By: Amr Adel

Dubai - Mubasher: The chairman and founder of Daman Investments said that the company has decided to postpone the plan to issue its stocks in the Dubai Financial Market (DFM) to after 2017.

Shehab Gargash added in his speech on Monday at a press conference held in Dubai that the delay comes as a result of the current improper market circumstances.

Gargash also stressed that the listing plans have not been canceled, but they are not among Daman's priorities for the current year.

Daman Investments announced in mid-2015 its intention to offer 55% of its stocks to the public, if it were to get the needed approvals.

The chairman also indicated that the company will reassess the situation every six months, and will decide accordingly whether the right time for an initial public offering (IPO) has come or not.

Daman has achieved great progress in profitable sectors, such as food and beverages, technology, and hospitality, he noted.

The UAE-based company is currently looking forward to introducing new products linked to specific investment opportunities, including expansion in the food sector. Daman currently owns stakes in three restaurants, and is anticipating the opening of its subsidiary Hotel Waldorf Astoria in 2018.

Assets managed by the company currently reach $1.25 billion, according to Gargash who stressed that the asset management market in the UAE is still relatively small compared to the size of the growing Emirati economy.

Shehab Gargash also explained that the Daman’s expansion plans are mainly focused on the GCC market.

Translated by: Moslem Ali