Daman Investments Launches New Uae Fund

‘DAMAN SECOND EMIRATES FUND’ – first of a series of funds to be launched this year

DUBAI – United Arab Emirates: Daman Investments PSC, a leading UAE based fund manager today announced the launch of its Daman Second Emirates Fund, an open-ended AED 200 million fund which will focus on the UAE equities markets. The offer period will begin on February 18, and end March 18, 2007.
During the launch, Mr. Shehab Gargash, Managing Director, Daman, said: “We are very pleased to be back in the market with the introduction of The Daman Second Emirates Fund a few months after the closure of our very successful Daman UAE Value Fund.”
When asked about the structure and investor profile for the fund, Mr. Gargash replied: “In preparation for the launch we have seeded the fund prior and achieved a 6% absolute growth during a time period of approximately 3 months. To keep this in perspective, over the same period the NBAD index was down over 10%. This initial performance is a testament to our strategy which focuses on staying dynamic and creating an edge even in these unusual market conditions. ”
The new fund’s minimum subscription amount was set at AED 200,000, significantly lower than the AED 3 million minimum subscription required for Daman’s first UAE-focused fund. Remarking on the entry threshold, Mr. Gargash said: “We specifically wanted to structure a fund that would offer a very attractive opportunity to invest in UAE equities to a much broader audience”.
The fund will target quarterly dividend payouts and will be open to all nationalities as well as non-UAE residents. Daman’s first UAE Value Fund returned uninterrupted quarterly dividends for the whole of its 60-month life.
Explaining the timing of the launch of Daman Second Emirates Fund, Mr. Gargash said: “The current market conditions, after a corrective phase, make the FY2007 outlook brighter. The market is ripe for deriving higher value and we believe it will begin to tread a recovery path. Our commitment to the strength of the fast evolving UAE equities markets is as strong as ever and we see this as the right time to begin a new cycle. We feel strongly that these are early signals that point towards a returning value to the markets and for early movers, the time is right to come back to the UAE equities markets.” said Mr. Gargash.

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About the Daman Second Emirates Fund

The Daman Second Emirates Fund is a UAE-registered open-ended fund regulated by the United Arab Emirates Central Bank. The fund will have an initial offered unit price of AED100 and a targeted size of AED 200 million. Subscriptions will be monthly and redemptions will be quarterly. The Net Asset Value will be calculated monthly.
The fund is open to all nationalities as well as non-UAE residents and will seek to achieve a combination of capital growth and regular dividend income.

About Daman Investments PSC

Daman Investments PSC is a private joint stock company based in Dubai and regulated by the United Arab Emirates Central Bank and is capitalized at AED 200 million. Established in 2000, the group was recently re-structured as a PSC.

Through its group companies, and a team of experienced professionals in both Dubai and Abu Dhabi offices, Daman is recognized as a regional specialist operating throughout the GCC and the Middle East. Known for offering innovative investment products and services to both domestic and international clients, Daman provides investment management and development capital investment opportunities as well as brokerage operations through its subsidiary Daman Securities LLC, one of the leading brokerage houses in the UAE, which is regulated by the Emirates Securities and Commodities Authority (ESCA).

 

For further details, please contact:

Daman Corporate Communications
Tel: 971 4 332 41 40
Fax: 971 4 332 42 40
corpcomm@www.daman.ae.php7-27.phx1-1.websitetestlink.com

Or, Arabia PR FZ LLC
Tel: + 971 4 391 12 00
Fax: + 9714 390 45 11
arabiapr@dubaimediacity.net