Daman Funds declare Q2 cash dividends

Daman Funds declare Q2 cash dividends on back of strong quarter for UAE markets

DUBAI (United Arab Emirates): Daman Investments PSC, one of the leading UAE-based regional investment management companies, has announced a record 14th consecutive quarterly dividend for its flagship Daman Second Emirates Fund. The fund paid out a dividend for the 2nd quarter of 2013 of AED 1.5 translating into an annualized dividend yield of 4.75% as at the end of June 30, 2013. The NAV of the fund was AED 115.69

Daman Fifth Fund also paid out a dividend of AED 1.50 for the 2nd quarter of 2013 which equates to an annualized dividend yield of 4.2% and finally Daman Islamic Fund also paid out AED 1.50 equating to an annualized yield of 2.7%.

Commenting on the announcement, Mr. Shehab Gargash, Chief Executive Officer of Daman Investments PSC said, “It is our strategy to continuously reward our investors via dividends that are within the funds. As we pointed out in our recent UAE market outlook report, we continue to believe that our markets are in a multi-year bull trend and as such the funds remain well placed to benefit from this uptrend.”

Mr. Shehzad Janab, Head of Asset Management and Advisory of Daman Investments PSC said, “We continue to view the fundamentals of the UAE market as being very attractive and continue to build positions in solid blue chip companies on any market weaknesses.”

 

Fund

NAV as of June   30, 2013

Yield %

Daman Second Emirates Fund

115.69

4.75%

Daman Islamic Fund

111.13

2.70%

Daman Speculator Fund

76.48

NA

Daman Fifth Fund

119.06

4.20%

 

The UAE markets showed strong performance in the second quarter with the DFM up +21.5% and the ADX up +17.4% coupled with surging levels of liquidity with the average daily value traded increasing by 76.7% on the DFM to AED 593 million and 65% on the ADX to AED 342 million.

 

//ENDS

 

About Daman Investments PSC (www.daman.ae)

Daman Investments PSC is a private joint stock company based in Dubai, UAE. From its early beginnings in 1998, the group has grown rapidly into a non-bank financial services company now widely recognized as an authority in its core markets, the Gulf Cooperation Council and Iraq.

Known for offering innovative investment products and services to both regional and international clients, Daman provides investment management and development capital investment opportunities as well as brokerage operations through its subsidiaries. Daman is committed to the principles of ethical business practice and operational transparency. All Daman’s various operations are regulated by the United Arab Emirates Central Bank, the Emirates Securities and Commodities Authority (ESCA) and the Dubai Financial Services Authority (DFSA).

 

For further details please contact:

Daman Corporate Communications        OR                      Arabia PR FZ LLC

Nadimeh Mehra                                                                      Yasser Fathy

Tel: +971 4 332 41 40                                                             Tel: + 971 4 342 35 84

Fax: +971 4 332 42 40                                                            Fax: + 9714 342 35 82

NadimehM@www.daman.ae.php7-27.phx1-1.websitetestlink.com                                                          yasser@arabiapr.com

www.daman.ae                                                                         www.arabiapr.com