Daman Investments launches Dhs200m Daman Speculator Fund

Daman Investments PSC, the leading UAE-based fund managers, announced the launch of The Daman Speculator Fund, a trendsetting Dhs200m fund, which focuses on the dynamic and vibrant nature of the UAE and GCC equity markets.

United Arab Emirates: Monday, June 30 - 2008 at 16:15
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The offer period for the new fund will begin on July 1 and ends on July 31, 2008.

The Daman Speculator Fund is a UAE-registered investment vehicle regulated by the United Arab Emirates Central Bank, with an initial unit offer price of Dhs100/per share.

The targeted fund size is a maximum of Dhs200m of which Daman Investments seed capital in the fund is Dhs5m.

While announcing the details of the innovative fund during a press conference held in Dubai today, Mr. Shehab Gargash, Managing Director, Daman Investments, said:

'The launch of the Daman Speculator Fund is in line with Daman Investments core belief in the inherent strength of the UAE and GCC equity markets. Investors continue to look for rapid capital appreciation at a time when the global economy is on a downward spiral.'

Mr. Gargash continued: 'Our commitment to the strength of the fast evolving UAE and GCC equity markets is as strong as ever and we see this as the right time to embark on a new fund.'

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The Daman Speculator Fund
The new fund's minimum subscription amount is set at Dhs200,000 and thereafter in multiples of Dhs50,000. The liquid nature of the Daman Speculator Fund will give investors options of weekly subscriptions and monthly redemptions. The fund will be open to all nationalities as well as non-UAE residents.
Commenting on the entry threshold, Mr. Gargash said: 'We wanted to bring in a varied and broad spectrum of investors who are bold enough to embrace innovative decision making. The new fund focuses on highly liquid securities and its philosophy is to achieve gains by investing in high beta securities through risk adjusted rapid capital appreciation.'

Daman has charted out periodic reviews of the market moods and will implement strategies to meet the evolving dynamics of the investment universe.

The Daman Speculator Fund also offers investors an avenue for momentum and trend driven investment. It is expected that strong opportunities for high yield, arbitrage, and fundamental value unlocking, will make the fund a high profile new offering in the UAE and GCC.

About the Daman Speculator Fund

The Daman Speculator 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 Dhs100 per share and a targeted size of Dhs200m. Daman Investments seed capital in the fund is Dhs5m.

Subscriptions are weekly with monthly redemptions. The Net Asset Value will be calculated and published weekly. The fund is open to all nationalities as well as non-UAE residents and seeks to exploit the dynamic potential of the UAE and GCC equity markets.

About Daman Investments PSC Daman Investments PSC is a private joint stock company based in Dubai and capitalized at Dhs200m. 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 domestic and regional 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). Daman is well positioned for its clients as their gateway to the new Arab World economy.

For further details please contact:

John Cheeran / Walid El-Tigi- Arabia PR FZ LLC
Tel: +9714 3911201; Fax: +9714 3904511
P.O. Box: 500491, Dubai, UAE
Office 235, Building 10 (BBC World Building), Dubai Media City

Posted by Eman Hassan
Monday, June 30 - 2008 at 16:15 UAE local time (GMT+4)

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