{"id":192950,"date":"2021-04-22T19:51:54","date_gmt":"2021-04-22T19:51:54","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=192950"},"modified":"2021-04-22T19:52:04","modified_gmt":"2021-04-22T19:52:04","slug":"abu-dhabi-taqa","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/abu-dhabi-taqa\/","title":{"rendered":"Abu Dhabi to sell $4 billion TAQA stake to attract foreign investors"},"content":{"rendered":"\n<p>The Emirate of Abu Dhabi is considering selling a stake in the Abu Dhabi National Energy Company (TAQA), as part of government efforts to attract international investors to invest in some of its prominent assets, informed sources revealed.<\/p>\n\n\n\n<p>The government is discussing with its advisers the possibility of selling 10% of the state-owned TAQA, which is potentially worth more than $4 billion, based on its current market value.<\/p>\n\n\n\n<p>The sources also said that the sale process may attract the interest of large global utility companies and other financial investors, and it is likely that the initial non-binding bidding will be submitted next May.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Abu Dhabi TAQA<\/strong><\/h2>\n\n\n\n<p>The Abu Dhabi government aims to transform the Abu Dhabi National Energy Company into a leading regional utility company. Last year, Abu Dhabi prepared a plan to transfer assets from the state-owned Abu Dhabi Energy Holding Company, in exchange for shares.<\/p>\n\n\n\n<p>Sources indicated that the size of the share offered for sale may change according to investors\u2019 interests, as negotiations continue without certainty that they will lead to a deal.<\/p>\n\n\n\n<p>Abu Dhabi is seeking to attract foreign capital by selling stakes in some of its largest companies. In recent years, international and local funds have invested more than $20 billion in the operations of the state-owned oil producer <a href=\"https:\/\/www.google.com\/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwiUwqfQzJLwAhWfThUIHZ7dD7UQFjAAegQIAhAE&amp;url=https%3A%2F%2Fwww.adnoc.ae%2F&amp;usg=AOvVaw3XleqgCGh0VuieDEuHii6x\">ADNOC<\/a>.<\/p>\n\n\n\n<p>Informed sources said last March that the TAQA, which has a monopoly on electricity and water distribution in Abu Dhabi, is studying several options for its oil and gas assets, including the possible sale.<\/p>\n\n\n\n<p>According to Bloomberg, TAQA\u2019s shares have declined by 5.6% since the beginning of the year, bringing their market value to about $42 billion.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Openness to the international financial community<\/h2>\n\n\n\n<p>This month, Jassim Hussain Thabet, CEO and Managing Director of TAQA, said that there is growing interest in the company in the international financial community.<\/p>\n\n\n\n<p>He emphasized the company&#8217;s keenness to present TAQA as a convincing investment opportunity for any investor, whether residing in the UAE or abroad.<\/p>\n\n\n\n<p>The company recently decided to allow foreign investors to own up to 49% of the issued shares, in addition to its intention to announce a public offering for an additional share of the company\u2019s shares.<\/p>\n\n\n\n<p>The group\u2019s CEO had mentioned the upcoming IPO, which is a decision that the Board of Directors and shareholders will take at a time when market conditions permit.<\/p>\n\n\n\n<p>TAQA is one of the largest listed companies in the UAE by market value, and it is among the top 10 integrated facilities companies in the EMEA region.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Read more: <a href=\"https:\/\/www.bnreport.com\/en\/remote-workers\/\">UAE Approves New System To Attract Remote Workers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Emirate of Abu Dhabi is considering selling a stake in the Abu Dhabi National Energy Company (TAQA), as part of government efforts to attract international investors to invest in some of its prominent assets, informed sources revealed. The government is discussing with its advisers the possibility of selling 10% of the state-owned TAQA, which [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":192951,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[278,512],"class_list":["post-192950","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-featured","tag-uae"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Abu Dhabi to sell $4 billion TAQA stake to attract foreign investors<\/title>\n<meta name=\"description\" content=\"Bnreport - Abu Dhabi is considering selling a stake in TAQA to attract international investors to invest in some of its prominent assets.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/abu-dhabi-taqa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Abu Dhabi to sell $4 billion TAQA stake to attract foreign investors\" \/>\n<meta property=\"og:description\" content=\"Bnreport - 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