The Abu Dhabi National Energy Company (Taqa), the global diversified energy company, was ranked the top UAE energy firm by Forbes magazine.

It was also ranked second out of energy companies ranked as part of Forbes Middle East magazine’s Top 500 Companies in the Arab World.

The award was presented to Taqa’s executive officer and head of Energy Solutions division, Dr Saif Al Sayari by UAE Minister for Culture, Youth & Community Development, Sheikh Nahayan Mabarak Al Nahayan during the Top 500 Companies in the Arab World awards ceremony in Abu Dhabi yesterday (May 14).

“We are honoured to receive this prestigious award from Forbes which is one of the best known business media brands in the world. I would like to share this recognition with our teams providing energy for growth around the world,” said Dr Al Sayari.

Forbes Middle East’s in-depth study into companies listed on stock exchanges and subsequent ranking of The Top 500 Companies in the Arab World is based on publicly listed companies’ total revenue, net profit, total assets and market capitalisation. Forbes Middle East rankings are based on the quality of standards set globally by Forbes Media, US.

Taqa employs 2,800 people and has power generation and oil and gas operations in 11 countries.

In the UAE, Taqa’s eight power and water desalination facilities provide 98 per cent of Abu Dhabi’s electricity and water requirements. Taqa is currently developing the UAE’s first waste-to-energy plant in Abu Dhabi which will receive approximately one million tonnes of waste a year and convert it into 100 megawatts of alternative power, enough energy to power more than 20,000 households in Abu Dhabi. The plant is expected to begin operations in 2016/17.

Taqa’s global assets are valued at Dh122.6 billion ($33.3 billion). In 2012, Forbes ranked Taqa as sixth largest company in the UAE. – TradeArabia News Service