Abu Dhabi National Energy Company, also known as Taqa, swung to a Dh1.4 billion ($390 million) profit in the first quarter after posting a Dh596 million loss in the same period a year earlier, boosted by higher oil prices and an economic rebound from the Covid-19 pandemic.
Group revenue was 3.4 per cent higher at Dh10.3bn in the first quarter. Capital expenditure increased 18 per cent to Dh1.3bn, recovering from a period of low-spend due to the pandemic, which resulted in projects being postponed.
"Looking forward, the conditions are more optimistic as we see the demand for utilities and commodities bounce back after the universal challenges brought on from the pandemic," said Jasim Thabet, Taqa group chief executive and managing director.
The company declared an interim cash dividend of Dh618m for the first quarter.
Taqa's earnings before interest, tax, depreciation and amortisation rose 12 per cent, due to higher revenue, lower operating expenses and higher income from associates.
Taqa, which also operates oil and gas assets, reached average production volumes of 120,000 barrels of oil equivalent per day, supported by higher production in Europe.
On Sunday, the company raised $1.5bn through a dual-tranche bond issue to fund its low-carbon growth plans and buy back some of its outstanding corporate bonds.
"In 2021, we hit the ground running with our recent bond issuance which received strong endorsement from investors around the world, showcasing Taqa's investment attractiveness and our commitment to delivering on our strategy," said Mr Thabet.
In March, the company announced a 2030 strategy that expands its renewables portfolio and lowers its carbon footprint.
Taqa plans to invest Dh40bn in infrastructure development in the UAE. The company looks to add about 27 gigawatts of power capacity by 2030, of which 15 gigawatts will be installed outside the UAE.
Taqa will generate more than 30 per cent of its power from renewable sources by 2030, compared with 5 per cent currently, as part of its 2030 strategy.
The company completed a merger with Abu Dhabi Power Corporation in July last year. The deal, effectively a reverse takeover, resulted in ADPC transferring assets worth Dh120bn to Taqa in return for shares, giving it a 98.6 per cent stake in the company.
The merged entity, which has assets worth Dh200bn, said it still expects to complete a public offering to diversify its share base, subject to market conditions and shareholder approval.
Taqa also allowed foreign investors to own up to 49 per cent of its issued shares earlier this year.
The company plans to expand its power-generation capacity in the UAE to 30 gigawatts from 18 gigawatts.
Taqa intends to boost its global generating capacity by 15 gigawatts.The increase will largely come through solar photovoltaic generation. It is currently building the massive 2-gigawatt Al Dhafra Solar PV plant alongside Masdar, France’s EDF Renewables and China’s JinkoPower.
About two thirds of desalination projects will be based on reverse osmosis, a membrane-based method of desalination that uses less energy compared with the thermal process used to produce fresh water.
The company is already building the world’s largest reverse osmosis desalination plant, Taweelah, which will produce 200 million imperial gallons of water a day.
Emergency
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War 2
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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
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Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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UAE currency: the story behind the money in your pockets
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
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UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
SPECS
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'Project Power'
Stars: Jamie Foxx, Joseph Gordon-Levitt, Dominique Fishback
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
'Operation Mincemeat'
Director: John Madden
Cast: Colin Firth, Matthew Macfayden, Kelly Macdonald and Penelope Wilton
Rating: 4/5
