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Abu Dhabi's ADQ, one of the biggest holding companies in the region, has added Abu Dhabi Waste Management, better known as Tadweer, to its energy and utilities portfolio as it continues to diversify its assets.
The ownership of Tadweer was transferred to ADQ by the Abu Dhabi government after its conversion into a public joint stock company, ADQ said on Friday.
The addition of Tadweer complements ADQ’s efforts to shape the nation’s sustainable future and build an integrated portfolio of global champions within their diversified clusters.
The transfer further solidifies the holding company’s position in supporting the circular economy and driving “excellence across its expanding asset portfolio”, ADQ said.
“Waste management is a cornerstone of a circular economy, which contributes to a more sustainable future for the UAE,” said Hamad Al Hammadi, executive director of the energy and utilities portfolio at ADQ.
“Tadweer is a valuable addition to our energy and utilities portfolio, particularly as it plays a vital role in extracting value through recycling and the reuse of waste.
Tadweer adds to ADQ’s efforts and its investments across key clusters in the local economy that are already “contributing to a sustainable environment.”
ADQ’s energy and utilities portfolio includes assets including Abu Dhabi National Energy Company, better known as Taqa, the Emirates Nuclear Energy Corporation, better known as Ewec, the Emirates Water and Electricity Company and the Abu Dhabi Sewerage Services Company.
Tadweer is the sole company handling waste management in the emirate of Abu Dhabi. It aims to develop an integrated waste management sector and extract value from waste to contribute to national sustainability ambitions.
“Becoming part of the ADQ portfolio is a key milestone on our journey to transform Abu Dhabi’s approach to waste management,” said Tadweer's acting director general Ali Al Dhaheri.
“Developing an integrated waste management sector remains fundamentally important to Abu Dhabi and the health and safety of its community.”
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Being part of Abu Dhabi’s largest portfolio of energy and utilities investments under the ADQ banner will strengthen “our proposition, help us forge new partnerships with its portfolio companies and achieve our goal of significantly reducing waste in landfills over the next decade”, Mr Al Dhaheri said.
The UAE plans to invest Dh600 billion ($163 billion) in clean and renewable energy sources in the next three decades as part of its Net Zero 2050 strategy.
National champions such as Taqa, one of the largest utilities and clean energy companies in the world, Ewec and Tadweer are leading Abu Dhabi’s efforts to develop a clean and sustainable economy as the country’s carries out its plans for the next 50 years of growth.
In July, Ewec and Tadweer issued a request for proposals for a new greenfield waste-to-energy independent power project being built in Abu Dhabi.
A total of 109 companies and consortiums presented their expressions of interest for the project. Proposals will be accepted until the fourth quarter of 2022, the companies said at the time.
The waste-to-energy plant will help to reduce carbon emissions from traditional waste management and will support the UAE's net-zero goals.
Established in 2018, ADQ’s investments span key sectors, including energy and utilities, food and agriculture, health care and life sciences, and transport and logistics.