Dana Gas, an energy company based in the United Arab Emirates (UAE), has been granted regulatory approval to increase foreign ownership in the company to 100%, effective immediately. This is in accordance with the UAE's new Commercial Companies Law, which eliminated the previous requirement that onshore companies in the country be at least 51% owned by UAE nationals.
Shareholders of Dana Gas approved the increase in foreign ownership from 49% to 100% on April 26. The move is expected to attract more international investors and deepen market liquidity, according to Dana Gas Chairman Hamid Jafar.
The company has exploration and production assets in Egypt, the Kurdistan Region of Iraq, and the UAE, with over one billion barrels of oil equivalent in proven and probable reserves. However, the company's net profit fell by 7.6% year-on-year to $50 million in Q1 2023 due to a decline in energy prices, while revenue dropped by 13% to $122 million during the same period.
