Latest news with #TAQA
Zawya
2 days ago
- Business
- Zawya
Binaa construction permits platform launched as DMT signs multilateral cooperation agreement
It will also reduce processing times by up to 70%, streamlining workflows while allowing users to monitor the status of their requests through TAMM As part of the official launch of the "Binaa" digital platform, powered by artificial intelligence technologies, the Department of Municipalities and Transport signed a multi-party cooperation agreement on the sidelines of the Abu Dhabi Infrastructure Summit at the Abu Dhabi Energy Centre, organised by the Abu Dhabi Projects and Infrastructure Centre. The agreement was signed between the Department and key entities, including Abu Dhabi Civil Defence Authority, Abu Dhabi National Energy Company (TAQA), and e& (formerly Etisalat). The parties committed to streamlining procedures for issuing building permits and related services, aiming to expedite approvals and authorisations. Additionally, they agreed to coordinate the exchange of data, documents, and technical reviews, as well as other services associated with building construction processes. Binaa is the first of its kind in the region, representing a fundamental shift in how construction plans are submitted, reviewed, and approved for both new and existing developments across the Emirate. This multifaceted system will reduce processing times by up to 70%. Furthermore, it identifies 'over-designs', such as using unnecessarily complex construction methods or heavy materials for smaller buildings like villas. This helps avoid redundancy, needless costs, and minimises environmental impacts, without compromising structural safety and integrity. Commenting on its launch, His Excellency Mohamed Ali Al Shorafa, Chairman of the DMT, said: 'We are pleased to launch Binaa alongside our strategic partners. This platform is a transformational step forward for Abu Dhabi's construction sector, and supports our goal of providing smart, AI-enabled services that streamline the permit issuance process while setting a new global benchmark for efficiency and transparency in government services.' Binaa will be rolled out in phases to give architects, contractors, and developers ample time to adjust to its features. In line with the Year of Community, Phase 1 will focus on new private villas, for which about 20,000 applications are received each year. It will also provide all stakeholders, including individual villa owners, their consultants, and contractors with the ability to simultaneously monitor the project's progress through the system. On his part, His Excellency Abdulla Mohamed Alblooshi, Acting Executive Director of the Planning and Infrastructure Sector at DMT, said: 'Abu Dhabi's construction and building regulatory frameworks are poised to set global standards as a result of the Binaa's rollout. We call on architects, engineers, project owners and everyone operating in the sector to embrace this development as we are all set to benefit from the considerable opportunities it provides.' The platform incorporates artificial intelligence, Building Information Modelling (BIM) — introduced in 2024 and showcased at GITEX Global that same year — along with virtual and augmented reality technologies to improve efficiency and ensure building-codes compliance. Through its advanced features, Binaa introduces an innovative approach to construction reviews. Its virtual interface allows users to remotely explore and navigate construction sites, while tagging areas that require additional development or attention. On-site, augmented technology enhances inspections by overlaying 3D design data onto physical structures and spaces, enabling inspectors to mark zones for closer examination. Moreover, it incorporates an advanced AI review tool capable of analysing 2D models of current or older buildings requiring adjustments or improvements, ensuring precision, adherence to regulations, and alignment with Abu Dhabi's building standards. Currently, all new and existing 2D building plans will continue to be reviewed manually, with AI gradually introduced into the process. DMT highlighted that the system enables relevant government entities to access blueprints and other relevant documents – creating a unified platform for contractors, project owners, and consultants to secure certifications and permissions. Binaa also offers a comprehensive view of each project's progress, from initial design to final completion, ensuring seamless coordination at every stage.
