Dana Gas, one of the largest private natural gas companies in the Middle East, has approved a proposal to raise the foreign ownership of its shares.
“The directors approved recommendation to increase foreign ownership limit of 100 per cent and to be presented in the annual general assembly for approval, subject to the approval of the competent authorities,” the company said on Thursday in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.
Dana Gas, which reported a 35 per cent rise in normalised net profit in the third quarter of 2022 to reach Dh182 million ($49.55 million), has benefitted from higher oil and gas prices.
In April last year, Dana Gas was also included in the Abu Dhabi Securities Exchange’s new benchmark, the FTSE ADX 15 Index.
The gauge includes the 15 largest and most liquid companies on the ADX, chosen on the basis of free-float adjusted market capitalisation and median trading value.
Sharjah-based Crescent Petroleum is currently Dana Gas’s biggest shareholder with a 20 per cent stake, according to the company's website.
Crescent Petroleum did not immediately respond to a request for comment.
Farah Mourad, market analyst at XTB, said the move would bring in international and local investors looking for "safer" options amid rising uncertainty in global markets.
The current industry forecasts point to a "promising year" for Dana Gas following strong gains in 2022, said Ms Mourad.
Oil and gas producers have benefitted from a surge in crude prices since Russia’s military offensive in Ukraine began in February. Brent, the benchmark for two thirds of the world’s oil, is currently trading at about $86 a barrel after falling below $30 in 2020.
The S&P 500 Energy Index, a benchmark for US energy stocks, has gained roughly 40 per cent over the last 12 months, against an 8 per cent fall for the overall S&P 500.
Global oil demand will surge to a “record” this year following the end of coronavirus restrictions in China, the world’s second-largest economy and leading crude importer, according to the International Energy Agency.
Oil demand will rise by 1.9 million barrels a day to 101.7 million bpd in 2023, said the IEA, which had previously estimated a growth of 1.7 million bpd.
Nearly half the gain in crude demand will come from China, which has reopened its borders for the first time in three years, triggering a sharp rise in airline bookings.
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
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%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Wes%20Ball%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Owen%20Teague%2C%20Freya%20Allen%2C%20Kevin%20Durand%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
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UAE currency: the story behind the money in your pockets
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
MATCH INFO
Manchester City 4 (Gundogan 8' (P), Bernardo Silva 19', Jesus 72', 75')
Fulham 0
Red cards: Tim Ream (Fulham)
Man of the Match: Gabriel Jesus (Manchester City)
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
BRAZIL SQUAD
Alisson (Liverpool), Daniel Fuzato (Roma), Ederson (Man City); Alex Sandro (Juventus), Danilo (Juventus), Eder Militao (Real Madrid), Emerson (Real Betis), Felipe (Atletico Madrid), Marquinhos (PSG), Renan Lodi (Atletico Madrid), Thiago Silva (PSG); Arthur (Barcelona), Casemiro (Real Madrid), Douglas Luiz (Aston Villa), Fabinho (Liverpool), Lucas Paqueta (AC Milan), Philippe Coutinho (Bayern Munich); David Neres (Ajax), Gabriel Jesus (Man City), Richarlison (Everton), Roberto Firmino (Liverpool), Rodrygo (Real Madrid), Willian (Chelsea).