TAQA at the Vanguard of the UAE’s Economic Transformation
By Jane Stevens
As the United Arab Emirates accelerates its shift from an oil-dependent economy to a diversified, sustainable powerhouse, TAQA stands out as a driving force. Founded in 2005 under an Emirati decree, TAQA has evolved into a major government-owned integrated utilities company, power generation, water desalination, oil and gas, with operations extending across 11 countries.
1. Backbone of Domestic Energy & Water Infrastructure
TAQA is central to Abu Dhabi’s utilities infrastructure, operating the majority of the emirate’s essential energy assets. In the UAE, it delivers 71% of Abu Dhabi’s electricity and 95% of its water desalination, underscoring how foundational it is to daily life and economic operations. By providing such critical services reliably, TAQA ensures a stable platform on which business, industry, and innovation can build.
2. Financial Strength & Growth Trajectory
TAQA’s financial performance in 2024 speaks volumes. The company achieved AED 55.2 billion in revenues, marking a 6.7% increase year-on-year. Its EBITDA rose to AED 21.4 billion, while net income reached AED 7.1 billion.
An ambitious AED 9.2 billion in capital expenditure fueled key utilities projects, particularly in desalination and Transmission & Distribution (T&D) systems. Despite elevated spending, TAQA maintained free cash flow of AED 2.6 billion, and Fitch upgraded its credit rating to AA, reinforcing investor confidence in its financial health.
3. Strategic Structural Consolidation
2024 saw a notable organizational milestone: TAQA merged Abu Dhabi Distribution Company (ADDC) and Al Ain Distribution Company (AADC) into TAQA Distribution, streamlining operations and improving customer service across the emirate.
Moreover, it fully integrated TAQA Water Solutions (formerly SWS Holding), entering the wastewater treatment and recycled water sectors, adding AED 17.5 billion to its regulated asset base. This vertical expansion further cements TAQA’s role as a comprehensive utilities provider.
4. Renewable Ambitions & Global Expansion
TAQA is also rewriting the UAE’s energy playbook with bold moves in renewable energy and international diversification through Masdar and other initiatives.
As of the end of 2023, 45% of TAQA’s energy capacity was renewable, including the Noor Abu Dhabi solar plant (1.2 GW), one of the largest single-site solar projects globally and the Al Dhafra Solar PV project, a future world-record holder.
By 2030, TAQA aims for 150 GW of gross power capacity, 100 GW from renewables via Masdar and up to 1,300 million imperial gallons per day (MIGD) in water generation, two-thirds using low-carbon RO desalination.
TAQA is actively multiplying its international footprint with investments in Spain, Greece, the United States, and the UK, reinforcing its role as both a national asset and a global competitor.
5. Pillar of the UAE’s Broader Economy
TAQA isn’t just a utilities operator; it’s a vital backbone of UAE economic development.
- In 2023, TAQA ranked among the UAE’s top profit-makers: third place, with revenue of around USD 13.5 billion and profit near USD 1.5 billion.
- Its projects align seamlessly with the UAE’s National Investment Strategy 2031, which aims to double FDI and expand sectors like renewable energy.
- The UAE’s record-breaking FDI inflows ($30.7 billion in 2023, a jump of 35%) and non-oil GDP expansion (4% growth in Q1 2024) reflect the expanding economic canvas TAQA is helping to paint.
Leadership Spotlight, Guiding TAQA’s Vision
Behind TAQA’s steady growth and ambitious strategy stands a board and executive leadership team that combines experience, foresight, and deep commitment to the UAE’s national agenda. Two figures in particular highlight how governance and execution intersect at TAQA.
Jasim Husain Thabet
Group CEO & Managing Director
At the executive helm, Mr. Jasim Husain Thabet has served as TAQA’s Group Chief Executive Officer and Managing Director (GCEO & MD) since July 2020, after being elected to the Board in 2019. An energy industry veteran with more than two decades of experience, he has been pivotal in shaping TAQA’s growth into a global utilities powerhouse.
Before TAQA, Mr. Thabet was CEO and MD of ADPower, where he transformed Abu Dhabi’s power and water sector through a restructured portfolio of assets. Earlier, as CEO of Tabreed, he spearheaded capacity expansion and drove significant revenue growth.
He also plays a prominent role across other Abu Dhabi strategic assets, holding board positions including:
- Non-Executive Director, Etihad Aviation Group
- Non-Executive Director, Abu Dhabi Ports
- Non-Executive Director, Masdar
A mechanical engineer by training, Mr. Thabet holds a Bachelor of Engineering in Mechanical Engineering from Saint Martin’s University in the United States.
Under his leadership, TAQA has accelerated investments in renewable energy, strengthened its balance sheet, and aligned corporate strategy with the UAE’s long-term sustainability objectives. His ability to merge technical expertise with strategic vision has positioned TAQA as both a national champion and a global player in utilities.
6. ESG Leadership and Sustainable Impact
TAQA’s sustainability credentials are solidifying. It issued significant green bonds (USD 1.5 billion in 2023; USD 1.75 billion in 2024) under its Green Finance Framework, with Moody’s giving it a strong SQS2 (Very Good) score.
Its MSCI ESG rating was upgraded to ‘A’ in 2024, up from ‘BBB’, reinforcing its green leadership in energy and utilities.
TAQA also continues emissions reduction: in 2023, Scope 1 & 2 greenhouse gas emissions dropped 13% YoY (and 19% since 2019), and emissions intensity per revenue fell 16%.
TAQA as Economic Keystone and Green Architect
TAQA sits at the intersection of economic vitality, energy security, and sustainable innovation in the UAE. Its transformation, from a power and water supplier to an integrated, renewable-forward global utility, mirrors the nation’s broader shift.
With the strategic guidance of Vice Chairman Khalifa Sultan Al Suwaidi and the operational leadership of Group CEO & MD Jasim Husain Thabet, TAQA continues to evolve as a global energy player while remaining firmly grounded in supporting the UAE’s national economy.
By powering homes, enhancing water resilience, structuring smarter utility frameworks, and investing in clean energy innovations at home and abroad, TAQA is not simply supporting the UAE’s economy, it is shaping it.
Behind the numbers lie ambitions: AED 55 billion in revenue, AED 9.2 billion in capex, 150 GW of power capacity by 2030, 1,300 MIGD water capacity, global renewables, ESG milestones, the mark of a company helping architect a decarbonised, dynamic, diversified future.