Daman shows faith in Dubai's future

The CEO of Daman Investments, Shehab Gargash, has shrugged off concerns of global financial gloom affecting the UAE market with the announcement of a new venture capital fund.

The new company, Buildan Development Limited, will be dedicated to developing and investing in businesses, infrastructure and real estate projects within and around the new Al Maktoum International Airport at Jebel Ali, Dubai.

Gargash said his company would invest US $1 billion (AED3.67 billion) over the next three years and will announce two major projects within the next three weeks.

"Despite what we read in the papers about major financial turmoil around the world, investors shouldn't stop looking at new opportunities and making investments in Dubai's infrastructure," he said.

He said it will be looking for international investors to come onboard as the company grows.

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