TAQA to Invest $11 Billion in UAE

TAQA said that it will work on commercially viable opportunities to reduce its reliance on the oil and gas sector. Asharq Al-Awsat
TAQA said that it will work on commercially viable opportunities to reduce its reliance on the oil and gas sector. Asharq Al-Awsat
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TAQA to Invest $11 Billion in UAE

TAQA said that it will work on commercially viable opportunities to reduce its reliance on the oil and gas sector. Asharq Al-Awsat
TAQA said that it will work on commercially viable opportunities to reduce its reliance on the oil and gas sector. Asharq Al-Awsat

Abu Dhabi National Energy Company (TAQA) announced plans to increase its renewable energy assets, in a shift away from reliance on oil. It plans to invest AED40 billion ($10.9 billion) in UAE.

TAQA will generate more than 30 percent of its power from renewable sources by 2030, compared with 5 percent currently.

The company also plans to expand its power-generation capacity in the UAE from 18 gigawatts to 30 gigawatts. It intends to boost its global generating capacity by 15 gigawatts.

TAQA operates oil and gas assets in North America and Iraq, and electricity assets in Morocco. This year, it took control of power generation assets of an Abu Dhabi state-owned firm.

The investment was announced as part of a new 2030 strategy.

The new strategic plan places at its core the global acceleration of the energy transition, and TAQA’s ambition to become a champion for low carbon power and water.

Growth is expected through meeting increased power, water, and network capacity needed in its home market of the UAE, as well as from selective opportunities internationally.

TAQA’s business will be anchored in ESG principles and practices. As part of that commitment, the company is working to develop and publish greenhouse gas emission reduction targets.

Chairman Mohamed Al Suwaidi said, “TAQA has the support of our shareholders for this new strategy and is on its way to becoming the recognized low carbon power and water champion from Abu Dhabi."

He added that “this strategy sets out how the company will achieve this ambition. As we emerge from the pandemic, around the world there will be an increasing focus on the need for clean, reliable, and sustainable sources of power and water.”

"TAQA is uniquely positioned to use its platform to play a key part in meeting Abu Dhabi's own ambitions in this space, as well as taking its expertise to international markets where it can add value," Suwaidi said.

For his part, Group Chief Executive and Managing Director Jasim Thabet said, “TAQA will become a champion for low carbon power and water.”

“We will expand our portfolio of renewables and highly efficient water desalination, drive efficiency in our networks and distribution business and invest in growing the UAE regulated asset base,” he added.



Diriyah Company Awards Major Contract for Landmark Arena Project

The Diriyah Arena will boost the quality of life in Diriyah by providing a space for residents and visitors to enjoy events. (SPA)
The Diriyah Arena will boost the quality of life in Diriyah by providing a space for residents and visitors to enjoy events. (SPA)
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Diriyah Company Awards Major Contract for Landmark Arena Project

The Diriyah Arena will boost the quality of life in Diriyah by providing a space for residents and visitors to enjoy events. (SPA)
The Diriyah Arena will boost the quality of life in Diriyah by providing a space for residents and visitors to enjoy events. (SPA)

Saudi Arabia’s Diriyah Company has awarded a contract worth SAR5.75 billion to the branch of China Harbour Engineering Company Ltd. for the construction works of the Arena Block, a district that includes the multi-purpose indoor Diriyah Arena, three mixed-use office buildings, and a parking facility.

Diriyah Arena will have a gross floor area of approximately 74,000 square meters and is designed as a flexible and scalable venue to accommodate events such as concerts, sporting events, esports competitions, exhibitions, and live shows, said a statement from Diriyah Company on Wednesday. With a seating capacity of 20,000 spectators, it aims to attract residents and visitors from around the world.

Designed by the renowned global architecture firm HKS Inc., the Diriyah Arena’s design draws inspiration from the natural geology surrounding Diriyah, while honoring traditional Najdi architectural elements, to create a harmonious blend of heritage and modernity.

The Diriyah Arena will boost the quality of life in Diriyah by providing a space for residents and visitors to enjoy events, fostering a sense of community spirit, and contributing to the overall well-being of the area.

In addition to the Diriyah Arena, the Arena Block development will include three mixed-use office plots designed by international architects John McAslan + Partners, covering approximately 114,000 square meters, supported by state-of-the-art technology and infrastructure. The contract also includes over 4,000 parking spaces to support both Diriyah Arena events and office facilities.

Diriyah Company Group CEO Jerry Inzerillo stated: “The Diriyah Arena will be a landmark entertainment complex in Diriyah that reinforces the City of Earth’s growing global role in shaping Saudi Arabia’s artistic and cultural future, in alignment with Vision 2030.”

“By attracting both residents and global visitors to experience world-class sports and performances, the Diriyah Arena firmly demonstrates our commitment to creating a world-leading gathering place,” he added.

General manager of China Harbour Engineering Company Ltd. (Middle East) Yang Zhiyuan said: “This award marks a significant milestone for CHEC in the Kingdom. CHEC will bring to the project a wealth of global experience, technical expertise, and a proven track record of delivering successful projects.”

“We will mobilize the best resources and talents from across our international network and strive for excellence to ensure the successful and timely delivery of this world-class Arena. We will continue to deliver excellence in support of Vision 2030. We are deeply proud to be part of this initiative,” he remarked.

The contract is the latest in a series of major announcements so far in 2025 as Diriyah Company continues to accelerate its development program for Diriyah, realizing milestone after milestone.

The Diriyah Arena will join world-class cultural and entertainment assets in Diriyah, including the Royal Diriyah Opera House, nine museums, and academies, all featuring Najdi architectural elements inspired by the At-Turaif UNESCO World Heritage Site.