Daman Funds declare Q3 cash dividends

Daman Funds declare Q3 cash dividends subsequent to a strong quarter for the UAE markets

DUBAI (United Arab Emirates): Daman Investments PSC, one of the leading UAE-based regional investment management companies, has announced a record 15th consecutive quarterly dividend for its flagship Daman Second Emirates Fund. The fund paid out a dividend for the 3rd quarter of 2013 of AED 1.5 translating into an annualized dividend yield of 4.59% as at the end of September 30th, 2013. The NAV of the fund was AED 123.13

Daman Fifth Fund also paid out a dividend of AED 1.50 for the 3rd quarter of 2013 which equates to an annualized dividend yield of 4.25% and finally Daman Islamic Fund also paid out AED 1.50 equating to an annualized yield of 3.47%.

Commenting on the announcement, Mr. Shehab Gargash, Chief Executive Officer of Daman Investments PSC said, “We are in the midst of a strong cycle which continues to deliver positive results and I believe that there is still plenty of traction left in our markets for investors with a long time horizon.”

Mr. Shehzad Janab, Head of Asset Management and Advisory of Daman Investments PSC said, “That despite the strong returns exhibited in our markets year to date, from a valuation perspective the UAE market, in particular, remains amongst the cheapest in the region.”

Fund

NAV as of September 30, 2013

Yield %

Daman Second Emirates Fund

123.13

4.59%

Daman Islamic Fund

115.04

3.47%

Daman Speculator Fund

92.03

NA

Daman Fifth Fund

125.15

4.25%

 

The UAE markets showed strong performance in the third quarter with the DFM up +21% and the ADX up +6%.

 

 

//ENDS

 

About Daman Investments PSC 

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