ABU DHABI, 1st July, 2020 (WAM) — H.H. Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Member of the Executive Council, Chairman of Abu Dhabi Executive Office, has visited TAQA’s headquarters in Abu Dhabi to follow up on the transaction between Abu Dhabi National Energy Company ‘TAQA’ and Abu Dhabi Power Corporation “ADPower”, that will enable TAQA to play an active role in the transformation of the utilities industry, contribute to economic diversification in Abu Dhabi, and provide opportunities to grow its business at a regional and global level.
During his visit, Sheikh Khalid bin Mohamed met with Mohamed Hassan Al Suwaidi, Chairman of TAQA’s board of directors, and Jasim Husain Thabet, Chief Executive Officer and Managing Director of TAQA. While there, he was presented with the company’s future strategy.
It was explained that TAQA’s future will be closely linked to the ongoing diversification of Abu Dhabi’s economy and the transformation of the energy sector, moving towards clean and sustainable generation of power and water. The company’s ambition is to achieve a balance of roles between asset owner and investor, operator and developer.
TAQA’s immediate priority is to increase efficiencies across its portfolio, strengthen implementation and leverage proven digital solutions that will further enhance its business.
Future growth will be largely focused on the UAE, driven by the country’s strategies for economic diversification and a transition to clean energy. The company will also selectively pursue opportunities in international markets where TAQA can add value, and when projects are aligned with its strategy and risk-return metrics
HH praised the transaction, which will enhance the role of the UAE in the utilities sector, and will pave the way for further expansion and development in the generation of water and power through the combined efforts and capabilities of the new company, and enhance the competitiveness of these sectors.
His Highness also emphasised that TAQA’s capcity for high productivity in water and electricity, and its talented workforce and expertise, will lay solid foundations for a period of strong, sustainable growth.
During his visit, HH also witnessed the launch of TAQA’s new brand. Following the transaction, TAQA becomes one of the largest utilities companies in the Europe, Middle East and Africa (EMEA) region, and the third largest publicly traded company in the UAE by market capitalisation, with total regulated assets of AED 200bn.