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UAE's TAQA lifts foreign ownership cap to 49pc

November 11, 2020 00:00:00

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

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