Daman Investments, a Dubai- based finance house, is to seek a stock market listing via an initial public offering in the first quarter of next year.
Shehab Gargash, the chairman and founder of Daman, said that some 55 per cent of the company would be floated on the Dubai Financial Market (DFM), once approval had been obtained from the regulator, the Securities and Commodities Authority (SCA).
He declined to estimate the valuation of the IPO, which is being discussed with the regulator. But he said that none of the existing shareholders would sell down their holdings in the flotation.
“The funds raised will be used to scale up our existing businesses and invest in various opportunities in the UAE and wider region,” he said.
The Daman IPO is the latest in a series of public offerings on the DFM, where there have been successful debuts from Emaar Malls and Marka, while Amanat, a “greenfield” health and education company, is in the final stages of subscription.
Yesterday’s intention to float is the fruition of a long-standing ambition by the group, which was delayed by the onset of the global financial crisis in 2009. “This is the culmination of many years of hard work. Our listing will help broaden and deepen the UAE market for investors, and I expect more of the same in the coming months,” Mr Gargash said.
He added that he would welcome international interest in the shares, explaining that there had been significant interest in the company during a recent roadshow by the DFM in New York.
“There are a lot of banks in the UAE listed, but there had been a dearth in financial services,” he said. Daman’s business involves brokerage and asset management, venture capital, private equity and corporate advisory services.
In its annual review of investment prospects, Daman was overwhelmingly bullish in its outlook for the immediate future. “We think that valuation metrics in UAE bourses still look attractive until the end of the first quarter 2015, given the expected growth potential of the companies’ bottom lines,” the review said.
The review said that “measures undertaken for healthy real estate growth” had reduced the potential for a property “bubble”, and that IPO activity would continue. But the review warned about the risk of lack of liquidity in local makers over the longer term.
“Beyond Q1 2015 the outlook becomes ambiguous at best, given the increase in capital market activity in the form of IPOs,” the review said.
fkane@thenational.ae
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RESULT
Manchester United 2 Burnley 2
Man United: Lingard (53', 90' 1)
Burnley: Barnes (3'), Defour (36')
Man of the Match: Jesse Lingard (Manchester United)
COMPANY%20PROFILE
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The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Switching%20sides
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
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Director: Shady Ali
Cast: Boumi Fouad , Mohamed Tharout and Hisham Ismael
Rating: 3/5
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.