Daman Bets On Bio-Fuel

August 2008 | M&A News Alert

Dubai-based asset manager Daman Investments has confirmed that it will take the majority stake in Emirates Biodiesel (EmBio), a new venture aimed at producing the UAE's first biodiesel from inedible oils. The investment will be made through Alf Yad, a venture capital fund operating under the Daman umbrella. Dubai is experiencing a surge in demand for oil, as a petro-dollar fuelled boom in the gulf drives up tourism and trade in the UAE. Since the majority of the infrastructure underlying this expected growth is petroleum-based, niche firms are looking to get a small piece of the action through the exploitation of alternative fuels.

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