Daman UAE Value Fund grows 3.40 per cent during July, 2004

During 2004, the Fund has grown by 30.95%, which exceeds the performance of the benchmark National Bank of Abu Dhabi Index on the year.

"The Fund has been able to take advantage of the strong growth of UAE equity markets, which is due in large part to the sound macroeconomic performance of the UAE economy and the continued low interest rate environment," said Shehab M Gargash, Managing Director.

During 37 months of operations, the Fund has registered 34 months of positive growth. The benchmark NBAD index has registered only 27 months of positive growth during the same period. Form its inception through July 31, 2004, the Fund has grown by 118.44% and distributed AED 30/share in dividends to investors.

Another major offering from Daman is the recent IFA Khaleeji Fund that it launched in association with IFA and Univest groups of Kuwait. The NAV of the IFA Khaleeji Fund as of 31st July 2004 was US $ 101.15. The regional Fund provides a single entry vehicle for regional and international investors into the six GCC markets and Iraq.