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Daman, Icon in JV, to invest Dh150million

Dubai - Each restaurant concept will be launched under a dedicated investment vehicle which offers investors the opportunity to participate in the region's F&B sector.

Daman Investments, the Arab world's leading financial services company, has teamed up with a consortium of partners to bring as many as 15 food and beverage (F&B) industry brands and invest over Dh150 million in the GCC market over the coming three years.
The signature restaurants will be operated by Icon Arabia, a joint venture between Daman Investments and prominent regional and international partners including Icon Legacy Hospitality, a principal Canadian hospitality and entertainment player with F&B concepts in a number of North American cities.
Each restaurant concept will be launched under a dedicated investment vehicle which offers investors the opportunity to participate in the region's growing F&B sector. An investment of Dh1 million or more allows discerning investors the opportunity to participate in niche F&B ventures, with Daman Investments playing a strategic role in fundraising and seeding the projects. "The food & beverage sector in the GCC continues to develop rapidly, with the UAE and Dubai in particular evolving into an international culinary destination for restaurateurs and diners alike," Sumit Mehta, head of Deal Structuring and Advisory of Daman Investments PSC explained. "We are using the UAE as a launch-pad to roll out concepts across the region, while offering investors the opportunity to participate in our dynamic fund. "
Daman Investments and its joint venture partners will be equity participants in each of the concepts brought to the region, while investors enjoy not only solid financial returns but also exclusive benefits of an 'Owner's Club' that include discounts, VIP bookings, special owners' tables and invitations to exclusive events.
- business@khaleejtimes.com