The latest shakeup of the UAE’s power sector has concluded, with Abu Dhabi’s state electricity and water firm Adpower now controlling 98.6% of the emirate’s part-privatized energy firm Taqa. Completion of the deal, under which Adpower transferred the majority of its power and water generation, transmission and distribution assets to Taqa, was announced on 1 July.
Taqa, which is listed on the Abu Dhabi Securities Exchange (ADX) says it is now the UAE’s third-largest publicly traded company. Adpower’s chief executive Jasim Thabet was swiftly appointed chief executive of Taqa, with the firm’s previous CEO Saeed al-Dhaheri appointed deputy CEO. (CONTINUED - 413 WORDS)