Daman Launches New Brokerage Arm

Daman Securities to provide innovative solutions in burgeoning UAE market

 

DUBAI United Arab Emirates – Daman Investments today unveiled detailed plans for its wholly-owned brokerage arm Daman Securities, a brokerage services division which will offer innovative solutions and world class services to traders and investors at both the Dubai Financial Market (DFM) and Abu Dhabi Securities Market (ADSM).

The new brokerage division comes close on the heels of a record performance by the UAE equities on the back of excellent overall corporate performances over the past two years. There are nearly 57 brokers currently registered with the UAE stock markets.

“The new brokerage service represents a milestone and a key initiative for Daman. It also represents an important step in our overall corporate plans. This will catapult Daman to the forefront of the investment community in the UAE and indeed throughout the region,” said Mr. Shehab M. Gargash, Managing Director, Daman Investments.

Daman Investments is in the process of increasing its capital base to AED150 million through a private placement exercise.

“We are pleased to welcome Daman Securities to the Dubai Financial Market. This quality addition augurs well for the pioneering spirit of the DFM. Such value-added service to the financial sector from Daman Securities will act as a boost to investors and traders at DFM. This comes at a most opportune time since DFM’s market capitalization has already increased more than 100 per cent over last year even before 2004 comes to a close, ” said Mr. Essa Kazem, Director-General, DFM.

The market capitalization of DFM currently stands at AED 129.127 billion (US$ 35.1 billion) from AED 52.51 billion (US$14.3 billion) in 2003. Trading volumes have also witnessed phenomenal growth in the last three years, rising from AED 980.55 million (US$267 million) in 2001 to more than AED 35.256 billion (US$ 9.6 billion) by the end of November.

Daman Securities will offer extra features including a totally dedicated VIP lounge for traders on the sixth floor of the Dubai World Trade Centre, margin trading for share trading and international standard investment analysis and research material for the benefit of those traders who seek more comprehensive and sophisticated brokerage services. The brokerage will be represented at both the DFM and the ADSM.

Daman Securities is unique in three aspects: first its unmatched market research capabilities that provide traders with daily comprehensive analysis about market trends. This enables investors to correctly evaluate their investment decisions. Today very few other brokerage houses have such up- to-date comprehensive capabilities.

Secondly, Daman Securities will offer its premium investors access to its state-of-the-art VIP trading lounge on the sixth floor of the World Trade Centre. This luxurious lounge will be ready to welcome visitors by early 2005.

Thirdly, Daman Securities’ Finance Facilities, an innovative scheme that will offer margin trading to traders in the UAE for the first time. The new finance facilities will be active by mid-2005. The finance facility will be a boon to traders seeking leverage in the increasingly active UAE markets.

Mr. Majid Julfar, an experienced banker, has been appointed Manager of Daman Securities. Mr. Julfar comes with a wealth of experience in commercial and investment banking. He has held senior positions with  leading local and international banks, such as ABN Amro, Emirates Bank International and National Bank of Dubai. Mr. Julfar has been heavily involved in his previous employment in the local and regional markets both in terms of setting up and managing funds.

“The launch of the new brokerage services at the Dubai and Abu Dhabi bourses will give a fillip to the trading community. The new features offered to brokers and investors will enhance the status of the facilities already available with the UAE stock markets,” said Mr. Majid Julfar.

Daman Investments has been active in the UAE and the regional capital markets and operates mutual funds such as the Daman UAE Value Fund, the Daman Iraq Fund and the IFA Khaleeji Fund that it launched in association with IFA and Univest groups of Kuwait.

 

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Caption: from left to right; Mr. Hassan Al Sarkal, DFM, Mr. Shehab Gargash and Mr. Majid Julfar.

 

For further details please contact: Daman Corporate Communications

Tel: 971 4 332 41 43

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