Dubai: Dana Gas is the latest UAE listed firm to consider allowing 100 per cent foreign ownership. A proposal to this effect will be placed before shareholders if the regulators give their approval.
Dubai based logistics firm Aramex and the master-developer Emaar have been among those listed entities to allow 100 per cent ownership.
Listed on ADX, Dana Gas is a private sector energy firm with operations in the UAE, Egypt and Kurdistan Region of Iraq (KRI). Its financials through the first nine months of 2022 showed significant gains brought on by rising energy prices and demand. Expectations are that Dana Gas will have closed out 2022 on a financial high.
Last week, the company confirmed an explosion at its operations in KRI, the second such in recent months. But there was no fatalities or damage to the operations, the company confirmed.
Prospects for the energy sector look just as promising this year, and Dana Gas will be expected to ride high on that. Opening up to 100 per cent foreign ownership could also be the cue to tap strategic investors, according to two market analysts.