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Daman Iraq fund NAV grows 134 per cent

This translates to an NAV growth of 134.92 per cent within the first eight months since the launch of the fund.

Shehab M Gargash, director of the fund, said: "We are obviously very pleased with this performance, especially since it vindicates us for our early belief in the potential of the Iraqi market. These are still early days and the situation in Iraq is far from clear. But our belief in the eventual triumph of the Iraqi economy over adversity is still very much in place."

Daman Iraq Opportunity Fund was launched in January this year at an NAV of $100 per share. The fund is a $50 million private investment vehicle and Daman continues to pursue investment in multiple tranches.

The fund also said that going forward it would have two specific objectives: paying dividends to investors, and translating some of the opportunities identified into specific projects. Dividends would be paid to investors in the first tranche through realisation of some of the gains achieved to date. The fund has begun selling some of the assets earmarked for short-term investment, and is likely to see its first dividend payout with the next 12 months.