Al Etihad
07-06-2025
- Business
- Al Etihad
Fitch reaffirms TAQA's credit rating at ‘AA Stable'
7 June 2025 15:42 A. SREENIVASA REDDY (ABU DHABI)Fitch Ratings has reaffirmed Abu Dhabi National Energy Company's (TAQA) long-term credit rating at 'AA' with a Stable Outlook, underscoring the company's robust financial profile and strategic importance to the Abu Dhabi rating reflects TAQA's classification as a government-related entity, with Fitch assuming 'virtually certain' support from the Abu Dhabi government in all financial continues to enjoy the same sovereign rating as the government of Abu Dhabi, based on the expectation that its obligations would be fully supported if needed. Alongside this, Fitch Ratings has maintained TAQA's standalone credit profile (SCP) at 'bbb+', recognising the company's solid operational fundamentals.'The standalone profile reflects TAQA's strong business fundamentals, which are supported by its dominant presence in Abu Dhabi and a substantial portion of regulated and quasi-regulated earnings. We expect higher capex in 2025-2028 to increase its funds from operations,' Fitch Ratings observed in its latest agency highlighted that regulated and quasi-regulated businesses contributed 51% and 34%, respectively, to TAQA's 2024 EBITDA, underlining the company's stable revenue base. 'It has a leading position in Abu Dhabi as a fully integrated utility,' the agency cited several factors that justify the continued strong rating for TAQA, a key player in the region's energy infrastructure. 'We see no effective substitutes for TAQA given its role in the energy system of Abu Dhabi. TAQA has a large share in power generation and water desalination, monopoly in the electricity and water transmission and distribution (T&D), and wastewater treatment,' the report strategic investments have further reinforced TAQA's position. The 2024 acquisition of Sustainable Water Solutions Holding Company (SWS) and an equity stake in Abu Dhabi Future Energy Company (Masdar) have bolstered the company's capabilities as a leading integrated utility. 'A TAQA default could also affect the cost of funding for the sovereign, given its large size and activity on capital markets,' Fitch expects the regulatory framework governing electricity and water T&D in Abu Dhabi to remain stable and transparent, with effective cost-recovery mechanisms that compare favourably to other emerging markets. It also anticipates continued and timely subsidy payments from the state, supporting TAQA's financial ahead, Fitch forecasts that TAQA will receive increased earnings contributions from its associate companies over 2025–2028, amounting to Dh1 billion annually, with half of that expected from ADNOC Gas, in which TAQA holds a 5% stake. 'We do not forecast any dividends from Masdar, given its ambitious growth plans and targets,' the agency remains committed to Vision 2030, particularly in transmission, distribution, water, and power generation. Fitch estimates that Dh8 billion will be injected over 2025–2026, reinforcing TAQA's long-term investment trajectory. 'TAQA also plays an important role in achieving Abu Dhabi's energy targets of 2050, through its commitment to invest around Dh75 billion in 2021–2030, of which Dh26.7 billion were invested in 2021–2024,' Fitch summary, TAQA's reaffirmed rating is anchored in its strong business profile, stable cash flows, supportive regulatory environment, and strategic position in Abu Dhabi's utilities sector, backed by the near-certain support of the government. ADQ, the sovereign wealth fund, holds over 90% stake in TAQA, which is listed on the Abu Dhabi Securities Exchange with market cap of Dh370 billion. Source: Aletihad - Abu Dhabi
Yahoo
04-06-2025
- Business
- Yahoo
Hydrogen's Chicken-and-Egg Problem Persists as Buyers Hesitate
The conversation about low-carbon hydrogen continued last week at the annual World Utilities Congress, hosted by the multinational energy and water company TAQA in Abu Dhabi. While the hoped-for future trade between Europe and the Middle East and North Africa (MENA) remained in focus, a shift in emphasis appeared. While national goals look increasingly dubious, progress is occurring in specific industry sectors guided by international agreements. Meanwhile, MENA countries confront the imperative to develop domestic markets for their clean hydrogen. Looking for good news Industry observers strained to find good news during a discussion called 'Low carbon and green hydrogen: navigating challenges to open opportunities.' High cost, lack of demand and regulatory uncertainty were named as the main factors holding projects back. Even the world's premier project – NEOM Green Hydrogen in Saudi Arabia – is in danger of delays. TotalEnergies will buy 70,000 tons per year in a long-term contract, about one-third of planned production, but there are no other buyers yet according to a report by Bloomberg News last week. In Europe, with EU mandates and pipelines for hydrogen under development, there is ongoing criticism of the regulatory regime being shaped by the EU, which many participants believe is too onerous. Europe's incentive schemes and contract for difference programs are producing just a small part of the green fuels required to meet EU goals. And the outlook for hydrogen in the US remains precarious, where incentives may be revoked to offset tax cuts. Chicken and egg There's a basic 'chicken and egg' problem afflicting the nascent industry, in which there's no market without demand, and no demand without a market. 