Daman UAE Value Fund performance crosses 100 per cent mark since inception

This comes on the heels of yet another stellar performance during May 2004 when the Fund posted an increase of 4.59%, bringing the total growth during 2004 to 18.10%.

"We are proud to be able to achieve this milestone on behalf of our investors. The Fund has achieved a performance level beyond 100% in less than 3 years. It has outpaced other UAE funds by a substantial margin," stated Mr. Shehab Gargash, Fund Director.

The Daman UAE Value Fund continued its positive performance in the month of May, rising by 4.59 per cent. The Fund's Net Asset Value (NAV) as at the end of the month (31st May 2004) had increased to AED 172.79.

"We are very pleased with the continued positive results achieved for our investors. We have been able to more than fulfill our shareholders' expectations. The month of May was another month where the Fund grew in strength. So far this year, the Daman UAE Value Fund has shown a growth of a substantial 18.10 per cent," said Mr. Gargash.

He pointed out that the dividend that has been paid out for the first quarter of this year amounts to AED 3.25.The Fund is expected to announce its dividend for the second quarter at the end of June. It will be the second of four quarterly cash dividend payouts to investors this year.

Mr. Gargash said the market remains robust and that the fund managers expect to close this year with another excellent performance. The Fund is scheduled to hold its third Annual General Meeting (AGM) on June 19th.

Daman also announced the NAV for another major offering, the recent IFA Khaleeji Fund that it launched in association with IFA and Univest of Kuwait. The NAV of the IFA Khaleeji Fund as of 31st May 2004 stood at US $97.58, an increase of $ 1.02 (1.06%) during the month of May. The regional Fund was launched last April, and provides a single entry vehicle for regional and international investors into the six GCC markets and Iraq.