Abu Dhabi National Energy Company (Taqa) finalised the issuance of 30-year bonds worth $500 million (Dh1.8 billion), the company said in a statement on Abu Dhabi Securities Exchange. The bonds will carry a coupon and re-offer yield to maturity of 4 per cent.
“The proceeds of the offering will be used for the repayment of other outstanding debt,” the company said.
Taqa hired BNP Paribas, First Abu Dhabi Bank, JPMorgan, MUFG, Societe Generale and Standard Chartered Bank to arrange the deal, according to a report by Reuters.
The deal comes amid a flurry of international debt issuance from the Gulf region, as governments and companies take advantage of low global rates to raise cash after the US Federal Reserve cut rates again this month.
In the second quarter, Taqa’s profit surged 24 per cent as revenue climbed on higher oil and gas production. Profit attributable to shareholders reached Dh208m in the three months ending June 30, while quarterly revenue climbed 9 per cent to Dh4.66bn year-on-year.
Liquidity as of June 30 remained at Dh12.8bn, including Dh2.6bn in cash and cash equivalents, and Dh10.2bn of undrawn credit facilities, according to Taqa. Debt stood at Dh64.5bn.
In July Moody's Investors Service affirmed Taqa's long-term issuer rating and upgraded the state-controlled oil and gas investment company's baseline credit assessment (BCA) on improved operational performance.
The ratings agency affirmed an A3 long-term issuer rating with a stable outlook, reflecting expectations that Taqa will continue to benefit from state support, Moody's said. It also upgraded Taqa's BCA by a notch to B1 from B2.
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
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Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
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Date started: 2015
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Global state-owned investor ranking by size
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1. |
United States |
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2. |
China |
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3. |
UAE |
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4. |
Japan |
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5 |
Norway |
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6. |
Canada |
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7. |
Singapore |
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8. |
Australia |
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9. |
Saudi Arabia |
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10. |
South Korea |
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