Dana Gas Plans to Raise Foreign Ownership Limit to 100 percent, Boosting UAE's Capital Markets

(MENAFN) Sharjah-based energy company Dana Gas has taken a significant step towards strengthening the UAE's capital markets by announcing its intention to raise its foreign ownership limit to 100 percent. The firm, listed on the Abu Dhabi market, has obtained regulatory approval to increase the percentage of foreign ownership from 49 percent to full ownership of its capital, as stated in a regulatory filing on the Abu Dhabi Securities Exchange.

This move is in line with the UAE's new Commercial Companies Law, which eliminated the previous requirement for UAE nationals to own a majority stake (51 percent) in onshore firms. By opening the company fully to foreign ownership, Dana Gas aims to support the UAE's vision of enhancing its dynamic capital markets, attracting a greater number of international investors, and deepening market liquidity.

Hamid Jafar, Chairman of Dana Gas, expressed his belief that this decision will contribute to the growth and development of the UAE's capital markets. He emphasized the company's commitment to aligning with the country's economic strategies and stated that the move would facilitate the attraction of international investment. Jafar also highlighted the company's positive growth outlook, particularly in the Kurdistan region of Iraq, where Dana Gas is focused on increasing production. Additionally, the firm has a strong growth outlook in Egypt, where it is actively working to maximize the value of its assets through negotiations for improved fiscal terms.

Dana Gas's decision to raise its foreign ownership limit reflects the UAE's ongoing efforts to enhance its investment landscape and create a more favorable environment for international investors. By removing restrictions on foreign ownership, the country aims to stimulate economic growth, increase competitiveness, and reinforce its position as an attractive destination for foreign capital.


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