'We're trying to create a market out of essentially nothing, we're at very early stages,' said Frederik Beelitz, Head of Advisory for Central Europe, Aurora Energy Research. 'Bridging the gap between the levelized cost of hydrogen and the willingness to pay is currently the big challenge, mainly on the demand side,' he said. 'Potential offtakers for green or low-carbon hydrogen are just not willing to pay the relatively high cost that it now incurs.' Producers want long-term off-take agreements, but off-takers such as industrial companies and utilities want shorter agreements in anticipation of the cost of hydrogen falling as production ramps up and technology improves. "No one can commit to a 10-year price, no one can carry that risk,' said Jan Haizmann, CEO, Zero Emissions Traders Alliance. 'But we've seen how quickly renewables scaled and hydrogen might follow the same path if the conditions are right." In Europe, the chicken and egg problem is being met with push and pull policies. On the supply side, pull factors taking the levelized cost of hydrogen down include support mechanisms for capital cost and financing. On the demand side, push factors act to raise the capacity or willingness or buyers to pay. Auction devices such as Germany's H2Global, now going into its second auction round, provide critical price information while subsidizing the difference between suppliers' long-term prices and buyers' preference for short-term contracts. However, it's unclear whether these programs will build meaningful specific At last week's conference and other recent events, there's been less use of the term 'hydrogen industry' and more emphasis on industry sectors. Hydrogen and its derivatives are now seen as high value fuels for very specific applications. In Europe, the Renewable Energy Directive (RED III) sets clear targets for the maritime and aviation sectors, in the form of the percentage of 'renewable fuels of non-biological origin' (RFNBO) that fuels must contain. This should create demand for derivatives and synthetic or e-fuels produced with hydrogen. Such fuels include ammonia and e-methanol in the maritime sector and e-kerosene in the aviation sector. In aviation, the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) has entered Phase 1. Airlines can purchase carbon credits in the voluntary market, which must meet the high CORSIA standards, or they can purchase sustainable aviation fuel. The amount of emissions covered will expand greatly when Phase 2 starts in 2027 with the inclusion of Brazil, India, Russia and China in the scheme. In global shipping, the International Maritime Organization (IMO) has issued draft rules mandating greenhouse gas emissions reductions for ships (5,000 gross tonnage or greater) and imposing penalties for non-compliance. These rules will effectively impose the first ever global carbon price for international shipping and create demand for green and low-carbon hydrogen derivatives and biofuels. They should compel shipowners and the fuel producers and bunkering companies supplying them to substitute renewable and low-carbon fuels, including expensive-to-produce e-methanol, in place of fossil-derived fuels. Demand for low-carbon hydrogen should also arise in the power sector, with more electrification of transport and industry and increasing demand for electricity produced from renewable energy systems. As the price of renewable power continues to decline, it will make hydrogen more competitive because much of its cost is based on electricity prices. Where seasonal power demand variations occur, it can play a critical role in seasonal storage. In fact, hydrogen production and storage could help utilities to hedge against low power prices in Europe, where renewable energy has exposed them to very low and even negative prices. Carrots and sticks for domestic markets For MENA countries, the prospects for large-scale green hydrogen exports look increasingly unlikely in the near future. Yet countries such as Saudi Arabia and the UAE have already invested a lot and risk stranded assets. The question is critical for Saudi Arabia, where the biggest electrolyser production in the world will launch at NEOM next year, and this hydrogen will need to find 100% offtake for 600 tonnes per day produced. 'To have it all go out on ships is very ambitious,' said Jan Haizmann. 'They will have to think about what to do with the remainder, as export opportunities may not be realized.' The countries are already large consumers of hydrogen in their refining and chemicals industries. They have green hydrogen targets in place and plan to develop domestic demand for green and blue (with carbon capture) hydrogen. "Countries in the region need to build their own internal markets with clear rules and binding targets that drive demand," said Haizmann. And he emphasized that they will likely need incentives to create demand. They will need 'carrots and sticks', including binding targets that compel companies to procure certain volumes of low carbon fuels for their operations or face penalties, because a purely voluntary system that mostly relies on export scenarios is unlikely to work. As an example, he pointed to the incentives that, over time, supported the rise of renewable energy systems in many regions. 'With every new technology, there is a need to incentivize it to get to high volumes, and when high volumes are achieved, then prices come down,' he said. 'The production opportunities for hydrogen in MENA are fantastic, almost unrivalled, because of the sunshine here,' he said. 'But it doesn't remove the need to do something to realize the opportunities.' By Alan Mammoser for More Top Reads From this article on Sign in to access your portfolio
