Abu Dhabi's holding company ADQ agreed to monetise a stake of 8.6 per cent in Abu Dhabi National Energy Company, better known as Taqa, in line with its strategy of building a balanced and diversified portfolio, ADQ said in a statement on Tuesday.
ADQ, which did not disclose the total value of the transaction, said it monetised the minority stake to Multiply Group, Abu Dhabi Pension Fund and other investors.
However, in a statement to Abu Dhabi Securities Exchange, Multiply Group said it has acquired a 7.3 per cent stake in Taqa in a deal worth Dh10 billion ($2.72bn).
Abu Dhabi-listed Taqa is a leading utilities firm in Europe, the Middle East and Africa and a key player in driving the UAE's clean energy transition.
It has significant investments in power and water generation, transmission and distribution assets, as well as upstream and midstream oil and gas operations.
“The transaction underlines our efforts to attract long-term institutional partners and leverage monetisation opportunities that ensure we generate sustainable capital growth and a balanced portfolio of diversified investments,” said Mohamed Alsuwaidi, managing director and chief executive of ADQ.
“We also believe this transaction will support our aspiration to facilitate increased free float in Taqa and Abu Dhabi’s capital markets,” Mr Alsuwaidi added.
Established in 2018, ADQ is an Abu Dhabi-based investment and holding company. Its investments span key sectors, including energy and utilities, food and agriculture, health care and life sciences, and transport and logistics, among others.
Taqa remains a key asset within ADQ’s energy and utilities portfolio, supporting its activities in accelerating the UAE’s clean energy transition while generating sustainable financial returns, the company said in a statement.
Operating in 11 countries, Taqa has recently acquired a controlling stake in Masdar’s renewable business, along with Abu Dhabi National Oil Company and Mubadala, which aims to become a global clean energy company with a more than 50-gigawatt capacity by 2030.
In June, Taqa made a secondary listing of nine bonds valued at $8.25bn on the Abu Dhabi Securities Exchange, the Arab world’s second-largest stock market by market value.
Together with the Emirates Water and Electricity Company, it also raised about $700 million through its first green bond to diversify funding sources earlier this year.
Its net profit attributable to the equity holders for 2021 rose to about Dh6bn ($1.63bn), from Dh2.8bn during the previous year.
COMPANY PROFILE
Company name: SimpliFi
Started: August 2021
Founder: Ali Sattar
Based: UAE
Industry: Finance, technology
Investors: 4DX, Rally Cap, Raed, Global Founders, Sukna and individuals
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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Pearls on a Branch: Oral Tales
Najlaa Khoury, Archipelago Books
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RESULT
Arsenal 2
Sokratis Papastathopoulos 45 4'
Eddie Ntkeiah 51'
Portsmouth 0
MATCH INFO
France 3
Umtiti (8'), Griezmann (29' pen), Dembele (63')
Italy 1
Bonucci (36')
Muguruza's singles career in stats
WTA titles 3
Prize money US$11,128,219 (Dh40,873,133.82)
Wins / losses 293 / 149
In-demand jobs and monthly salaries
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- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
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- Field operator: Dh5,000 to Dh7,000
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