Wednesday, 17 September 2008
Daman Investments in Dubai announces new company
Dubai-UAE: Daman Investments, a UAE-focused investment holding company with an initial capitalization of US$ 180 million. The company has nine founding partners of which Daman Investments is one. The partners are GCC based (from Iraq, Kuwait, Saudi Arabia, UAE) and are a mix of private and public sector institutions as well as high net worth individuals.
Buildan is a venture capital company that aims to become a leading developer and investor in aviation and logistics related businesses as well as real estate projects located primarily within and in the vicinity of the new Al Maktoum International Airport at Jebel Ali. Buildan will work through direct investment, partnerships, venture capital and infrastructure investments. Already in operation, Buildan is fully staffed and set up with projects in the pipeline, some of which are nearing completion. Major projects will be announced in mid October, 2008.
Commenting on why this company was established, Mr. Shehab Gargash CEO of Daman Investments said: "Buildan was created to participate in very early entry opportunities which we recognized when the new Jebel Ali area airport was announced. Conceived as a holding company that will act directly or through special purpose vehicles, Buildan is a very early strategic investor within this new infrastructure city and international logistics hub currently being developed with costs estimated at US $33 billion.
Mr. Gargash added: "We believe that Buildan is yet another example of Daman's ability to bring premium financial products to life with enhanced investor value. We are proud to be a pioneer investor in this important infrastructure and logistics hub which will change the face of transportation and tourism in the region. "
When asked about future projects in Dubai and long term planning Mr. Gargash replied: "As the business evolves, Buildan will naturally require a broader capital base. We foresee that we may consider an IPO within a 4-5 year time horizon."
Speaking on behalf of Buildan, Mr. Ahmad Al Matrooshi, Strategic Project Manager said: "We have had the opportunity to work closely with Dubai World and their highly professional team from a very early stage of the project. This enabled us to bring value as a private sector contributor to this impressive initiative."
Al Maktoum International Airport will house 6 integrated clusters and become the largest, most technically advanced new international airport in the world. Mr. Al Matrooshi continued: "Although a very young company, Buildan is built upon a clear vision with well defined goals backed with a team of seasoned investment professionals. With our specific geographic and sector development focus, the company will benefit from its early mover advantage."
Buildan's initial focus and primary objectives are the development of assets and operating businesses located primarily in the Al Maktoum International Airport area located in Jebel Ali, Dubai. These businesses may include specialized airport facilities, long-term investments in the airline industry and freehold purchases of commercial property, warehousing or logistics property as well as specialized airport facilities and residential property.