Daman launches $54mn GCC equity fund

RIGHT TIME: Daman has launched a $54 million fund targeting opportunities in regional equity markets. (Getty Images)

UAE asset manager Daman Investments has launched a 200 million-dirham ($54.4 million) fund targeting opportunities in the GCC equity markets, it said on Monday.

The Daman Speculator Fund's offer period opens on July 1 until July 31, with an initial unit offer price of 100 dirhams per share. The fund will be open to all nationalities as well as non-UAE residents.

The fund’s minimum subscription amount is set at 200,000 dirhams.

The intended fund size is a maximum of 200 million dirhams, including Daman Investments’ seed capital of 5 million dirhams.

Shehab Gargash, managing director of Daman Investments, said in a statement the firm saw the current environment in GCC equity markets as “the right time to embark on a new fund”.

Daman liquid nature of the product would give investors options of weekly subscriptions and monthly redemptions.

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