United Arab Emirates-based Dana Gas said on Saturday it had signed an agreement with Kuwait's Ikarus Petroleum to jointly develop gas and petrochemical projects in the Middle East and North Africa.

The initial agreement 'will focus specifically on petrochemicals and downstream projects', Sharjah-based Dana Gas said in a statement, without giving details.

Ikarus Petroleum is a shareholder in Saudi International Petrochemical Company (Sipchem), which is developing an $8 billion petrochemical project in the Saudi industrial hub of Jubail.

Dana Gas said in January it plans to invest about $500 million in Egypt and Iraq's Kurdish region this year to boost output of natural gas.

Ikarus is owned by Kuwait's National Industries for Building Materials, Noor Financial Investment Company and Markaz Energy Fund.-Reuters