. They are the ones that should be given the credit for investing here.”
According to other reports, six new galleries have opened on the avenue in time for Art Dubai week.