Dana Gas, the Middle East’s largest regional private sector natural gas company, has received regulatory approval to increase foreign ownership in the company’s shares, in line with the UAE’s new Commercial Companies Law that has abolished a requirement that UAE nationals own 51% of onshore companies.

The decision will be effective from today. According to it, the foreigners can hold up to 100% of Dana Gas’s shares, up from 49%.  This was approved by the company’s shareholders at its Annual General Meeting on April 26.

On this occasion, 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. 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.”