The Daman Iraq Fund, a private equity fund focused on investing in Iraq, has reported the completion of its first development project in Baghdad, a residential villa compound that was developed and leased out to tenants.
The project consists of a cluster of residential villas, each with three bedrooms and built on three levels located in a commercial/residential section in the heart of Baghdad. It is the first of several real estate developments that the Fund is undertaking in Iraq, which are at various stages of planning and development.
In its early months, Daman Iraq Fund focused on the acquisition of assets, which were available at significant discounts prior to the start of the war. Daman had launched its Fund and proceeded with investments prior to the war, which provided a significant early mover advantage to investors in the Fund.
The Fund had earlier indicated its intent to shift from asset acquisition to development of project. This is the first project to be announced, thereby reaffirming the long-term commitment to project development in Iraq.
The Daman Iraq Opportunity Fund is a private equity initiative managed by Dubai-based Al-Daman Securities. It targets investment opportunities presented by the economic reconstruction of Iraq. Opportunity to invest in the Fund is presented to small groups of informed private investors through multiple investment tranches strictly on an invitation basis only. The Fund is a BVI-registered offshore private equity fund, and has an authorized capital of $50 million. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
