Daman UAE Value Fund gains 2.85 per cent during August, 2004

During 2004, the Fund has grown by 34.55%, outperforming the benchmark National Bank of Abu Dhabi (NBAD) Index, which has grown by 33.71% during the same period.

"We are satisfied with the continued positive results achieved for our shareholders. These results have largely been the result of continued macroeconomic strength in the UAE and our ability to maintain an active trading stance in the capital market," stated Mr. Shehab Gargash, Fund Director.

During its 38 months of operations, the Daman UAE Value Fund has registered 35 months of positive growth, while the benchmark NBAD index has registered 28 months of positive growth during the same period.

From inception ( 1 July, 2001) through August 31st, 2004, Daman UAE Value Fund has grown by 123.81% and distributed AED 30 per share in dividends to investors. This performance represents an annualized growth rate of 39.10%.

Another major offering from Daman is the IFA Khaleeji Fund, which was launched in association with IFA and Univest groups of Kuwait on 3rd March, 2004. The NAV of the IFA Khaleeji Fund as of 31st August, 2004 was US$ 102.69, per share which represents growth of 1.52% on the July 31, 2004 NAV of US$ 101.15 per share. The regional Fund provides a single entry vehicle for regional and international investors into the six GCC markets and Iraq.