Dana Gas PJSC, the largest privately-owned natural gas company in the Middle East, has obtained regulatory clearance to increase foreign ownership in its shares.
This development aligns with the UAE’s newly amended Commercial Companies Law, which eliminates the previous requirement mandating that UAE nationals hold a minimum of 51 percent ownership in onshore companies.
Dana Gas embraces international investment
Effective immediately, foreign investors are now permitted to own up to 100 percent of the company’s shares, a significant increase from the previous limit of 49 percent.
“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. Dana Gas’s growth outlook remain 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,” Dana Gas chairman Hamid Jafar said.
This decision was formally approved by the company’s shareholders during its Annual General Meeting held on April 26.
This move follows a trend observed in the UAE’s business landscape, as several prominent listed companies have recently allowed for 100 percent foreign ownership.
Notable examples include Emaar, Aramex, and Amanat Holdings. The UAE markets have experienced a surge in multiple listings, drawing increased attention from global funds.
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