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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