DUBAI, 25 September 2005 — Saudi nationals represent a majority of applicants so far for shares in the 2.1 billion dirham initial public offering (IPO) of Dana Gas, market watchers said yesterday. Dana Gas is seen as the frontrunner of dozens of projects with overall investments of upto $70 billion in the oil and gas sectors in the next five years in the Gulf Cooperation Council (GCC) countries.
Market sources said Saudi nationals had been landing in Dubai by planeloads to subscribe to Dana Gas. The subscription opened on Sept.19 and closes this week. The IPO is the first for a natural gas resource company in the Gulf region. The sought-for 2.06 billion dirhams represent 34.33 percent of the company’s capital.