Daman invests in Iraq development

Iraq-focused investment fund to invest $2 million in construction of villa compound in central Baghdad.

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By  David Ingham Published  June 21, 2004

Daman Iraq Fund has invested in a residential real estate project in the heart of Baghdad. The development involves the construction of a cluster of villas, with work already underway and due to be completed before the end of the year. "This new development reiterates our long term commitment to the Iraqi market,” says Shehab Gargash, director of the Fund. “We are not economic soldiers of fortune. We are long term investors who believe in the potential of the vast Iraqi market.” The project is expected to cost over US $2 million and will create job opportunities for around 50 Iraqi managers, engineers, technicians and labourers. The fund has already invested in a similar project in Baghdad, which was completed in November 2003. The fund is a private equity initiative that was introduced 18 months ago at a price of $100 per share. Those shares now trade at US $256.18 and investors recently received a dividend of $20 per share. The fund is capitalised at US $50 million and has now invested more than US $10 million in Iraq.

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