Record dividend payout reflection of increased optimism in the UAE stock markets
Daman Investments PSC, one of the leading UAE-based regional investment management companies, has announced a record 13th consecutive quarterly dividend for the flagship Daman Second Emirates Fund. The fund paid out a dividend for the 1st quarter of 2013 of AED 1.25, translating into an annualized dividend yield of 4.52% as at the end of March 31, 2013. The NAV of the fund was AED 110.53 Daman Fifth Fund also paid out a dividend of AED 1 for the 1st quarter of 2013 which equates to an annualized dividend yield of 3.78%. Commenting on the announcement, Mr. Shehab Gargash, Chief Executive Officer of Daman Investments PSC said, “It is our strategy to continuously pay out investors that are within the fund. The fund continues to build an impressive track record of strong income and capital growth buoyed by increased optimism in the UAE stock markets. ” Mr. Shehzad Janab, Daman Investments’ Head of Asset Management and Advisory, also added that, “we are very encouraged by the activity in the market in the first quarter. From a broader perspective, we feel we are currently in the midst of a strong long term trend predicated on improving macro and micro conditions.”
Fund Name NAV as of March 31.2013 (AED)
Daman Second Emirates Fund 110.53
Daman Islamic Fund 93.13
Daman Speculator Fund 71.70
Daman Fifth Fund 105.87
About Daman Investments PSC (www.daman.ae) Daman Investments PSC is a private joint stock company based in Dubai, UAE. From its early beginnings in 1998, the group has grown rapidly into a non-bank financial services company now widely recognized as an authority in its core markets, the Gulf Cooperation Council and Iraq. Known for offering innovative investment products and services to both regional and international clients, Daman provides investment management and development capital investment opportunities as well as brokerage operations through its subsidiaries. Daman is committed to the principles of ethical business practice and operational transparency. All Daman's various operations are regulated by the United Arab Emirates Central Bank, the Emirates Securities and Commodities Authority (ESCA) and the Dubai Financial Services Authority (DFSA).