Al Daman UAE Value Fund grows by over 40%

Gargash says Daman’s Iraqi fund will not be held back by recent events.

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By  John Irish Published  April 19, 2004

Investors in UAE stocks will be encouraged after the Daman UAE Value Fund announced today (April 19) 40.9% growth for its third financial year ending March 31. Highlighting the extent of the fund’s rise was a significant increase in dividend payments for investors. Fund managers declared Daman’s highest dividend payout since the fund’s inception with a first quarter dividend of Dhs 3.25 a share, up 50 fils from the 2.75 at the end of 2003. “The increased dividend redistribution reinforces the fund’s commitment to ensuring that investors receive the benefits of its excellent performance to date,” said Shehab Gargash, managing director of the Daman UAE Value Fund. “Since inception in 2001, we have not missed a single quarter of dividend payouts,” he added. Citing the buoyant stock conditions in the UAE, with strong corporate results from UAE firms and a spate of new GCC-wide mutual funds, Gargash was optimistic on the short-term outlook for 2004. “The growth in the UAE market since the start of the year will continue reflecting strong liquidity, positive sentiment of investors, increased activity in the primary markets and the completion of over-the-counter share listing activity,” said Gargash. However, beyond the six-month period, Gargash remained cautious suggesting that while company earnings were high at the moment, at some stage investors may consider prices too high. Since launching the fund, Al Daman has seen 86.54% growth at an annual rate of 31.47%. As a result of the positive results, the fund’s life was also extended for a further two years and will now end operations in July 2006.

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