Through the agreement, signed by Hamid Dhiya Jafar, Executive Chairman of Dana Gas, and Arif Naqvi, Executive Vice Chairman and Chief Executive Officer of Abraaj Capital, the two companies will work together in identifying and pursuing business opportunities in the Natural Gas and related Industries within the MENASA region.
"We are delighted to have entered into this strategic alliance with Abraaj. I know it will prove to be a rich and mutually beneficial relationship," said Hamid Dhiya Jafar, Executive Chairman of Dana Gas. "Abraaj has proven itself as a leader in the private equity business in our region, and by working with them in pursuing various projects in the Natural Gas Sector, Dana Gas will be able to capitalize on value creation capabilities and regional network which form Abraaj's deserved reputation for excellence in the region."
"This is a very important strategic relationship for us at Abraaj," said Arif Naqvi, Executive Vice Chairman and Chief Executive Officer of Abraaj Capital. Dana Gas is the largest regional natural gas company in the Middle East, with which we are pleased to formalize our long standing relationship in pursuit of the vast opportunities in MENASA's oil & gas sector. Indeed, Middle East industrial energy consumption is forecast to grow at an annual rate of 3% over the next ten years, second only to China."
Dana Gas has announced that allying with reputable companies and institutions from the region and internationally will form a key part of its growth strategy across the Middle East and North Africa natural gas industry, through a combination of strategic acquisitions and the development of new energy projects that contribute the region's economies, while serving the interests of its shareholders.
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Dana Gas and Abraaj Capital enter into strategic alliance
- United Arab Emirates: Sunday, July 08 - 2007 at 14:36
- PRESS RELEASE
Dana Gas PJSC, the Middle East's first and largest private sector regional natural gas company, has signed a Strategic Alliance Agreement with Abraaj Capital, the premier private equity firm in the Middle East, North Africa & South Asia (MENASA) region.
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About Dana GasDana Gas (PJSC) is the first and largest regional private-sector natural gas company in the Middle East, established with over 300 reputable founder shareholders from across the Gulf Cooperation Council (GCC) region, and some 425,000 investors from over 100 nationalities worldwide. Headquartered in Sharjah in the UAE, Dana Gas PJSC is listed on the Abu Dhabi Stock Market. Dana Gas has operations and projects in the Gulf Region, North Africa and South Asia in gas exploration, production, processing, transportation and marketing, and is currently the 6th highest natural gas producer in Egypt. Dana Gas aims to play a major role in the rapidly-growing natural gas business throughout the Middle East North Africa (MENA) Region across the entire gas value chain. Dana Gas already possesses a network of offices in Saudi Arabia, Egypt, the UK and Canada, with further offices opening throughout the Middle East. In addition to its current projects, Dana Gas is expanding its activities in all elements of the natural gas value-chain, including upstream exploration and production; through the midstream transmission and distribution of gas including LNG trading; and downstream into gas-related industries and petrochemicals. www.danagas.ae
About Abraaj Capital:
Abraaj Capital is the premier investment firm specializing in private equity investments in the Middle East, North Africa and South Asia (MENASA) region. The management team has brought together some of the most compelling and successful transactions in the history of leveraged acquisitions across the region.
With over US$ 4.0 billion of assets currently under management, Abraaj has pioneered institutionalizing private equity practice in the region and is setting trends and benchmarks for others to follow.
Winner of industry awards including 'Middle East Private Equity Firm of the Year' from Private Equity International (2006 & 2007), the Banker Middle East Award for 'Best Private Equities Institution' in 2006 and for 'Outstanding Contribution to Financial Services in the Middle East'. Arabian Business recently recognized Abraaj among the 50 most Admired Companies in the GCC. Abraaj is also the first pure private equity firm to be registered by DFSA to operate out of Dubai International Financial Centre (DIFC).
Apart from managing its seven private equity funds, Abraaj Capital Holdings Limited (ACHL) is also the single largest shareholder in the leading regional investment bank EFG-Hermes. ACHL itself is extremely well capitalized, with an issued chare capital of US$ 1 billion. Its 110 professionals come from 27 nationalities and achieve a coverage that spans the MENASA region. For more information please visit www.abraaj.com
For further Information. Please contact Mariam Keblawi, SAHARA Media Consultants
Posted by Lara Lynn Golden, News EditorSunday, July 08 - 2007 at 14:36 UAE local time (GMT+4)
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