Daman UAE Value Fund posts 26.79 per cent growth during first half of 2004

The Fund announced its results for the second quarter ending 30th June 2004 at a media briefing here today, recording a growth level of 15.74 % for the second quarter of 2004.
Riding on the success of its investment strategy, the managers of the Fund have declared a second quarter dividend of AED 3.50 a share, up by 25 fils from its last dividend paid out for the 1st quarter of 2004. This is a record dividend payout during three years of uninterrupted quarterly dividends within the life of the Fund.

The Fund's NAV stood at AED 185.74 per share before dividends, adjusted to AED 182.24 per shares after payment of the dividend of AED 3.50 per share for the second quarter of 2004. During June, the Fund grew 7.49% per cent.

Mr. Shehab M. Gargash, Director of Daman UAE Value Fund, pointed out that the 26.79 per cent growth has exceeded the performance of the Fund's target benchmark NBAD Index, which itself increased by 21.99 per cent for the same period, and comes on the heels of a market surge that reflects investors' bullish sentiment towards the UAE stock markets and the economy in general.

Dividend Track Record
"Following successful strategies in the buoyant UAE markets, we are pleased to further increase the Fund's distributions to its investors to a record AED 3.50 per share." Mr. Gargash announced. The quarterly dividend at AED 3.50 per share is higher by over 7 per cent against AED 3.25 per share paid out for the previous quarter.

Mr. Gargash pointed out that: "The increased dividend distribution reinforces the Fund's commitment to ensuring that investors receive the benefits of its excellent performance to date. The Fund's performance since inception has permitted the quarterly distribution of dividends totalling AED 30.00 per share."

The higher dividend translates to a dividend yield of 7.68 per cent. The dividend is paid out four times a year in cash. "Since inception in 2001, we have not missed a single quarter of dividend payouts," Mr. Gargash pointed out.

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 30th July 2004 stood at US $100.02, an increase of $ 2.44 (2.50%) during the month of June. 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.