Abu Dhabi transfers ownership of ENEC to ADQ

Abu Dhabi transfers ownership of ENEC to ADQ

ABU DHABI, 24th September, 2020 (WAM) -- ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy, today announced the Emirates Nuclear Energy Corporation, ENEC, has been added to its utilities portfolio.

"Under a resolution issued by Abu Dhabi Executive Council, the full ownership of ENEC’s shares were transferred to ADQ from the Government of Abu Dhabi with immediate effect," ADQ said in a statement.

Mohamed Hassan Alsuwaidi, Chief Executive Officer of ADQ, said, "We welcome ENEC to our portfolio of companies which comprises some of Abu Dhabi’s most successful and ambitious enterprises. We are working closely with our utilities companies, including TAQA, EWEC, ADSSC and now ENEC, to advance our nation’s solid infrastructure that is vital for supporting the growth and development of many sectors of the economy."

Mohamed Ibrahim Al Hammadi, Chief Executive Officer of ENEC, said, "We are pleased to join ADQ, as part of our commitment to advancing Abu Dhabi’s long-term economic diversification. We remain fully committed in our quest to delivering this new form of emissions-free electricity to strengthen and sustain the UAE’s energy sector. With the recent commencement of operations of the Barakah Nuclear Energy Plant, we are supplying clean electricity to the UAE, and are committed to safely and efficiently generating electricity, supported by working with our UAE partners and stakeholders."

Khalifa Sultan Al Suwaidi, Chief Investment Officer at ADQ, said, "Nuclear energy has a crucial role to play in our nation’s future, and we look forward to working closely with ENEC as it continues to build on its ambitious peaceful energy programme with the highest international safety and quality standards. ENEC’s delivery of clean electricity from nuclear energy across the UAE further diversifies the power generation sources and reinforces our reliable power grid."

ENEC joins ADQ’s strategic utilities portfolio that also includes Abu Dhabi National Energy Company, TAQA; Abu Dhabi Sewerage Services Company, ADSSC; and Emirates Water and Electricity Company, EWEC.