Abu Dhabi National Energy Company (TAQA)’s announcement on 1 April of its developing a waste-to-energy facility in Abu Dhabi is the latest blurring of the boundaries between three state-owned firms, TAQA, Mubadala Development and International Petroleum Investment Company (IPIC). Together they have assets of more than $143bn.

The three investment vehicles are key to economic diversification, outlined in the Abu Dhabi Economic Vision 2030, “to reduce the high volatility due to its dependency on oil and the primary role it plays in the domestic economy.” At their foundation – IPIC in 1984, Mubadala in 2002, and TAQA in 2005 – they had remits that prevented overlaps. Examples of their original separation included: IPIC invested overseas; only Mubadala invested in renewable power; and TAQA only invested upstream in North America and Europe. (CONTINUED - 1405 WORDS)