Abu Dhabi energy company to be converted into joint stock company

President Sheikh Khalifa issued a decree to set up the new entity

Abu Dhabi, United Arab Emirates, February 11, 2019

Abu Dhabi has converted Abu Dhabi Company for Energy into a joint stock company, according to a new decree by President Sheikh Khalifa.

The company and its assets will be owned by Abu Dhabi Development Holding, according to a statement published on Sunday by the state-run WAM news agency.

Abu Dhabi is expanding the scope of water and power generation in the emirate with the development of solar projects and also nuclear power.

The Department of Energy launched last month the Abu Dhabi Integrated Energy Model during the Abu Dhabi Sustainability Week “to provide a roadmap for the energy sector in the upcoming period, in line with the Abu Dhabi Economic Vision 2030,” Wam reported last month.

Mohammed Al Falasi, the Under-Secretary of the department, told WAM last year that the goal is to generate 7 per cent of the emirate’s power from renewables by 2020.