DUBAI - Dove Energy Group (DEG), a new independent oil and gas producing company, has announced on Wednesday that it has received a licence to establish its global headquarters at the Dubai International Financial Centre (DIFC).
Published: Fri 20 Feb 2009, 12:44 AM
Updated: Thu 2 Apr 2015, 3:55 AM
Dove Energy Group (DEG) has chosen to locate in Dubai so that it can base itself at the hub of the region where a majority of the world’s remaining oil and gas reserves lie. Dubai will also provide a platform for DEG to expand its activities throughout the Middle East and North Africa region. DIFC’s international common-law framework will provide the Dove Energy Group with the legal security and certainty necessary to run its international operations, a Press statement issued by the company said. Welcoming the company to DIFC, Abdulla Al Awar, managing director of DIFC Authority said: “The establishment of Dove Energy Group’s international headquarters here reflects the Dubai International Financial Centre’s growing global profile as a leading international business hub. As the primary gateway for capital and investment in the region, DIFC will give Dove Energy Group the perfect platform to grow its business and develop key relationships in the region.”
Apart from the group headquarters, Dove Energy Group DEG will ultimately control two other entities — Dove Energy Limited, a 100 per cent-owned UK subsidiary and Dove Energy Inc, a 100 per cent-owned British Virgin Island subsidiary. Philip Maxwell, the group’s CEO, said that DEG is an opportunistic investor in both oil and gas exploration, producing assets that have the potential to create long-term value through appropriate investment in technology, good operational management and efficiency improvements. DEG has a track record of cost-effective oil production in Yemen and of developing good relationships with local partners in each country in which it invests. Its team in DIFC will provide active oversight of new opportunities critical to long-term value creation, together with strategic and operational guidance to
group companies.
DIFC’s laws, which have been created by incorporating best practices from across the world, offer a high degree of protection and ease of operations for global companies, Maxwell said.
Dove Energy Group DEG aims to expand its oil and gas production investments in the Middle East, North Africa and Caspian regions.
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