Abu Dhabi National Energy Company (Taqa) completed its transaction with Abu Dhabi Power Corporation to create one of the largest utility companies in the Europe, Middle East and Africa region with total assets worth about Dh200 billion.
As part of the deal, ADPower transferred the majority of its power and water generation, transmission and distribution assets to Taqa in exchange for more than 106.3 billion new shares, the company said on Wednesday.
Following the deal, Moody's upgraded Taqa's issuer rating to Aa3 from A3 and its short term rating to P-1 from P-2. The ratings agency said that the new assets have a "significant positive impact on Taqa's business and financial profiles".
Taqa is also intending "to seek an increase to the free float through a follow-on public offering".
“The successful consolidation of Abu Dhabi’s power and water assets has created a true national energy champion that is well-positioned to spearhead the transformation of the utilities industry,” Mohamed Hassan Alsuwaidi, chairman of Taqa, said in a statement.
“Taqa’s strong balance sheet, predictable income, access to global capital markets and deep industry expertise enables it to play an active role in the UAE’s diversification strategy, putting a strong emphasis on clean sources.”
Taqa currently has 23 gigawatts of power generation capacity globally and 916 million imperial gallons per day of water desalination capacity, of which 1.4GW are from renewable sources. In addition, it has a further 4.4GW and 200 MIGD under development, including 2GW from renewable sources.
Taqa also named Jasim Husain Thabet as the new chief executive and managing director of the company. Saeed Hamad Al Dhaheri will be the new deputy chief executive and Stephen John Ridlington the company’s chief financial officer.
“Today marks the beginning of Taqa’s new journey, which will see us fully integrate our diverse asset portfolio and combine the talent and expertise of both organisations into a stronger company,” Mr Thabet said.
The entity “has a strong international footprint that enables us to pursue growth opportunities in the GCC and beyond, all while rewarding our shareholders with a sustainable dividend policy”, he said.
Following the completion of the transaction, Taqa, which is listed on the Abu Dhabi Securities Exchange, has become the UAE’s third-largest publicly traded company by market capitalisation.
Khalid bin Mohamed bin Zayed Al Nahyan, a member of the Abu Dhabi Executive Council, and chairman of the Abu Dhabi Executive Office also visited Taqa to review the results of the company's transactions with ADPower, Abu Dhabi Media Office tweeted on Wednesday.
He was also briefed about the company's future strategy, the office added.
More from UAE Human Development Report:
UAE currency: the story behind the money in your pockets
RESULTS
6.30pm: Maiden Dh 165,000 1,600m
Winner: Superior, Connor Beasley (jockey), Ahmad bin Harmash (trainer)
7.05pm: Handicap Dh 185,000 2,000m
Winner: Tried And True, Pat Dobbs, Doug Watson
7.40pm: Maiden Dh 165,000 1,600m
Winner: Roy Orbison, Fernando Jara, Ali Rashid Al Raihe
8.15pm
Handicap Dh 190,000 1,400m
Winner: Taamol, Dane O’Neill, Ali Rashid Al Raihe
8.50pm
Handicap Dh 175,000 1,600m
Winner: Welford, Richard Mullen, Satish Seemar
9.25pm: Handicap Dh 175,000 1,200m
Winner: Lavaspin, Richard Mullen, Satish Seemar
10pm: Handicap Dh 165,000 1,600m
Winner: Untold Secret, Xavier Ziani, Sandeep Jadhav
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Global state-owned investor ranking by size
|
1.
|
United States
|
|
2.
|
China
|
|
3.
|
UAE
|
|
4.
|
Japan
|
|
5
|
Norway
|
|
6.
|
Canada
|
|
7.
|
Singapore
|
|
8.
|
Australia
|
|
9.
|
Saudi Arabia
|
|
10.
|
South Korea
|
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
Tales of Yusuf Tadros
Adel Esmat (translated by Mandy McClure)
Hoopoe
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
MORE ON TURKEY'S SYRIA OFFENCE
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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.
LAST-16 EUROPA LEAGUE FIXTURES
Wednesday (Kick-offs UAE)
FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm
Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm
Inter Milan v Getafe (one leg only) 11pm
Manchester United (5) v LASK (0) 11pm
Thursday
Bayer Leverkusen (3) v Rangers (1) 8.55pm
Sevilla v Roma (one leg only) 8.55pm
FC Basel (3) v Eintracht Frankfurt (0) 11pm
Wolves (1) Olympiakos (1) 11pm
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
More from Rashmee Roshan Lall
DUNE%3A%20PART%20TWO
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Denis%20Villeneuve%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Timothee%20Chamalet%2C%20Zendaya%2C%20Austin%20Butler%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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
