Business | Investment

Daman, partners in venture for new UAE-focused investment firm

Daman Investments PSC has launched Buildan Development Limited, a UAE-focused investment holding company with an initial capitalization of $ 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.

  • Staff Report
  • Published: 17:09 September 17, 2008
  • Gulf News

Dubai: Daman Investments PSC has launched Buildan Development Limited, a UAE-focused investment holding company with an initial capitalization of $ 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 developed by Dubai World Central 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.

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 (now Al Maktoum International 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 $33 billion. "

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