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UAE’s TAQA, ADPower Form 3rd Largest Publicly Traded Company

UAE’s TAQA, ADPower Form 3rd Largest Publicly Traded Company
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UAE’s TAQA, ADPower Form 3rd Largest Publicly Traded Company

UAE’s TAQA, ADPower Form 3rd Largest Publicly Traded Company

Abu Dhabi National Energy Company (TAQA) announced the successful completion of its transaction with Abu Dhabi Power Corporation (ADPower) creating one of the largest utility companies in the region of Europe, Middle East, and Africa (EMEA).

The transaction saw the transfer of ADPower’s majority power and water generation, transmission and distribution assets to TAQA in exchange for over 106 billion new shares.

With the completion of the transaction, TAQA is now the UAE’s third-largest publicly traded company by market capitalization and among the top-ten integrated utility companies in EMEA by regulated assets.

TAQA currently has 23 GW of power generation capacity globally and 916 MIGD of water desalination capacity, of which 1.4 GW are from renewable sources. It also has a further 4.4 GW and 200 MIGD under development, including 2 GW from renewable sources.

TAQA’s assets now include 12 power and water generation plants in operation, and it is the only company responsible for all of Abu Dhabi’s power and water transmission and distribution.

It has its own international assets in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, UK, and the US.

ADPower will own 98.60 percent of the entire issued share capital of TAQA, which intends to increase to the free float through a follow on public offering.

TAQA Chairman Mohammed al-Suwaidi indicated that 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.

“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," Suwaidi was quoted as saying by Emirates News Agency (WAM).

He added that the company will invest and deploy new technology to ensure continued reliable and efficient supply of power and water and additional sustainable capacity to meet the demands of the UAE economy.

For his part, TAQA’s CEO Jasim Husain Thabet said that this transaction is the beginning of TAQA’s new journey, which will fully integrate “our diverse asset portfolio and combine the talent and expertise of both organizations into a stronger company,” which will contribute to the socio-economic development of UAE.

“We benefit from a strong capital structure, a robust business model and exclusivity rights to participate in all generation and water desalination projects tendered in Abu Dhabi over the next decade with a minimum 40% equity share,” he concluded.

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US Labor Market Slows Despite Job Adds in May

Commuters cross Pennsylvania Avenue in Washington, DC, during the morning rush hour. (Roberto Schmidt/AFP/Getty Images)
Commuters cross Pennsylvania Avenue in Washington, DC, during the morning rush hour. (Roberto Schmidt/AFP/Getty Images)
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US Labor Market Slows Despite Job Adds in May

Commuters cross Pennsylvania Avenue in Washington, DC, during the morning rush hour. (Roberto Schmidt/AFP/Getty Images)
Commuters cross Pennsylvania Avenue in Washington, DC, during the morning rush hour. (Roberto Schmidt/AFP/Getty Images)

The United States added 139,000 jobs in May, more than expected but pointing to a labor market that continues to slow.

The employment data released Friday by the Bureau of Labor Statistics exceeded forecasts for about 120,000 payroll gains but marked a decline from the revised 147,000 jobs added in April. The unemployment rate held steady at 4.2%, remaining near historic lows.

Stocks surged at Friday's open, with all three major indexes gaining about 1%.

In return, US government borrowing costs climbed as investors anticipated the Federal Reserve would keep interest rates higher for longer, making it less attractive to hold US debt.

The BLS report showed job losses in the federal government continued to pile up, with that sector shedding 22,000 roles in May alone.

The federal workforce is down by 59,000 since January, largely due to sweeping cuts by the Trump administration and multibillionaire tech executive Elon Musk's Department of Government Efficiency project.

Even as the economy continued to add jobs at a relatively steady clip last month, the report showed other signs of a weakening labor market.

The ratio of employed workers to the total population fell to 59.7%, its lowest since the pandemic.

An alternative measure of unemployment that includes “discouraged” workers, or those who have stopped looking for work, returned to a post-pandemic high of 4.5%.

But President Donald Trump cheered the numbers, posting on his Truth Social platform Friday morning: “AMERICA IS HOT! SIX MONTHS AGO IT WAS COLD AS ICE! BORDER IS CLOSED, PRICES ARE DOWN. WAGES ARE UP!”

Trump had urged Federal Reserve Chairman Jerome Powell to slash interest rates by a full percentage point.

“Too Late' at the Fed is a disaster!” Trump wrote in a post on Truth Social.

In reality, employers added 212,000 jobs in November, unemployment was at 4.1%, the 12-month average of hourly pay gains have softened from nearly 4.2% then to 3.9% in May, and both the labor force participation rate and the employment-to-population ratio were slightly higher.

Only consumer prices have meaningfully cooled, ticking down from an annual inflation rate of 2.7% in November to 2.3% in April, the latest month with available data.

Analysts at Capital Economics called the May jobs report “not as good as it looks.”

Still, they wrote in a note Friday, “it shows that tariffs are having little negative impact” and added that the Federal Reserve is likely to continue holding interest rates steady “while it assesses the effects of policy changes on the economy.”