Daman Securities selects Morningstar as provider of independent equity research

The new service will be available to registered Daman clients using the group's online trading portal Handal.

Morningstar's equity research will provide Daman and its clients with an independent, international perspective and in-depth coverage for the United Arab Emirates (UAE) markets.

Focused and unbiased, the Morningstar research offers a fresh, impartial outlook on the fast-moving, rapidly evolving, and increasingly more sophisticated UAE markets, now widely recognized as a strategically located, emerging global marketplace.

Since their establishment in 2000, the market capitalization of UAE markets has seen a rise from $8.67bn at inception to the current $105.93bn (as of December 21, 2008), a compounded annual growth rate of 36.76% per annum. The rapid growth rate and deepening global interest in the UAE markets has created an equally fast paced, growing demand for transparency and knowledge-based investments.

By providing highly qualified analysis on UAE investment offerings including stocks, mutual funds, and similar vehicles, the new Morningstar service is well suited to meet that demand for specialized, objective investment planning tools.

When asked why Daman, well recognized for its high-performance funds, chose Morningstar, CEO Shehab Gargash said:

"We are very happy to be aligned with a group like Morningstar, which is internationally recognized as a leader in objective, independent investment research. What sets Morningstar apart from other firms is its strong methodology and insightful, well-written analyst reports, which will provide an unbiased and objective international perspective on our equities markets. Morningstar's research is consistently high-quality and concise, which our analysts and clients will certainly welcome when making suitable investment decisions."

"Morningstar's independent analysis of a broad range of publicly traded companies around the world helps bring transparency to the markets," said Pat Dorsey, director of equity research for Morningstar.

"As we continue to expand our services internationally, we're looking forward to working with Daman to make our research available for the first time in the Middle East. "

Daman Securities, the brokerage arm of Daman Investments, is present in all five of the local and international financial exchanges located in the United Arab Emirates.

The reports will be available starting January 18, 2009 with the publication of six initial reports, to be followed by additional reports released on a regular schedule.