Abu Dhabi National Energy Company (Taqa) will advance the UAE’s goal of increasing the share of renewables in the country’s energy mix and “selectively seek" investment opportunities abroad following its asset swap deal with state-owned ADPower.
The transaction gives Taqa a solid platform, allowing it to assess opportunities across its generation and transmission components to meet increased demand for water and power in the UAE, the company said in its transformation strategy report, posted on the Abu Dhabi Securities Exchange website.
“Internationally, we will follow a disciplined approach and investment assessment framework, focusing on select opportunities with attractive risk-adjusted returns,” the company said.
Taqa will seek investments in large-scale projects that fit its core competencies, including in markets where it has a presence. It will also look to enter new markets through the establishment of new partnerships, the company added.
Taqa’s deal with ADPower, finalised last month, created one of the largest utility companies in Europe, the Middle East and Africa with Dh200 billion of assets.
ADPower transferred a majority of its water generation, transmission and distribution assets to Taqa in exchange for more than 106.3 billion new shares, significantly boosting Taqa’s asset base and its financial profile.
Taqa currently boasts about 23 gigawatts in power and approximately 900 million imperial gallons per day (MIGD) in water generation capacity. The company is now the sole transmission firm in Abu Dhabi with significant networks in six emirates, according to the strategy report.
Taqa is now targeting 20 per cent share of solar and about 50 per cent share of reverse osmosis within its generation capacities by 2030, “further improving our clean energy credentials,” it added.
Earlier this month, a consortium led by Taqa and Masdar, in partnership with France’s EDF and JinkoPower, won the bid to develop the world’s largest solar power plant with a total capacity of 2 gigawatts in Abu Dhabi. The tariff for the project, awarded by the Emirates Water and Electricity Company (EWEC), was set at Dh4.97 fils per kilowatt hour ($1.35 cents/kWh) on a levelised cost of electricity basis.
The project’s financial closure is set for the third quarter of this year and will increase Abu Dhabi’s solar power capacity to approximately 3.2 gigawatts, once the plant is fully operational.
Taqa's also made a Dh900 million push to expand its recycled water distribution programme last month when its subsidiary Abu Dhabi Distribution Company, awarded two projects. The schemes will have a combined capacity to transmit about 85 MIGD of recycled water, sufficient to irrigate more than 3.5 million palm trees.
Taqa, which in the past has focused on oil and gas, said with its “substantial new scale in the utilities space” and further opportunities of growth within the segment, its existing international oil and gas assets will become a smaller portion of its overall portfolio.
The reduction will “significantly increase our resilience to commodity price volatility”, it said.
“We will continue to improve operating efficiencies within the oil and gas business line to maximise short-term value while seeking long-term strategic solutions.”
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Company profile
Name: The Concept
Founders: Yadhushan Mahendran, Maria Sobh and Muhammad Rijal
Based: Abu Dhabi
Founded: 2017
Number of employees: 7
Sector: Aviation and space industry
Funding: $250,000
Future plans: Looking to raise $1 million investment to boost expansion and develop new products
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
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SPECS
%3Cp%3EEngine%3A%20Twin-turbocharged%204-litre%20V8%3Cbr%3EPower%3A%20625%20bhp%3Cbr%3ETorque%3A%20630Nm%3Cbr%3EOn%20sale%3A%20Now%3Cbr%3EPrice%3A%20From%20Dh974%2C011%3C%2Fp%3E%0A
%20Ramez%20Gab%20Min%20El%20Akher
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Killing of Qassem Suleimani
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
A Bad Moms Christmas
Dir: John Lucas and Scott Moore
Starring: Mila Kunis, Kathryn Hahn, Kristen Bell, Susan Sarandon, Christine Baranski, Cheryl Hines
Two stars
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
UAE currency: the story behind the money in your pockets
PROFILE BOX
Company name: Overwrite.ai
Founder: Ayman Alashkar
Started: Established in 2020
Based: Dubai International Financial Centre, Dubai
Sector: PropTech
Initial investment: Self-funded by founder
Funding stage: Seed funding, in talks with angel investors
Christopher Robin
Starring: Ewan McGregor, Haley Atwell, Jim Cummings, Peter Capaldi
Three stars
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
