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Daman Funds declare Q3 cash dividends subsequent to strong quarter for UAE markets

Daman Investments PSC, one of the leading UAE-based regional investment management companies, has announced a record 15th consecutive quarterly dividend for its flagship Daman Second Emirates Fund. The fund paid out a dividend for the 3rd quarter of 2013 of Dhs1.5 translating into an annualized dividend yield of 4.59% as at the end of September 30th, 2013. The NAV of the fund was Dhs123.13

Daman Fifth Fund also paid out a dividend of Dhs1.50 for the 3rd quarter of 2013 which equates to an annualized dividend yield of 4.25% and finally Daman Islamic Fund also paid out Dhs1.50 equating to an annualized yield of 3.47%.

Commenting on the announcement, Mr. Shehab Gargash, Chief Executive Officer of Daman Investments PSC said, “We are in the midst of a strong cycle which continues to deliver positive results and I believe that there is still plenty of traction left in our markets for investors with a long time horizon.”

Mr. Shehzad Janab, Head of Asset Management and Advisory of Daman Investments PSC said, “That despite the strong returns exhibited in our markets year to date, from a valuation perspective the UAE market, in particular, remains amongst the cheapest in the region.”

The UAE markets showed strong performance in the third quarter with the DFM up +21% and the ADX up +6%.