Trade Arabia
03-06-2025
- Business
- Trade Arabia
TAQA appoints new Executive VP of Products & Technologies and CTO
Industrialization and Energy Services Company (TAQA), a global leader in energy and industrial services, has welcomed Jeff Lembcke to TAQA as Executive Vice President of Products & Technologies and Chief Technology Officer. Lembcke brings to TAQA more than four decades of global experience in engineering leadership within the energy services sector. In his new role, he will oversee TAQA's technology strategy, product innovation, and engineering excellence across our diversified portfolio of solutions. Prior to joining TAQA, Lembcke held senior executive roles at Weatherford International, including Chief Engineer, Director of Engineering Quality, and Vice President of Research, Development, and Engineering. He successfully led complex transformation programs, including integrating over 40 acquisitions, while accelerating innovation cycles and maintaining high operational performance. Lembcke is widely respected for his technical depth and strategic vision. He holds more than 50 US patents in areas such as artificial lift, completions, fiber optics, and production optimization, and has contributed to the development of global industry standards through his long-standing involvement with API and ISO technical committees. He earned a BS in Mechanical Engineering from the University of Oklahoma and an MBA from the University of Tulsa. Lembcke is also known for his strong leadership, mentorship, and passion for building high-performing teams and fostering a culture of innovation, TAQA said. - TradeArabia News Service
Arab News
03-06-2025
- Business
- Arab News
TAQA announces CEO transition as part of strategic growth agenda
Industrialization and Energy Services Company, known as TAQA, a global leader in energy and industrial services, announced that Khalid Nouh will step down from his role as chief executive, as part of the company's ongoing evolution and long-term strategic growth agenda. Since his appointment in 2019, Nouh has been instrumental in transforming TAQA into a unified global organization. Under his leadership, the company successfully integrated a series of value-driven acquisitions, including Tendeka, AZR, OPT Chemicals, Cougar Drilling Solutions, Oliden Technologies, and Al-Mansoori Petroleum Services. These integrations positioned TAQA as a fully integrated energy services provider with more than 12 service lines and 5,500 employees across global markets. During his tenure, TAQA digitized its business operations under a single platform, launched centers of excellence in drilling, completions, and intervention, and established TAQA Geothermal, aligning the company with regional energy transition ambitions. Additionally, Nouh played a key role in positioning ARGAS to support mineral exploration initiatives. Under his guidance, the company achieved remarkable revenue growth, driven by strategic execution and operational excellence. With this solid foundation in place, TAQA is now focused on accelerating its next phase — expanding market presence and driving innovation. To lead this new chapter, the board of directors has appointed Adel Al-Ghadhban as interim chief executive officer. Al-Ghadhban currently serves as executive vice president — ventures and chief investment officer and brings more than 30 years of experience in multiple energy sectors including portfolio management and finance across the energy and manufacturing sectors, including 20 years with TAQA. He was responsible for leading the company's group legal, risk, and compliance functions, and guiding strategy for TAQA's portfolio companies. He also serves on the boards of several TAQA subsidiaries, including ARGAS as vice chairman, Cougar Drilling Solutions, TAQA Drilling Solutions (Canada), and was in board leadership roles at ALAR and JESCO. Outgoing CEO Nouh said: 'It has been an extraordinary journey and a privilege to lead TAQA through a period of remarkable growth and transformation. I am proud of what we've built together — a global platform with strong capabilities and a focus on sustainable, profitable growth. I leave confident in the company's direction and leadership, and excited to see it reach even greater heights.' Ahmed Al-Zahrani, chairman of the board, said: 'On behalf of the board, I want to thank Khalid Nouh for his exceptional vision and dedication. He played a pivotal role in shaping TAQA into the global leader it is today — delivering on strategy, strengthening our service offering, and transforming the organization into ONE TAQA. As we look to the future, we are confident that Adel Al-Ghadhban will build on this legacy with a sharp focus on performance, innovation, and growth.' Al-Ghadhban added: 'I am honored to take on this role at such a defining moment in TAQA's evolution. We have a strong foundation, a clear vision, and exceptional teams around the world. I look forward to working closely with our people, partners, and clients to build on our achievements and accelerate our strategic growth.'
