Dana Gas, a regional private sector natural gas company, has announced its inclusion in the Morgan Stanley Capital International, MSCI, for Global Small Cap Indexes, effective 27th May, 2019.
The MSCI Emerging Markets Small Cap Index captures small-cap representation across 24 Emerging Markets countries. With 1,571 constituents, the index covers approximately 14% of the free float-adjusted market capitalisation in each country.
The small cap segment tends to capture more local economic and sector characteristics relative to larger Emerging Markets capitalisation segments. Dana Gas has joined the benchmark which includes 23 emerging markets countries, including the United Arab Emirates.
Commenting on the inclusion, Patrick Allman Ward, CEO of Dana Gas, said, “The inclusion of Dana Gas in MSCI’s Emerging Markets Small Cap Index puts the company firmly on the radar of institutional investors. Gaining representation in the index is testament to the progress we have made over the last year, specifically with regard to the successful Settlement Award in Kurdistan Region of Iraq and also the two completed projects in 2018 which increased our production substantially and will add US$50 million to our revenue this year.”