TAQA to Delist From ADX After L’imad Completes 100% Buyout of Abu Dhabi’s Energy Giant

Published: 2026-08-26

Abu Dhabi National Energy Company (TAQA) will be delisted from the Abu Dhabi Securities Exchange (ADX). On 2026-08-26 the company’s board resolved to withdraw all TAQA shares from the exchange after Abu Dhabi Power Corporation (AD Power), an indirectly wholly owned subsidiary of the sovereign investor L’imad Holding, completed the compulsory acquisition of the 1.88% it did not already own. AD Power held 98.12% of TAQA’s issued share capital before the squeeze-out, paid AED 2.70 per share for the remaining stock, received the shares on 2026-08-13, and ADX paid the minority holders on 2026-08-18. In its statement to the exchange TAQA said it is waiting for the completion of regulatory approvals to delist its shares. The deal takes one of the largest utilities and energy groups in the region, with assets in 26 countries, into full state ownership, nine days after L’imad launched a similar buyout of AD Ports Group.

What TAQA announced on 2026-08-26

The delisting decision was disclosed to ADX on Wednesday, 2026-08-26, and reported the same morning by The National and Zawya. The essentials:

• TAQA’s board decided to delist all of the company’s shares from ADX following the mandatory acquisition by Abu Dhabi Power Corporation (also referred to as ADPC).
• AD Power now owns 100% of TAQA. Before the squeeze-out it held 98.12%; minority shareholders held the remaining 1.88%.
• The company is waiting for the completion of regulatory approvals before the shares are formally removed from the exchange. No delisting date has been published.
• Trading in TAQA shares has already stopped: the last trading day was Thursday, 2026-08-06, and trading was suspended from Friday, 2026-08-07.

TAQA was established in 2005 and has been an ADX-listed company since then. It is a diversified utilities and energy group with investments in power and water generation, water treatment and reuse, transmission and distribution, and upstream and midstream oil and gas. It owns or manages assets in 26 countries. In H1 2026 the group reported net profit of AED 4.1 billion, up 9.7%, EBITDA of AED 11 billion and revenue of AED 27.5 billion, and approved an interim dividend of about AED 899 million, as covered in our article on TAQA’s H1 2026 results and dividend.

How the squeeze-out worked: timeline and numbers

The move from a listed company with a small free float to a wholly owned subsidiary took about eleven weeks. The steps, as disclosed to ADX and reported by The National and Aletihad:

The offer price of AED 2.70 was about 16% above the AED 2.33 at which TAQA shares were quoted when the notice was issued in June, and 14% above the AED 2.37 closing price used to value the 2PointZero transaction. Based on the disclosure that 9.10 billion shares equal 8.09% of capital, the 1.88% minority block corresponds to roughly 2.1 billion shares and a payout of about AED 5.7 billion at the offer price. That figure is an Atlant Capital estimate; TAQA has not published the total consideration.

Who is L’imad and why it is consolidating

L’imad Holding was set up in 2025 as Abu Dhabi’s fourth sovereign investment vehicle alongside ADIA, Mubadala and ADQ. The emirate has announced that ADQ’s asset base is being consolidated into L’imad, which is why ADQ now appears in disclosures as a wholly owned subsidiary of L’imad. Within a year the fund has moved on several fronts:

• In 2025 it acquired a significant stake in the real estate group Modon Holding from IHC, the largest listed company in the UAE.
• In May 2026 it joined ADNOC, BlackRock’s Global Infrastructure Partners and Singapore’s Temasek in a USD 30 billion consortium for infrastructure investment across the Gulf and Central Asia.
• On 2026-06-10 it lifted its TAQA stake to 98.12% and on 2026-06-13 launched the squeeze-out described above.
• On 2026-08-17, through ADQ, which owns 75.42% of AD Ports Group, it announced a voluntary conditional cash offer for the remaining 24.58% of AD Ports at AED 6.25 per share, with the stated goal of 100% ownership and delisting. We covered that offer in L’imad’s full buyout of AD Ports Group.

TAQA’s own operations continue to grow under the new owner. In December 2025 the company closed financing for the AED 3.6 billion Al Dhafra power plant, which will supply electricity to data centre projects in the UAE, and earlier in 2026 it signed a 27-year agreement with ADNOC to supply utilities to the Ta’ziz Industrial Chemicals Zone in Ruwais, including grid connection, steam, process cooling, water and wastewater services.

