NAV of the Daman UAE Value Fund reported

The Net Asset Value (NAV) of the Daman UAE Value Fund as of November 30, 2004 was AED 226.13 per share, an increase of 16.29 per cent during November. The Fund’s November performance is the highest ever one month growth rate posted by the Fund in its three and a half year history. During 2004, the Fund has posted growth of 58.92 per cent.

“The Fund has been able to take advantage of market growth that has been driven by strong corporate performance across the past few months,” said Mr. Shehab M Gargash, Director. “As prices continue to rise in the market, we will continue to monitor corporate performance in order to ensure that price increases are reasonable in that context.”

The benchmark National Bank of Abu Dhabi Index increased 14.96 per cent during November. On the year, the Index has grown 61.13 per cent.

Another offering from Daman is the IFA Khaleeji Fund, which was launched in association with IFA and Univest groups of Kuwait on 3rd March, 2004. The NAV of the IFA Khaleeji Fund as of 30th November, 2004 was US$ 109.96 per share, an increase of 6.42% per cent during the month. The regional Fund provides a single entry vehicle for regional and international investors into the six GCC markets and Iraq.