UAE's TAQA lifts foreign ownership cap to 49pc

FE Team | Published: November 10, 2020 22:29:58

DUBAI, Nov 10 : Abu Dhabi National Energy Co TAQA.AD has raised the foreign ownership limit in the company to 49% to attract investors after state-backed Abu Dhabi Power Corp (ADPower) took control of the energy firm this year. TAQA, which has a market capitalisation of $52 billion, reported a nine-month net profit of 1.3 billion dirhams ($354 million), down from 4.74 billion dirhams in the same period a year earlier, due to lower oil and gas revenues.
— Reuters