UAE-based energy firm Dana Gas, the largest private sector natural gas company in the region, has received regulatory approval to increase foreign ownership in its shares up to 100%.

In a regulatory filing on the Abu Dhabi Securities Exchange on Monday, Dana Gas said the move was in line with the UAE’s new Commercial Companies Law that abolished a requirement that UAE nationals own 51% of onshore companies.

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."

He added that Dana Gas’s growth outlook remained 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.”

(Writing by Brinda Darasha; editing by Seban Scaria)