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Khaleej Times
27 minutes ago
- Khaleej Times
Taqa posts Dh3.7b H1 net income as global expansion gains traction
Abu Dhabi National Energy Company (Taqa), one of the largest listed integrated utilities in Europe, the Middle East and Africa, has reported a net income of Dh3.7 billion in the first half of 2025, reflecting its continued strength in core utilities and a growing international footprint despite market headwinds. The group recorded a 4.5 per cent year-on-year increase in revenue to Dh28.4 billion in the six months ended 30 June 2025, driven mainly by higher pass-through costs in its Transmission and Distribution segment. Underlying profitability in its utilities business remained robust, although overall results were weighed down by an expected decline in oil and gas production following the cessation of output from four UK assets, softer oil prices, higher financing costs and non-recurring items. Ebitda fell 11 per cent to Dh10.2 billion. Taqa pressed ahead with its international growth strategy, advancing projects and acquisitions across multiple geographies. In Morocco, the company signed agreements with national and private sector partners to fast-track development of integrated power and water infrastructure, including gas-fired and renewable generation, water desalination and related transmission. The projects represent a potential investment of about Dh52 billion. In Central Asia, Taqa, alongside Mubadala, completed the acquisition of the 875MW Talimarjan power complex in Uzbekistan, marking its entry into one of the region's fastest-growing energy markets. In the UK, Taqa Transmission continued integrating the recently acquired Transmission Investment, which manages about Dh15 billion (£3 billion) in assets across 11 offshore transmission projects, strengthening its role in critical grid expansion to support the energy transition. In the Netherlands, Taqa transferred its P18-A gas platform and associated assets to Porthos, supporting Europe's first major carbon capture and storage facility. Meanwhile, in Greece, Masdar — in which Taqa is a stakeholder — expanded its presence by acquiring 100 per cent of TERNA Energy, a leading renewable developer. Masdar also issued a $1 billion green bond under its Green Finance Framework to fund new renewable projects, underscoring its goal of achieving 100GW of global renewable capacity by 2030. Domestically, Taqa continued to enhance capacity and flexibility in the UAE's energy infrastructure. In partnership with EWEC, it signed a Power Purchase Agreement to convert the Shuweihat 1 plant from a cogeneration facility to a flexible reserve power plant, enabling greater integration of renewables into Abu Dhabi's grid and improving stability during peak demand. This followed the earlier agreement for the 1GW Al Dhafra Thermal project, designed to supply additional dispatchable capacity to meet rising electricity demand from artificial intelligence and digital infrastructure. Chairman Mohamed Hassan Alsuwaidi said in a statement that Taqa's first-half performance highlighted its role as a key enabler of infrastructure development both in the UAE and internationally. 'Alongside sustained investment in domestic power and water infrastructure, our growing international presence, including our plans in Morocco, reinforces Taqa's commitment to providing reliable, efficient power and water supply at scale,' he said. 'As the business evolves, our focus remains on disciplined execution and creating lasting value for shareholders, while supporting the broader energy transition and economic diversification goals of the UAE and the markets we operate in.' Group CEO and managing director Jasim Husain Thabet said the results reflected the resilience of Taqa's integrated utility model. 'Despite headwinds, we continued to make tangible progress on priority projects across generation, water and transmission, increasing system flexibility and expanding our global portfolio. These steps reinforce Taqa's position as a reliable partner for large-scale power and water solutions, regionally and globally,' he said. The group reduced its gross debt to Dh61.7 billion through scheduled repayments and the maturity of a corporate bond, while directing Dh5.2 billion in capital expenditure towards flexible generation, transmission upgrades and strategic desalination projects. The Board approved a second-quarter interim dividend of 0.75 fils per share. Taqa said it would maintain its focus on expanding low-carbon power and water solutions, strengthening grid infrastructure and enabling the energy transition in its markets.
Khaleej Times
an hour ago
- Khaleej Times
Abu Dhabi extends Darb toll timings, removes caps for private vehicles
New amendments have been announced to the Abu Dhabi toll system on Thursday. This comes as part of its ongoing efforts to enhance traffic flow and reduce congestion on main roads during peak hours. The new amendments will come into effect starting Monday, 1 September 2025, introducing changes to the tariff schedule. The evening period will be revised to run from 3pm to 7pm, while the morning period will remain unchanged, from 7am to 9am, Monday through Saturday. Tariffs will continue to be free of charge on Sundays and official public holidays. The new amendments also remove the current daily and monthly toll caps for private vehicles. This means there will no longer be a maximum limit on the toll charges collected per vehicle each day (AED16) or each month (AED200, AED150, and AED100) for the first, second or third vehicle, or any additional vehicle after that. Under the updated rules, a fee of AED4 will apply each time a vehicle passes through a toll gate in the emirate. The existing exemption policy will continue for eligible groups, including People of Determination, low-income families, senior citizens, and retirees. Q Mobility, a subsidiary of Abu Dhabi Developmental Holding Company (ADQ), will assume management and operation of Abu Dhabi's DARB toll system, working in coordination with the relevant authorities to implement the updates.
Khaleej Times
2 hours ago
- Khaleej Times
UAE weekend guide: Family fun, high-end escapes, and Caribbean flavours await
Whether you're after a whimsical family outing, a luxurious city staycation, or a brunch bursting with bold flavours, this weekend in the UAE has something for every mood. Explore Nakheel Mall's Smurf village, savour panoramic views and personalised service at Sofitel Dubai The Obelisk's Club Millésime, or tuck into a Jamaican feast at Bless Up Sundays — your weekend plans just got a whole lot more exciting. Here's the list: Meet the Smurfs Nakheel Mall is bringing the Smurfs to life this summer with an immersive pop-up experience running from August 15 to 31. Timed as a back-to-school celebration and in anticipation of the upcoming Smurfs movie featuring Rihanna as Smurfette, the activation transforms the mall into a storybook-style Smurf village with themed zones, an enchanted forest, Papa Smurf's house, and interactive games. Families can enjoy daily workshops, puzzles, gardening activities, AR magic mirrors, and stage shows starring Papa Smurf and Smurfette, followed by meet-and-greets with fan-favourite characters. Activity zones run daily from 1pm to 9pm, with stage shows and meet-and-greets scheduled throughout the afternoon and evening, making it a fun-filled destination for all ages before the new school year begins. Complimentary access to luxury lounge This summer, Sofitel Dubai The Obelisk is offering deluxe and luxury room guests complimentary access to Club Millésime, its most exclusive executive lounge, for stays until September 30, 2025. Located on the 51st floor, the lounge combines French elegance with Egyptian grandeur, offering panoramic views, private check-in, and personalised service. Guests can enjoy a gourmet breakfast, Le Goûter afternoon tea from 2pm to 4pm, and L'Apéro Chic beverages with canapés from 5pm to 7pm. Designed as a serene retreat for business, leisure, or romance, Club Millésime delivers an elevated hospitality experience with exceptional views. All-you-can-eat Sunday brunch Bless Up Sundays brings a taste of Jamaica to brunch with an all-you-can-eat feast served every Sunday from 12.30pm to 4.30pm. Guests can enjoy traditional favourites like Jerk Chicken, Oxtail & Beans, and Jamaican Patties alongside inventive new dishes, complemented by a choice of soft drinks, selected beverages, or premium beverages. Kids under four eat for free, while little ones aged 4–12 dine for Dh75. The laid-back vibe is enhanced with board games such as Dominoes and Jenga, and from 3pm, a live DJ sets the mood with upbeat tunes, making it an ideal weekend hangout for families and friends.
