Wednesday, March 31, 2021
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“TAQA” invests 40 billion dirhams to boost its transport and distribution business – local economy


The Abu Dhabi National Energy Company (TAQA) announced yesterday its vision for 2030, aimed at achieving sustainable and profitable growth, noting that its strategic plan focuses on keeping pace with the global trend of transformation in the energy sector, in addition to its ambition to be a leading company in the field of electricity generation And desalination, using low-carbon technologies.

In a statement, TAQA stated that it will significantly increase its total capacity to generate electricity and desalinate water from its projects within the UAE and internationally, depending on solar energy and highly efficient reverse osmosis technology. It will also invest an additional 40 billion dirhams in its organized assets operating in the country, to enhance its business in the field of Transportation and Distribution, as well as its focus on commercially viable opportunities to reduce its vulnerability to the oil and gas sector.

status

She added that its new strategy depends on its position after the conclusion of the deal with the Abu Dhabi Energy Corporation in July 2020, to focus on being an integrated utility company and a regional leader, indicating that as part of the plan, TAQA will work to improve efficiency in its current assets while supporting the development of its operational processes and capabilities. Digital.

It is expected that growth will be achieved through increasing capacities in the field of electricity generation and water desalination and expansion of networks, to meet the needs of the local market in the UAE, by taking advantage of investment in opportunities studied at the international level. In addition, TAQA’s business will be based on the principles and practices of environmental and social governance.

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Strengths

In addition, the company will continue to focus on its financial strengths, including protecting its independent credit ratings with an investment grade, and implementing the newly announced new dividend policy. This strong financial management will complement the company’s ambitious growth strategy.

Following its recent decision to allow foreign investors to own up to 49% of the issued shares of TAQA, the company is expected to announce a public offering at a later time, but this is subject to market conditions and shareholder approval.

Support

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“The company has the support of our shareholders for this new strategy, as it goes on to become the leading company in Abu Dhabi in the field of electricity generation and water desalination using low-carbon technologies,” said the Chairman of the Board of Directors of “TAQA”, Mohamed Hassan Al-Suwaidi.

“This strategy determines how the company will be able to achieve this,” he added, noting that after overcoming the repercussions of the pandemic, there will be an increasing focus around the world on the need for clean, reliable and sustainable sources of electricity and water.

Utilities company

The Group CEO and Managing Director of “TAQA”, Jasim Hussein Thabet, said that “TAQA” will become an integrated low-carbon utility company, pointing out that the new strategy determines how the company will fulfill this promise and achieve its future vision.


The company will increase its capacity to generate electricity and desalinate water, depending on solar energy.

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Source site www.emaratalyoum.com

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