Abu Dhabi transfers full ownership of Enec to holding company ADQ

The state-controlled firm owns utilities such as Taqa, Abu Dhabi Sewerage Services Company and Emirates Water and Electricity Company

Abu Dhabi, United Arab Emirates - Reporter: N/A: Standalone. A kite surfer performs in the bay in front of the Abu Dhabi skyline at sunset. Monday, April 27th, 2020. Abu Dhabi. Chris Whiteoak / The National
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ADQ, one of the region’s largest holding companies, expanded its utilities portfolio with the transfer of ownership of Emirates Nuclear Energy Corporation (Enec).

All Enec shares have been transferred to the state-owned company by the Abu Dhabi government with immediate effect following a decree issued by the Abu Dhabi Executive Council, ADQ said on Thursday.

"Nuclear energy has a crucial role to play in our nation’s future, and we look forward to working closely with Enec as it continues to build on its ambitious peaceful energy programme with the highest international safety and quality standards,” Khalifa Sultan Al Suwaidi, chief investment officer at ADQ, said.

Set up in 2009, Enec is building the UAE’s first nuclear energy plant in Abu Dhabi.

“We are pleased to join ADQ, as part of our commitment to advancing Abu Dhabi’s long-term economic diversification,” Mohamed Ibrahim Al Hammadi, chief executive of Enec, said.

“We remain fully committed in our quest to delivering this new form of emissions-free electricity to strengthen and sustain the UAE’s energy sector.”

ADQ already owns utilities including Abu Dhabi National Energy Company (Taqa), Abu Dhabi Sewerage Services Company and Emirates Water and Electricity Company.

ADQ was established in 2018 and has been steadily expanding its portfolio this year. It now owns companies operating in a number of key sectors of Abu Dhabi's non-oil economy, including tourism and hospitality, aviation, transportation, logistics, industrial, real estate, media, healthcare, agri-foods and financial services.

Its portfolio includes Abu Dhabi Power Corporation, Abu Dhabi Airports, Abu Dhabi Ports, Etihad Rail, Seha, insurer Daman, media companies Abu Dhabi Media and twofour54 and Abu Dhabi National Exhibitions Company, among others.

Earlier this month, ADQ acquired 22.25 per cent of the Middle East's biggest courier company Aramex. It also launched a new organisation to manage the procurement of healthcare products in Abu Dhabi. It also acquired a 50 per cent stake in Al Dahra Holding, an Abu Dhabi-based multinational animal feed and essential food commodities specialist firm in May.

In July, ADQ said it will form a joint venture with Adnoc to accelerate the development of a chemicals manufacturing at Ruwais. The companies will evaluate and invest in "select, anchor chemicals projects" and attract other investors to the industrial hub in the emirate's Al Dhafra region.