Dana Gas soars on Kurdistan deal, rest of UAE quiet

DUBAI – 4 September 2017L Shares in Abu Dhabi-listed Dana Gas soared early on Monday after it agreed on overdue payments from Kurdistan’s government, while United Arab Emirates stock markets were generally quiet and other regional bourses remained closed for Eid holidays.

Dana jumped 14.1 percent. Kurdistan, an autonomous, independence-seeking region of northern Iraq, agreed to immediately pay Dana’s gas production consortium $1 billion, including $400 million that will be used for investment in the region; Dana will receive 35 percent of the money.

In addition, $1.24 billion will be reclassified from debt owed by the government to outstanding costs to be recovered by the consortium from future revenues as it operates in Kurdistan.

Other Abu Dhabi stocks were much more subdued, with the index rising only 0.3 percent.

In Dubai, the index slipped 0.3 percent as DAMAC Properties DU> dropped back 2.2 percent and Emaar Properties lost 0.6 percent. The most heavily traded stock, builder Drake & Scull, added 1.8 percent.