Dana Gas, the United Arab Emirates gas supplier, has formed a strategic alliance with Dubai-based buyout firm Abraaj Capital to pursue business opportunities in the natural gas sector and related industries.
The companies will target the Middle East, north African and southern Asian regions, according to a statement issued by the gas company.
Arif Naqvi, executive vice chairman and chief executive officer of Abraaj Capital, said: “This is a very important strategic relationship for us at Abraaj.” Middle East industrial energy consumption is expected to grow at an annual rate of 3 percent over the next ten years, second only to China, he added.
Abraaj Capital bought the Egyptian Fertilizers Company last month, which at $1.4 billion (€1 billion) was the second largest buyout in the MENA region to date. The fertiliser produced by the company needs natural gas for its production.
Dana Gas is thought to be the largest privately-owned natural gas company in the Middle East, according to news agency Forbes. The gas company bought rival oil and gas producer Centurion Energy for $1.1 billion in January this year.