UAE-based energy firm Dana Gas has received regulatory approval to increase foreign ownership in its shares up to 100%, according to news reports.
The company’s strategy to open ownership fully to foreigners is to support the UAE’s vision of strengthening its capital and deepening market liquidity.
In a regulatory filing on the Abu Dhabi Securities Exchange on Monday, the company said the step was in line with the UAE’s new Commercial Companies Law that waived a requirement that UAE nationals own 51% of onshore companies.
Hamid Jafar, Chairman of Dana Gas, said: “Opening our company fully to foreign ownership will support the UAE’s vision of strengthening its dynamic capital markets by attracting greater numbers of international investors and deepening market liquidity.”
He added that Dana Gas’s growth outlook remained robust, both in the Kurdistan Region of Iraq “where we are increasing production, and in Egypt, where we are working to maximize the value from our assets by negotiating improved fiscal terms.”
READ MORE: ADNOC’s logistics unit to increase up to $607m from IPO
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.