What changes for the market and for investors

TAQA has been one of the largest companies by market capitalisation on ADX, and its departure removes a heavyweight from the main market at a time when ADX-listed companies have been reporting strong results: combined H1 2026 profits grew 38% year on year, as we noted in our review of ADX H1 2026 earnings. With AD Ports also heading for a buyout, two of the exchange’s larger government-related issuers are moving into private hands in the same quarter.

For former minority shareholders the process is complete: the shares were transferred on 2026-08-13 and the consideration of AED 2.70 per share was paid through ADX on 2026-08-18. Anyone who held TAQA through a UAE broker or a custodian should see the cash credited to the account linked to their NIN (investor number); the shares no longer exist as a tradable instrument. Index funds and ETFs that tracked ADX or MSCI/FTSE UAE indices have already been paid out in the same way.

For TAQA’s customers, suppliers and contractors nothing changes at the operating level. The company remains the same legal entity, Abu Dhabi National Energy Company PJSC, with the same licences and contracts. What changes is disclosure: as an unlisted company TAQA will no longer be obliged to publish quarterly results, board decisions and material events on ADX, so counterparties will have less public financial information about the group than they had in the past.

What this means for businesses in the UAE

The TAQA buyout is part of a broader restructuring of Abu Dhabi’s state investment architecture. Utilities, ports, real estate and industrial holdings are being grouped under L’imad, with ADQ as the operating holding company beneath it. For companies that sell to, partner with or seek investment from Abu Dhabi entities, three practical points follow:

• Counterparty mapping. Procurement, supplier registration and partnership decisions at TAQA, AD Ports and other ADQ companies now sit inside one ownership group. A supplier approved by one entity should ask whether the same vendor registration can be used across the group.
• Fewer listed blue chips. Investors who use ADX shares as a way to hold UAE utility and infrastructure exposure will have fewer options; the remaining listed names in the sector include Abu Dhabi National Oil Company subsidiaries and Dubai’s DEWA and Empower.
• Stable demand for services. TAQA’s capex programme (AED 7.2 billion in H1 2026 alone) continues under full state ownership, and the company’s projects in generation, transmission, water and data centre power remain a source of contracts for engineering, construction and services firms registered in the UAE.

Foreign companies wishing to bid for such contracts typically need a UAE legal entity, a trade licence with the relevant activity and a local bank account before they can register as a vendor. Our guides on company setup in the UAE and opening a corporate bank account explain the steps.

How Atlant Capital can help

Atlant Capital works with founders and companies entering the UAE market. If the Abu Dhabi consolidation story is relevant to your plans, we can:

• Register a mainland or free zone company in Abu Dhabi or Dubai with activities that match the procurement requirements of government-related groups.
• Open a corporate bank account with a UAE bank and prepare the compliance file that banks expect from contractors and suppliers.
• Arrange work visas and residency for managers and specialists relocating to run local operations.
• Prepare the documents needed for vendor registration with Abu Dhabi entities: attested corporate documents, licences and bank letters.

Contact us to discuss your case.

FAQ

Why is TAQA being delisted from ADX?

Because it no longer has minority shareholders. Abu Dhabi Power Corporation, a subsidiary of L’imad Holding, raised its stake to 98.12% in June 2026 and then compulsorily acquired the remaining 1.88% at AED 2.70 per share under a squeeze-out provision added to TAQA’s Articles of Association. With a single owner, the board decided on 2026-08-26 to withdraw the shares from the exchange, subject to regulatory approvals.

What did minority shareholders receive for their TAQA shares?

AED 2.70 per share in cash. The shares were transferred to AD Power on 2026-08-13 and ADX paid the consideration to former shareholders on 2026-08-18. The price was about 16% above the AED 2.33 market price at the time of the June notice. Trading had already stopped after 2026-08-06.

Who owns TAQA now?

Abu Dhabi Power Corporation owns 100% of TAQA. AD Power is an indirectly wholly owned subsidiary of L’imad Holding, the Abu Dhabi sovereign investor set up in 2025 as the emirate’s fourth investment pillar alongside ADIA, Mubadala and ADQ. ADQ’s assets are being consolidated into L’imad.

Does the delisting affect TAQA’s customers and contracts?

No. TAQA remains the same legal entity with the same licences, assets and contracts, including the AED 3.6 billion Al Dhafra power plant and the 27-year utilities agreement with ADNOC for the Ta’ziz zone in Ruwais. The main change is that, as an unlisted company, TAQA will no longer be required to publish quarterly results and material disclosures on ADX.