RIYADH: Dubai’s Daman Investments has launched a UAE initial public offering fund for professional and institutional investors, according to a statement. In line with the Gulf country’s plans to develop financial markets, the move will provide investors with higher returns compared to UAE stock market indices. Regulated and supervised by the Securities and Commodities Authority, the fund is expected to attract investment firms, professional investors and private family businesses. “The fund will invest in the upcoming IPOs and in companies which have been listed during the past two years,” CEO Ahmed Khizer Khan said. He added the fund is “designed to meet the needs of professional and institutional investors, as it is expected to distribute quarterly and annual profits, respectively.” This comes amid the rapid developments in financial markets and liquidity rates in the UAE. In August, the UAE’s net financial surplus increased by 129 percent during the first quarter of this year, according to data from the UAE Ministry of Finance. The surplus during the first three months of 2022 amounted to 36.4 billion dirhams ($10.1 billion), compared to 15.9 billion dirhams in the same period last year.